World Savings Day (WSD), also known as World Thrift Day, is annually observed across the globe on 31st October to promote the importance of saving money and to create awareness about financial security and economic stability.
Exam Hints:
- What? World Savings Day 2025 (World Thrift Day)
- When? October 31
- First Observed: October 31, 1924
- Observance in India: October 30
- Objective: To promote the importance of savings and financial literacy.
Background:
Origin: The concept was introduced by Italian professor Filippo Ravizza.
Establishment: WSD was established on 31 October 1924 by the pioneers of the World Savings and Retail Banking Institute (WSBI).
Significance : The date, 31 October, marks the birth of the International Savings Banking Institute, which is now known as the WSBI.
First Observation: The first WSD was observed on 31 October 1924.
Observance Date: In India, WSD was shifted to October 30 after the tragic assassination of then Prime Minister (PM) Indira Gandhi on October 31, 1984.
Notable Post Office Saving schemes in India:
Post Office Savings Account (POSA): Minimum deposit Rs 500 with interest 4% per annum (p.a)
National Savings Recurring Deposit Account (NSRDA): Monthly contributions from Rs. 100 in multiples of Rs. 10 at the rate of 6.70% p.a.
Senior Citizen Savings Scheme (SCSS): safe investment for 60 years and above at 8.20% p.a. single deposit in Rs. 1,000 multiples up to Rs. 30 lakh.
Public Provident Fund Scheme (PPF): Allows Rs.500–Rs.1,50,000 yearly deposits (lump sum or installments) for 15 years at 7.10% interest.
National Savings Certificate (NSC): investments from Rs.1,000 (in Rs.100 multiples), no maximum limit, 5-year lock-in, at 7.70% interest.
Sukanya Samriddhi Account (SSA): Allows Rs.250–Rs.1,50,000 yearly deposits (Rs.50 multiples, any number of deposits) for a girl child’s welfare at 8.20% interest.
National Savings Time Deposit (NSTD): Offers 6.9%–7.5% interest with a minimum deposit of Rs. 1,000 (in Rs. 100 multiples) and no maximum limit.
Kisan Vikas Patra (KVP): Offers 7.5% interest (compounded yearly) with a minimum deposit of Rs. 1,000 (in Rs. 100 multiples) and no maximum limit.
Mahila Samman Savings Certificate (MSSC): Offers 7.5% interest with a minimum deposit of Rs. 1,000 and a maximum of Rs. 2,00,000.
About World Savings and Retail Banking Institute (WSBI):
President – Isidro Fainé
Headquarters- Brussels, Belgium
Establishment – 1924
