Investors Behaviour towards select post office schemes

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INVESTORS BEHAVIOUR TOWARDS SELECT POST OFFICE SAVINGS SCHEMES
1.1 INTRODUCTION
Savings, no matter however small, act making the future secure. Instead of keeping
the savings either in the house with no returns, or in the bank with lesser returns, people in
India have the option of opting for various schemes offered by the Post Office. Primary
reasons are Senior citizens drawing a pension, housewives have the habit of setting aside a
certain amount of money for that unforeseen expenditure, children can also be encouraged to
save from their pocket money which can be later invested in the same. The IT Modernization
Project aims at transforming the Department of Post into a ‘Technology enabled, self-reliant
market leader’. It will result in increased market share and revenues, launch of new products
and services, improved service delivery system, motivated workforce and enhanced customer
satisfaction leads India post office schemes still an important major segment of investment
among rural and urban people. From this point of view the researcher is motivated to
undergo the present study to identify the investors behavior and satisfaction of select post
office schemes.
1.2 STATEMENT OF THE PROBLEM
Thrust of the Digital India Programme is digital empowerment of the citizens of India.
Department of Posts has been entrusted to transform the Post Offices into multi service
centres. The Department is digitizing all the 1,55,531 Post Offices including 1,29,975 Gramin
Dak Sewak Post Offices. The digitized Post Office shall work as multi service centre and
become the nodal centre for the dissemination of information vis-à-vis government policies;
disbursement of social security benefits; and financial inclusion. The postal savings became a
vehicle for promoting a more balanced economic development over a century ago, by
mobilizing savings and providing financial services to the poor and lower-income people it
served the needs of middle, low-income, rural people for financial services, and it provided
financing for public and government.
1.3 SIGNIFICANCE OF THE STUDY
Most investors want to make investments in such a way that they get high returns as
fast as possible. This is the reason why many investors are always on the lookout for top
investment plans where they can double their money in few months or years with little or no
risk. However, it is a fact that investment products that give high returns with low risk do not
exist. In reality, risk and returns are inversely related, There are some investments that carry
guaranteed return with minimum deposits with attractive schemes. With the Government of

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India pushing to make banking services available to all, especially those hailing from rural
and semi-rural areas, Post Offices now are offering savings account schemes at attractive
interest rates catering the different sections of population. Since Coimbatore district is
surrounded with number of MSMEs, industries, most important district which attract
government schemes the current study is more significant.
1.4 OBJECTIVES OF THE SUDY
Following are the main objectives framed to carry out the research.
To examine the investors behavior towards selecting the post office savings schemes
and procedures and To identify the motivating factors to make them in post office
investment.
1.5 REVIEW OF LITERATURE
The following sections brings some important review on postal savings schemes.
Senthilkumar and DestiKannaiah (2014)1 study aimed to analyse the level of
awareness of the rural investors towards postal investments. The findings of the study
revealed that most of the male investors in rural areas are more interested to made investment
in post office savings. The study suggested that necessary postal investments can be made
available to perform efficiently and effectively.
AnjumSayyad and Akbar Sayyed (2015)2 research paper examined the preference of
investors of Pune region towards different investment schemes of post office and factors that
motivates them to choose a particular investment scheme of post office. The result of the
study conveyed that Indian postal office savings schemes would help the nations to generate
the necessary funds for the benefit of the society.
KoreShashikant and Teli (2015)3 study examined the customer’s attitude and
perception towards post office savings schemes in Kolhapur district. The study found that
Investor gives top priority to safety for their deposits hence next investment priority goes to
nationalized bank. The result of the study concluded that there is a need to increase financial
awareness about postal schemes, competitiveness, fast decision making, marketing activities
and strategic planning to fight against private institutions.
Rakesh and Nalina (2017)4 study aimed to know and understand the individual
investor behaviour. The study found that portfolios of investors, investment preferences, risk
perception, investment pattern, awareness level, problems affecting investment behavior and

