As the financial year-end approaches, achieving the monthly target for Post Office Savings Bank (POSB) accounts has become a challenging task for postal staff. With higher authorities closely monitoring progress through frequent virtual conferences (VCs) and daily follow-ups, it is essential to adopt effective strategies to meet the set goals.
Here are some practical tips and suggestions to enhance performance and ensure target completion:
1. Get the Cooperation from Agents
Agents play a crucial role in opening new POSB accounts. If they are not cooperating, make it clear that their support is mandatory in achieving collective goals. Firm communication is necessary to ensure they contribute to the targets.
2. Involvement of Branch Offices (BOs)
- Branch Offices (BOs) should be actively involved in account opening.
- If BOs fail to open new accounts, report the matter to the concerned Inspector of Posts (IP) and mail the overseers, as targets are allocated sub-division wise.
3. Encourage Split Accounts for Higher Deposits
For customers depositing a large amount, request them to split the amount into multiple accounts.
For example, instead of a single ₹1,000 Recurring Deposit (RD), encourage customers to open two ₹500 RD accounts, which will increase the overall number of accounts opened.
4. Temporarily Hold Closure of Accounts
- Delay non-urgent account closures for a few days, if possible.
- Ask BOs to stop closing accounts unless it is an emergency, as closures negatively impact the net addition of accounts in sub-offices.
- Ensure that Branch Office (BO) closures are controlled, as they affect the overall performance of the sub-office.
5. Daily Reminders for BOs
- Write reminders on BO slips instructing them to open new accounts daily.
- These reminders will reinforce accountability and ensure compliance with targets.
6. Promotion of SCSS Accounts
- Encourage the opening of Senior Citizens Savings Scheme (SCSS) accounts as they can be closed anytime within a year without any deductions.
- This makes SCSS an attractive option for customers who are hesitant about long-term commitments.
7. Utilize Local Staff for Customer Engagement
- Involve local staff in convincing potential customers.
- Postal employees often have strong local connections, which can help persuade customers to open new accounts.
8. Organize Sunday Camps
- Conduct POSB account opening camps on Sundays in different areas surrounding post offices.
- This outreach program can help attract more customers who are available on weekends.
9. Branch Office Account Count Issue
A common concern is that accounts opened at BOs are not counted towards sub-office performance. If this continues to be a challenge, at the very least, BOs should be requested to stop closing accounts to prevent a negative impact on overall targets.
10. Ethical Considerations vs. Target Pressure
While some argue that delaying account closures is unethical, the increasing pressure from higher authorities has forced many divisions to take extreme steps. Given the situation, sometimes it becomes the need of the hour to go beyond standard practices to achieve set goals.