Government Small Savings Scheme Holders To Receive Cash Awards

To encourage more and more people to invest in government small savings schemes like Public Provident Fund (PPF), NSC, Post Office deposits, the Odisha government is giving away cash rewards. Under the Odisha Small Savings Incentive Scheme, the government has declared that it will conduct a lucky draw and give winners a cash award as an incentive.

To be eligible for the cash award, one needs to deposit at least ₹2,000 in any government small savings scheme including Kisan Vikas Patra, National Savings Certificate, Post Office (Monthly Income) Account, PPF, among others during the calendar year 2019 in any post office or bank situated within Odisha.

All deposit holders will then receive a free web-based coupon from the office of the collectors, sub-collectors and block development officers. This coupon will act as a lucky draw ticket. Winners of the lucky draw, scheduled to be conducted on April 26, 2020, at Bhubaneswar, will receive cash awards worth ₹74 lakh. In total, there are over 2,400 prizes across seven categories, with the first prize being ₹5 lakh.

“It is expected that the people will not run after the suspicious non-banking private financial institutions, in the greed of high returns, rather they will show their faith in the Small Savings Schemes which is proven to be safe and secured,” stated a government press release.