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problems encountered by the investors. The result of the study concluded that diversification
of financial sector will give different varieties of investment opportunities to the individual
investors.
Vijaya and Manthiri (2017) 5study aimed to identify the banking and financial
services rendered by Post Offices in Sivagangai District. The study suggested that the postal
department should take necessary steps for advertisement of its various schemes and also to
make improvement on the delivery time, quality of services and products, customer care
services and reduce the cost of services. The result of the study concluded that The
Sivagangai Postal Division has doing well to its postal customers. With its 86.17% post
offices in rural area, it can successfully provide all the bank services to the rural people.
Singh and Pancholi (2018)6 study examined investors’ expectations are higher then
what they perceived on almost all statements, which is not good for POSB (Post Office
Savings Bank). The result of the study found that service quality evaluations should be
performed periodically in order to being aware of the processes in a regular basis in post
office savings schemes.
From the above reviews it is clear that the postal savings brings a diversified port
folio of investment which promotes funds to the public. Marketing practices still to be
improved to reach more customers and service quality also to be periodically improved in a
regular basis.
1.6 METHODOLOGY
1.6.1 SAMPLING DESIGN AND AREA OF STUDY
A Judgement sample has been adopted for the study. The current study is related to
Coimbatore District in Tamil Nadu. The district is well known for good educational
institutions, industrial hub for motor manufacturing industries and textile units one of the
most preferred district in Tamil Nadu to attract government schemes, hence the district has
been considered for the research. The district is having nineteen postal taluks out of which
based on population size ten taluks are considered and in each taluk around 65 respondents
were selected for the study. Convenient samples of 650 respondents are selected in the
district.
1.6.2 SOURCES OF DATA AND PERIOD OF STUDY
The study is done through primary data. A well framed questionnaire both in
bilingual (in English and Tamil) has been framed and distributed among the respondents.

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Data validity and reliability has been tested by KMO Test and F value is 66.904 with a 5%
per cent significant of .000 and overall score of Cronbach’s Alpha has been found as 0.890
hence the sample considered for the study is statistically satisfied. The study has been
undertook from Nov 2017 to Nov 2019.
1.6.3 STATISTICAL TOOLS APPLIED
To examine the investors’ behaviour towards select post office savings schemes and
its procedure weighted average with mean and multiple regression have been used. Factor
analysis has been used to identify the most influencing factor which makes the investors to
select the post office schemes.
1.6.4 LIMITATIONS OF THE STUDY
The study pertains only to Coimbatore district and to the related peiod only, hence it
is not applicable to other areas as it. Since the study is based on primary data it has own
limitations since it vary from one to another.
1.7 MAJOR FINDINGS
1.7.1 Findings From Investors’ behavior towards Select Post Office Savings Schemes
The following section deals with the analysis and findings from the analysis of investors’
behavior towards selection of schemes.
The dependent variable considered was investments behaviour in post office and the
independent variable was investors level of awareness towards post office savings schemes.
Above mentioned hypothesis is tested with application of following regression model:
 Number of account (Y1) = β0 + β1X1 + β2X2 +β3X3 + β4X4 + β5X5 + β6X6 +
β7X7+ β8X8+ β9X9+ β10X10+ β11X11+e
 (Nature of account) (Y2) = β0 + β1X1 + β2X2 +β3X3 + β4X4 + β5X5 + β6X6 +
β7X7+ β8X8+ β9X9+ β10X10+ β11X11+e
 (Period of investment) (Y3) = β0 + β1X1 + β2X2 +β3X3 + β4X4 + β5X5 + β6X6 +
β7X7+ β8X8+ β9X9+ β10X10+ β11X11+e
 (Longevity of investment) (Y4) = β0 + β1X1 + β2X2 +β3X3 + β4X4 + β5X5 + β6X6
+ β7X7+ β8X8+ β9X9+ β10X10+ β11X11+e
 (Amount of investment) (Y5) = β0 + β1X1 + β2X2 +β3X3 + β4X4 + β5X5 + β6X6 +
β7X7+ β8X8+ β9X9+ β10X10+ β11X11+e
 (Duration of saving schemes) (Y6) = β0 + β1X1 + β2X2 +β3X3 + β4X4 + β5X5 +
β6X6 + β7X7+ β8X8+ β9X9+ β10X10+ β11X11+e

