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Union Government Pushes Small Savings by Granting Portfolio Expansion to Banks
October 24, 2017
In a bid to push small savings schemes in the country, the government has allowed multiple banks to accept deposits under schemes like National Savings Certificate (NSC), monthly income scheme, and recurring deposits scheme, etc. Currently, these schemes are largely sold at the post offices only.
As per the notification released by the government, now all the public sector banks along with three private sector lenders HDFC Bank, Axis Bank, and ICICI Bank can now accept subscriptions from the additional schemes.