The Tollygunge H. Post Office in Charu Market area has become nothing short of a nightmare for the investors. Yesterday, they took 5 hours to close my term deposit account! Presently, a very common cash withdrawal from post office savings account now takes 3 hours!

All these and more started in the month of November 2014, when the postal department first took the step to permanently suspend the electronic clearance scheme or ECS by which investors used to get ingest on their deposits into their bank account.

Very soon after, the post office office intimated the investors that they'll re-number every deposit/investment account and that created a chaos because they frightened the investors by telling them that all transactions will be suspended if they don't obtain the new numbers.

Alongside this, due to suspension of ECS, post office authority also forced the investors to open savings account, those who don't have it yet, because they'll stop all cash/cheque payments on scheme maturity.

Average time of transaction has abnormally increased.  Many people are taking their money out of the post office. A state of massive inconvenience has been created by the decision makers in this department of the government and it is fast losing investment. A big chunk of the investment is going out to the private sector.

The question is, is it carefully planned by the people running the government to happen like that? Is it a plan to push a big amount of investment into the private sector?

The worst of all, people running chit funds will try to get benefit out of this.


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