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 (Invested money other than post office savings) (Y7) = β0 + β1X1 + β2X2 +β3X3 +
β4X4 + β5X5 + β6X6 + β7X7+ β8X8+ β9X9+ β10X10+ β11X11+e
Where β0 = Intercept, β1-β11= Slopes (estimates of coefficients),
X1=Post Office Savings Account, X2= Monthly Income Scheme, X3= 5- Year Post Office
Recurring Deposit Account, X4= Post Office Time Deposit Account, X5= Post Office
Monthly Income Account Scheme, X6= Senior Citizen Savings Scheme, X7= 15- Year
Public Provident Fund Account, X8=National Saving Certificates, X9=5-Years National
Savings Certificate, X10=KisanVikasPatra, X11=SukanyaSamriddhi Accountand
e = Random error, which the authors assumed as NID for this research.
TABLE: 1.1 -MULTIPLEREGRESSIONMODELASSOCIATION BETWEEN INVESTORS
BEHAVIOUR TOWARDS SELECT POST OFFICE SAVINGS SCHEMES
Variables R Value
R2
Value
Adjusted
R2 F Sig
Number of Account .807 .651 .424 20.044 .000
Nature of Account .879 .773 .597 17.246 .000
Period of Investment .745 .555 .308 14.338 .000
Longevity of Investment .892 .796 .633 31.268 .000
Amount of Investment .724 .524 .275 21.987 .000
Duration of Saving
Schemes
.813 .661 .437 6.320 .000
Invested Money other than
Post Office Savings
.823 .677 .459 21.825 .000
Level of Significance: 5 per cent
Y1= 3.652-.100X1+.099 X2+.197 X3+.167 X4+.052 X5+.391 X6+.447 X7+.010
X8+.453 X9+.205 X10+.421 X11
Y2= 1.701+.053 X1-.099 X2+.209 X3+.088 X4+.251 X5+.246 X6-.025 X7+.121
X8+.333 X9+.327 X10-.034 X11
Y3= 1.816+.313 X1-.101 X2-.002 X3+.048 X4-.043 X5+.244 X6-.006 X7+.042
X8+.022 X9+.013 X10+.178 X11
Y4= 3.599+.012 X1+.526 X2+.233 X3+.149 X4+.079 X5+.190 X6+.066 X7+.602
X8+.100 X9+.228 X10+.248 X11
Y5= 1.487+.457 X1+.201 X2+.320 X3+.201 X4+.104 X5+.277 X6+.097 X7+.166
X8+.261 X9-.041 X10+.099 X11
Y6= 2.930+.135 X1+.396 X2+.290 X3+.153 X4+.075 X5+.245 X6+.241 X7+.110
X8+.059 X9+.173 X10+.131 X11
Y7= 0.562+.045 X1-.014 X2+.026 X3+.014 X4+.039 X5-.008 X6+.043 X7+.176
X8+.005 X9+.043 X10+.070 X11

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From the above presented multi-level test it has been observed that F ratio (20.044,
17.246, 14.338, 31.268, 21.987, 6.320 and 21.825) is statistically significant at 5 per cent
level. Similarly, the computed regression value fall with significant, it establishes mark
80.70, 87.90, 74.50, 89.20, 72.40, 81.30 and 82.30per cent relationship between the variables
tested and the coefficient of correlation (R) value is found to be .807, .879, .745, .892, .724,
.813 and .823, it establish good relationship between variables tested. The hypothesis framed
stands accepted and it has been confirmed that investors behaviour greatly influences their
investments behaviour in post offices saving schemes. Correlation and regression value of
individual variables are presented in the below mentioned table.
TABLE:1.2-ASSOCIATION BETWEEN INVESTORS BEHAVIOUR
TOWARDS POST OFFICE SAVINGS SCHEMES
Variables
Unstandardised
Coefficients
Standardised
Coefficients t Sig.
Collinearity Statistics
β Std. Error Beta Tolerance VIF
Number of Account
Constant 3.652 .332 - 11.015 .000 - -
Post Office Savings Account -.100 .065 -.057 1.536 .125 .844 1.184
Monthly IncomeScheme .099 .069 .054 1.437 .151 .817 1.223
5- Year Post Office
Recurring Deposit Account
.197 .059 .134 3.331 .001 .720 1.389
Post Office Time Deposit
Account
.167 .048 .141 3.491 .001 .712 1.404
Post Office Monthly Income
Account Scheme
.052 .052 .042 0.992 .322 .659 1.517
SeniorCitizen Savings
Scheme
.391 .049 .353 7.929 .000 .787 1.705
15- Year Public Provident
Fund Account
.447 .050 .406 8.927 .000 .864 1.773
National Saving Certificates .010 .052 .009 0.195 .846 .744 1.838
5-Years National Savings
Certificate
.453 .058 .405 7.816 .000 .835 2.301
KisanVikasPatra .205 .052 .175 3.967 .000 .602 1.661
SukanyaSamriddhi Account .421 .048 .425 8.792 .000 .898 2.009
Nature of Account
Constant 1.701 .296 - 5.740 .000 - -
Post Office Savings Account .053 .058 .034 0.907 .365 .844 1.184
Monthly IncomeScheme -.099 .062 -.061 1.597 .111 .817 1.223
5- Year Post Office
Recurring Deposit Account
.209 .053 .162 3.953 .000 .720 1.389
Account
.088 .043 .084 2.047 .041 .712 1.404
Account Scheme
.251 .047 .231 5.398 .000 .659 1.517
SeniorCitizen Savings
Scheme
.246 .044 .254 5.594 .000 .787 1.705
15- Year Public Provident
Fund Account
-.025 .045 -.026 0.562 .574 .864 1.773
Certificate
.333 .052 .339 6.432 .000 .835 2.301
SukanyaSamriddhi Account -.034 .043 -.039 0.786 .432 .898 2.009

