Jammu: Jammu and Kashmir Government’s Department of Posts has launched new schemes for diversification of its product base to fulfill its commitments to society.

Revealing details about the new schemes recently, the Chief Post Master General, J and K Circle, Y P S Mohan, said that they included a new pension scheme (NPS), MO Videsh (Money Order Videsh) and IMO (Instant Money Order).

Mohan told reporters that these schemes have been introduced in J and K Circle recently and are receiving a tremendous response.

He said all citizens would be able to deposit a minimum of Rs 500 per month between 18 to 55 years under the new pension scheme. The Postal pension scheme also known as NPS has a two tier provision, he added.

In the first tier, one can deposit a minimum of Rs. 6,000 a year in at least four installments of Rs. 500 per month. There would be no limit to subscriptions in any tier. The minimum deposit in tier is Rs 1000/- as initial installment and Rs 250 as subsequent installment subject to minimum of Rs. 6000 per annum, he added.

Mohan said the amount deposited by the beneficiaries would be invested in different unit-linked pension funds by respective Pension Fund Managers to be selected by the subscriber.

He also informed that the end of 60 years out of corpus accumulated 60 percent share will be paid to the subscriber and 40 percent to one of the pension providing companies selected from the list by the subscriber, who will provide pension to the subscriber.

He said the nomination facility is also available under NPS and the general public can avail the service through all nine head post offices in the J and K Circle.

India Post, he said, is in collaboration with Euro Giro, for the launching of new schemes of money transfer from abroad and vice versa (MO Videsh) for studies aborad, medical treatment, family maintenance and travel abroad.

The minimum value of amount for outward transmission is 100 dollars and maximum 500 dollars per transaction under medical treatment, 100,000 dollars for education abroad and 10,000 dollars per annum for travel abroad, he added.

Regarding Instant Money Order, Mohan said it is an instant web-based money transfer service through post offices in India between two resident individuals in Indian territory.

A person can transfer money form INR 1,000 to INR 50,000 from designated IMO Post offices. Under this scheme the sending and receiving money will be a simple process, he added.