Govt National Savings Institute (NSI) Jobs 2025 - Sarkari Naukri

In India savings based on a legislative framework of Government banks has a history of nearly 130 years. Some historians, trace the genesis of the savings movement to 1834, when the first savings bank was established in Calcutta by the Government. However, the Government Savings Bank Act was passed in 1873, and it was in 1882 that the Post Office Savings Bank of India came into existence. In 1886 The Government District Savings Banks were merged with the Post Office Savings Bank (POSB). While under British Rule, the Government of India had also set up the “National Savings Central Bureau” with the objectives of promoting thrift, containing inflationary trends in the economy caused by the Second World War, and mobilizing funds to finance the war. It is said, however that this drive did not gain momentum as the people were not enthusiastic about funding an alien war effort.

After independence, in 1947, it was felt that more of an impetus has to be given to the savings movement and the National Savings Organisation NSO (now NSI) was created in 1948. The words of the then Prime Minister Pandit Jawaharlal Nehru signify the crucial role envisaged for the national savings movement in the context of domestic savings as a force for national development.