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TABLE: 1.3-ASSOCIATION BETWEEN INVESTORS BEHAVIOUR
Variables
Unstandardised
Coefficients
Standardised
Coefficients
t Sig.
β
Std.
Error
Beta Tolerance VIF
Period of Investment
Constant 1.816 .251 - 7.230 .000 - -
5- Year Post Office Recurring
Deposit Account
-.002 .045 -.002 0.036 .971 .720 1.389
Account
.048 .036 .055 1.316 .189 .712 1.404
Account Scheme
-.043 .039 -.048 1.090 .276 .659 1.517
SeniorCitizen SavingsScheme .244 .037 .303 6.542 .000 .787 1.705
15- Year Public Provident Fund
Account
-.006 .038 -.007 0.155 .877 .864 1.773
Certificate
.022 .044 .026 0.493 .022 .835 2.301
Longevity of Investment
Constant 3.599 .245 - 14.695 .000 - -
Monthly Income Scheme .526 .051 .364 10.310 .000 .817 1.223
Deposit Account
.233 .044 .201 5.347 .000 .720 1.389
Account
.149 .035 .159 4.195 .000 .712 1.404
Account Scheme
.079 .038 .081 2.054 .040 .659 1.517
Account
.066 .037 .076 1.794 .073 .864 1.773
Certificate
.100 .043 .113 2.336 .020 .835 2.301
Variables
Unstandardised
Coefficients
Standardised
Coefficients
t Sig.
β
Std.
Error
Beta Tolerance VIF
Amount of Investment
Constant 1.487 .274 - 5.419 .000 - -
Deposit Account
.320 .049 .260 6.550 .000 .720 1.389
Account
.201 .040 .202 5.059 .000 .712 1.404
Account Scheme
.104 .043 .100 2.404 .016 .659 1.517

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Account
.097 .041 .105 2.350 .019 .864 1.773
Certificate
.261 .048 .278 5.443 .000 .835 2.301
KisanVikasPatra -.041 .043 -.041 0.946 .344 .602 1.661
Duration of Saving Schemes
Constant 2.930 .418 - 7.010 .000 - -
Deposit Account
.290 .075 .172 3.885 .000 .720 1.389
Account
.153 .060 .113 2.527 .012 .712 1.404
Account Scheme
.075 .066 .053 1.142 .254 .659 1.517
Account
.241 .063 .191 3.821 .000 .864 1.773
Certificate
.059 .073 .046 0.814 .416 .835 2.301
Variables
Unstandardised
Coefficients
Standardised
Coefficients
t Sig.
β
Std.
Error
Beta Tolerance VIF
Invested Money other than Post Office Savings
Constant .562 .115 - 4.896 .000 - -
Deposit Account
.026 .020 .051 1.282 .200 .720 1.389
Post Office Time Deposit Account .014 .017 .034 0.849 .396 .712 1.404
Account Scheme
.039 .018 .089 2.139 .033 .659 1.517
Senior Citizen Savings Scheme -.008 .017 -.020 0.445 .657 .787 1.705
Account
.043 .017 .113 2.504 .013 .864 1.773
Certificate
.005 .020 .013 0.253 .800 .835 2.301
Out of eleven parameters statements considered all variables were statistically
significant. The Standardised co-efficient beta column reveals that investors level of
awareness towards post office savings schemesmet beta standard co-efficient 3.652, 1.701,
1.816, 3.599, 1.487, 2.930 and 0.562 which is statistically significant at 0.000.
The computed Tolerance values and VIF (Variance Inflated Factor) fall within the set
marks i.e., Tolerance values were above .500 and VIF were with five per cent of Tolerance
value.

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TABLE:1.6- PREDICATED VALUE OF INVESTORS BEHAVIOUR
Number of
Account
Nature of
Account
Period of
Investment
Longevity of
Investment
Amount of
Investment
Duration of
Saving
Schemes
Invested Money
other than Post
Office Savings
Constant
(3.652)
Constant
(1.701)
Constant
(1.816)
Constant (3.599) Constant (1.487) Constant (2.930) Constant (0.562)
- -
Post Office
Savings Account
(.313)
-
Post Office
Savings Account
(.457)
-
Post Office
Savings Account
(.045)
- - -
Monthly Income
Scheme (.526)
Monthly Income
Scheme (.201)
Monthly Income
Scheme (.396)
-
5- Year Post
Office Recurring
Deposit Account
(.197)
5- Year Post
Office
Recurring
Deposit
Account
(.209)
-
5- Year Post
Office Recurring
Deposit Account
(.233)
5- Year Post
Office Recurring
Deposit Account
(.320)
5- Year Post
Office Recurring
Deposit Account
(.290)
-
Post Office
Time Deposit
Account (.167)
Post Office
Time Deposit
Account
(.088)
-
Post Office
Time Deposit
Account (.149)
Post Office
Time Deposit
Account (.201)
Post Office
Time Deposit
Account (.153)
-
-
Post Office
Monthly
Income
Account
Scheme (.251)
-
Post Office
Monthly Income
Account Scheme
(.079)
Post Office
Monthly Income
Account Scheme
(.104)
-
Post Office
Monthly Income
Account Scheme
(.039)
Senior Citizen
Savings Scheme
(.391)
Senior Citizen
Savings
Scheme (.246)
Senior Citizen
Savings Scheme
(.244)
Senior Citizen
Savings Scheme
(.190)
Senior Citizen
Savings Scheme
(.277)
Senior Citizen
Savings Scheme
(.245)
-
15- Year Public
Provident Fund
Account (.447)
- - -
15- Year Public
Provident Fund
Account (.097)
15- Year Public
Provident Fund
Account (.241)
15- Year Public
Provident Fund
Account (.043)
-
National
Saving
Certificates
(.121)
-
National Saving
Certificates
(.602)
National Saving
Certificates
(.166)
-
National Saving
Certificates
(.176)
5-Years
National
Savings
Certificate(.453)
5-Years
National
Savings
Certificate(.33
3)
5-Years
National
Savings
Certificate(.022)
5-Years
National
Savings
Certificate(.100)
5-Years
National
Savings
Certificate(.261)
- -
KisanVikasPatra
(.205)
KisanVikasPat
ra (.327)
-
KisanVikasPatra
(.228)
KisanVikasPatra
(.173)
KisanVikasPatra
(.043)
SukanyaSamrid
dhi Account
(.421)
-
SukanyaSamrid
dhi Account
(.178)
SukanyaSamrid
dhi Account
(.248)
SukanyaSamrid
dhi Account
(.099)
SukanyaSamrid
dhi Account
(.131)
SukanyaSamrid
dhi Account
(.070)
Multiple Regression Analysis indicated out of eleven variables tested all variables:
Post office savings account, monthly income scheme, 5- year post office recurring deposit
account, post office time deposit account, post office monthly income account scheme, senior
citizen savings scheme, 15- year public provident fund account, national saving certificates,
5-years national savings certificate,kisanvikaspatra and sukanyasamriddhi accountwere
statistically significant.
1.7.2 To examine the investors behavior on select post office savings scheme
procedures.

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The dependent variable considered was investments behaviour in post officeand the
independent variable was investors level of awareness towards post office savings
procedures.
Above mentioned hypothesis is tested with application of following regression model:
 Investors level of awareness towards post office savings procedures (Number of
account) (Y1) = β0 + β1X1 + β2X2 +β3X3 + β4X4 + β5X5 + β6X6 + β7X7+ β8X8+
β9X9+ β10X10+ β11X11+ β12X12+ β13X13+ β14X14+ β15X15+ β16X16+
β17X17+e
 Investors level of awareness towards post office savings procedures (Nature of
account) (Y2) = β0 + β1X1 + β2X2 +β3X3 + β4X4 + β5X5 + β6X6 + β7X7+ β8X8+
β9X9+ β10X10+ β11X11+ β12X12+ β13X13+ β14X14+ β15X15+ β16X16+
β17X17+e
 Investors level of awareness towards post office savings procedures (Period of
investment) (Y3) = β0 + β1X1 + β2X2 +β3X3 + β4X4 + β5X5 + β6X6 + β7X7+
β8X8+ β9X9+ β10X10+ β11X11+ β12X12+ β13X13+ β14X14+ β15X15+ β16X16+
β17X17+e
 Investors level of awareness towards post office savings procedures (Longevity of
β17X17+e
 Investors level of awareness towards post office savings procedures (Amount of
β17X17+e
 Investors level of awareness towards post office savings procedures (Duration of
saving procedures) (Y6) = β0 + β1X1 + β2X2 +β3X3 + β4X4 + β5X5 + β6X6 +
β16X16+ β17X17+e
 Investors level of awareness towards post office savings procedures (Invested money
other than post office savings) (Y7) = β0 + β1X1 + β2X2 +β3X3 + β4X4 + β5X5 +
β6X6 + β7X7+ β8X8+ β9X9+ β10X10+ β11X11+ β12X12+ β13X13+ β14X14+
β15X15+ β16X16+ β17X17+e
Where β0 = Intercept, β1-β17= Slopes (estimates of coefficients),
X1=Documents Required (ID Proof), X2= Contribution Period, X3= Automatic Renewal,
X4= Guaranteed Rate of Interest, X5= Tax Exemption, X6= Amount Repayable after
Maturity, X7= Saving /Deposits withdrawals before Completion of the Contribution Period,
X8= Transferability, X9= Extension of Installment Savings Schemes, X10= Role of Agents in
Earning of Deposit, withdrawal and in Operation of Accounts, X11= Paid of Saving, X12=Rate
of Interest, X13=Principal Value Withdrawal Procedures, X14=Tax Benefits Availed,
X15=Nominees to be Mentioned, X16=Investment value Appreciation at the end of Maturity

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Period, X17=Other Facilitiesand e = Random error, which the authors assumed as NID for this
research.
TABLE: 1.7 -MULTIPLE REGRESSION MODEL
INVESTMENT BEHAVIOUR TOWARDS PROCEDURES OF SCHEMES
Variables R Value R2
Value Adjusted R2
F Sig
Number of Account .839 .704 .496 25.636 .000
Nature of Account .832 .692 .479 14.692 .000
Period of Investment .812 .659 .435 22.283 .000
Longevity of Investment .809 .654 .428 21.867 .000
Amount of Investment .898 .806 .650 20.739 .000
Duration of Saving Procedures .804 .646 .418 12.660 .000
Invested Money other than Post
Office Savings
.734 .539 .290 21.362 .000
Y1= 4.549+.161X1+.149 X2+.294 X3+.116 X4+.585 X5+.683 X6-.007 X7+.126 X8-
.075 X9+.257 X10+.159 X11+.161 X12+.395 X13+.195 X14+.156 X15+.170 X16+.204 X17
Y2= 0.501+.228 X1-.069 X2+.116 X3+.157 X4+.014 X5+.080 X6+.293 X7+.229 X8-
.025 X9-.067 X10+.224 X11-.068 X12+.273 X13+.220 X14-.015 X15+.020 X16+.007 X17
Y3= 2.427+.097 X1+.186 X2+.053 X3+.104 X4+.360 X5+.409 X6+.179 X7-.032
X8+.035 X9+.144 X10+.154 X11+.399 X12+.124 X13+.234 X14+.155 X15+.186 X16+.133 X17
Y4= 0.672+.434 X1+.065 X2+.088 X3+.269 X4-.031 X5+.222 X6+.155 X7+.158
X8+.229 X9+.008 X10+.306 X11+.196 X12+.127 X13+.371 X14+.147 X15+.283 X16+.085 X17
Y5= 0.768+.018 X1+.157 X2+.193 X3+.369 X4+.269 X5+.300 X6+.122 X7+.120
X8+.190 X9+.035 X10+.186 X11+.474 X12+.403 X13+.010 X14+.126 X15+.272 X16+.085 X17
Y6= 2.647+.046 X1+.118 X2+.297 X3+.046 X4-.029 5.249 X6-.008 X7+.369 X8+.182
X9+.005 X10+.172 X11-.032 X12+.305 X13+.250 X14+.202 X15+.182 X16+.082 X17
Y7= 0.999-.017 X1+.034 X2+.117 X3+.047 X4+.123 X5+.106 X6+.058 X7+.059
X8+.080 X9-.019 X10+.117 X11-.043 X12-.028 X13+.076 X14+.008 X15+.173 X16+.146 X17
From the above presented multi-level test it has been observed that F ratio (25.636,
14.692, 22.283, 21.867, 20.739, 12.660 and 21.362) is statistically significant at 5 per cent
level. Similarly, the computed regression value fall with significant, it establishes mark
83.90, 83.20, 81.20, 80.90, 89.80, 80.40 and 73.40per cent relationship between the variables
tested and the coefficient of correlation (R) value is found to be .839, .832, .812, .809, .898,
.804 and .734 it establish good relationship between variables tested. The hypothesis framed
stands accepted and it has been confirmed that investors behaviour towards post office
greatly influences their investments behaviour in post offices saving procedures. Regression
value of individual variables are presented in the below mentioned table.

12
TABLE: 1.8 -ASSOCIATION BETWEEN INVESTORS LEVEL OF BEHAVIOUR
TOWARDS POST OFFICE SAVINGS PROCEDURES
Variables
Unstandardised
Coefficients
Standardised
Coefficients
t Sig.
β
Std.
Error
Beta Tolerance VIF
Number of Account
Constant 4.549 .311 - 14.643 .000 - -
Documents Required(ID Proof) .161 .059 .104 2.729 .007 .842 1.557
Contribution Period .149 .040 .147 3.725 .000 .804 1.655
Automatic Renewal .294 .045 .283 6.480 .000 .892 2.034
GuaranteedRate of Interest .116 .055 .090 2.132 .033 .831 1.883
Tax Exemption .585 .052 .518 11.279 .000 .744 2.250
Amount Repayable after
Maturity
.683 .062 .631 11.013 .000 .886 3.500
Saving /Deposits withdrawals
before Completion of the
Contribution Period
-.007 .053 -.006 0.132 .895 .783 2.071
Transferability .126 .046 .113 2.730 .007 .850 1.819
Extension of Installment Savings
Schemes
-.075 .054 -.060 1.393 .164 .701 1.994
Role of Agents in Earning of
Deposit, withdrawal and in
Operation of Accounts
.257 .054 .212 4.793 .000 .878 2.094
Paid of Saving .159 .066 .133 2.411 .016 .708 3.247
Rate of Interest .161 .067 .126 2.400 .017 .742 2.927
Principal Value Withdrawal
Procedures
.395 .042 .360 9.380 .000 .737 1.570
Tax Benefits Availed .195 .054 .168 3.625 .000 .836 2.292
Nominees to be Mentioned .156 .057 .138 2.730 .007 .864 2.747
Investment value Appreciation at
the end of Maturity Period
.170 .071 .123 2.388 .017 .853 2.833
OtherFacilities .204 .053 .192 3.880 .000 .883 2.609
TABLE:1.9- ASSOCIATIONBETWEEN INVESTORS LEVEL OF BEHAVIOURTOWARDS
POST OFFICE SAVINGS PROCEDURES
Variables
Unstandardised
Coefficients
Standardised
Coefficients
t Sig.
β
Std.
Error
Beta Tolerance VIF
Nature of Account
Constant .501 .300 - 1.672 00 - -
Contribution Period -.069 .039 -.078 1.793 .074 .804 1.655
Tax Exemption .014 .050 .014 0.287 .774 .744 2.250
Amount Repayable after Maturity .080 .060 .084 1.328 .185 .886 3.500
Contribution Period
.293 .051 .278 5.732 .000 .783 2.071
Schemes
-.025 .052 -.023 .478 .633 .701 1.994
Deposit, withdrawaland in
-.067 .052 -.063 1.300 .194 .878 2.094
Paid of Saving .224 .064 .213 3.516 .000 .708 3.247
Rate of Interest -.068 .065 -.060 1.043 .297 .742 2.927
Procedures
.273 .041 .283 6.709 .000 .737 1.570

13
Nominees to be Mentioned -.015 .055 -.015 0.277 .782 .864 2.747
.020 .069 .017 0.297 .767 .853 2.833
Other Facilities .007 .051 .007 0.129 .897 .883 2.609
TABLE: 1.10- ASSOCIATION BETWEEN INVESTORS LEVEL OF BEHAVIOUR
Variables
Unstandardised
Coefficients
Standardised
Coefficients
t Sig.
β
Std.
Error
Beta Tolerance VIF
Period of Investment
Constant 2.427 .233 - 10.423 .000 - -
Tax Exemption .360 .039 .437 9.253 .000 .744 2.250
Maturity
.409 .046 .518 8.811 .000 .886 3.500
Contribution Period
.179 .040 .205 4.524 .000 .783 2.071
Transferability -.032 .035 -.039 0.922 .357 .850 1.819
Schemes
.035 .040 .039 0.872 .384 .701 1.994
.144 .040 .163 3.587 .000 .878 2.094
Paid of Saving .154 .050 .176 3.113 .002 .708 3.247
Rate of Interest .399 .050 .427 7.934 .000 .742 2.927
Procedures
.124 .032 .154 3.916 .000 .737 1.570
.186 .053 .185 3.491 .001 .853 2.833
Variables
Unstandardised
Coefficients
Standardised
Coefficients
t Sig.
β
Std.
Error
Beta Tolerance VIF
Longevity of Investment
Constant .672 .253 - 2.654 .000 - -
Tax Exemption -.031 .042 -.034 0.722 .470 .744 2.250
Maturity
.222 .051 .260 4.404 .000 .886 3.500
Contribution Period
.155 .043 .164 3.603 .000 .783 2.071

14
Schemes
.229 .044 .234 5.252 .000 .701 1.994
.008 .044 .008 0.182 .856 .878 2.094
Paid of Saving .306 .054 .324 5.691 .000 .708 3.247
Rate of Interest .196 .055 .193 3.580 .000 .742 2.927
Procedures
.127 .034 .147 3.711 .000 .737 1.570
.283 .058 .260 4.887 .000 .853 2.833
TABLE:1.12- ASSOCIATION BETWEEN INVESTORS LEVEL OF BEHAVIOUR
Variables
Unstandardised
Coefficients
Standardised
Coefficients
t Sig.
β
Std.
Error
Beta Tolerance VIF
Amount of Investment
Constant .768 .271 - 2.835 .000 - -
Documents Required (ID
Proof)
.018 .052 .014 0.354 .723 .842 1.557
Guaranteed Rate of Interest .369 .048 .339 7.754 .000 .831 1.883
Tax Exemption .269 .045 .284 5.948 .000 .744 2.250
Maturity
.300 .054 .330 5.539 .000 .886 3.500
Contribution Period
.122 .046 .121 2.647 .008 .783 2.071
Extension of Installment
Savings Schemes
.190 .047 .183 4.071 .000 .701 1.994
.035 .047 .035 0.751 .453 .878 2.094
Paid of Saving .186 .058 .185 3.227 .001 .708 3.247
Rate of Interest .474 .059 .441 8.090 .000 .742 2.927
Procedures
.403 .037 .438 10.958 .000 .737 1.570
Investment value
Appreciation at the end of
Maturity Period
.272 .062 .235 4.378 .000 .853 2.833

15
Variables
Unstandardised
Coefficients
Standardised
Coefficients
t Sig.
β
Std.
Error
Beta Tolerance VIF
Duration of Saving Procedures
Constant 2.647 .399 - 6.632 .000 - -
Documents Required (ID Proof) .046 .076 .026 0.600 .548 .842 1.557
Guaranteed Rate of Interest .046 .070 .031 0.655 .512 .831 1.883
Tax Exemption -.029 .067 -.022 0.435 .664 .744 2.250
Maturity
.249 .080 .201 3.125 .002 .886 3.500
Contribution Period
-.008 .068 -.006 0.121 .904 .783 2.071
Schemes
.182 .069 .128 2.648 .008 .701 1.994
.005 .069 .004 0.072 .943 .878 2.094
Paid of Saving .172 .085 .125 2.024 .043 .708 3.247
Rate of Interest -.032 .086 -.022 0.368 .713 .742 2.927
Procedures
.305 .054 .243 5.636 .000 .737 1.570
.182 .091 .115 1.988 .047 .853 2.833
Variables
Unstandardised
Coefficients
Standardised
Coefficients
t Sig.
β
Std.
Error
Beta Tolerance VIF
Invested Money other than Post Office Savings
Constant 0.999 .113 - 8.864 .000 - -
Documents Required (ID Proof) -.017 .021 -.031 0-.777 .437 .842 1.557
Tax Exemption .123 .019 .310 6.520 .000 .744 2.250
Maturity
.106 .022 .280 4.724 .000 .886 3.500
Contribution Period
.058 .019 .138 3.024 .003 .783 2.071
Schemes
.080 .019 .184 4.113 .000 .701 1.994
-.019 .019 -.046 1.003 .316 .878 2.094
Paid of Saving .117 .024 .278 4.871 .000 .708 3.247
Rate of Interest -.043 .024 -.096 1.775 .076 .742 2.927
Principal Value Withdrawal -.028 .015 -.074 1.855 .064 .737 1.570

16
Procedures
.173 .026 .357 6.686 .000 .853 2.833
Out of seventeen parameters statements considered all variables were statistically
significant. The Standardised co-efficient beta column reveals that investors level of
awareness towards post office savings procedures met beta standard co-efficient 4.549, 0.501,
2.427, 0.672, 0.768, 2.647 and 0.999 which is statistically significant at 0.000.
The computed Tolerance values and VIF (Variance Inflated Factor) fall within the set
marks i.e., Tolerance values were above .500 and VIF were with five per cent of Tolerance
value.
TABLE:1.15- PREDICATED VALUE OF INVESTORS BEHAVIOUR
Number of
Account
Nature of Account
Period of
Investment
Longevity of
Investment
Amount of
Investment
Duration of
Saving
Procedures
Invested Money
otherthan Post
Office Savings
Constant
(4.549)
Constant (0.501)
Constant
(2.427)
Constant (0.672) Constant (0.768) Constant (2.647)
Constant
(0.999)
Documents
Required (ID
Proof) (.161)
Documents
Required (ID
Proof) (.228)
Documents
Required (ID
Proof) (.097)
Documents
Required (ID
Proof) (.434)
- - -
Contribution
Period (.149)
-
Contribution
Period (.186)
Contribution
Period (.065)
Contribution
Period (.157)
Contribution
Period (.118)
Contribution
Period (.034)
Automatic
Renewal (.294)
Automatic
Renewal (.116)
-
Automatic
Renewal(.088)
Automatic
Renewal (.193)
Automatic
Renewal (.297)
Automatic
Renewal (.117)
GuaranteedRate of
Interest (.116)
GuaranteedRate of
Interest (.157)
Guaranteed Rate
of Interest (.104)
GuaranteedRate of
Interest (.269)
GuaranteedRate of
Interest (.369)
-
GuaranteedRate
of Interest (.047)
Tax Exemption
(.585)
-
Tax Exemption
(.360)
-
Tax Exemption
(.269)
-
Tax
Exemption(.123)
Amount Repayable
after Maturity
(.683)
-
Amount
Repayable after
Maturity (.409)
Amount Repayable
after Maturity
(.222)
Amount Repayable
after Maturity
(.300)
Amount Repayable
after Maturity
(.249)
Amount
Repayable after
Maturity (.106)
-
Saving /Deposits
withdrawals before
Completion of the
Contribution
Period (.293)
Saving /Deposits
withdrawals
before
Completion of
the Contribution
Period (.179)
Saving /Deposits
withdrawals before
Completion of the
Contribution
Period(.155)
Saving /Deposits
withdrawals before
Completion of the
Contribution
Period (.122)
-
Saving/Deposits
withdrawals
before
Completion of
the Contribution
Period (.058)
Transferability
(.126)
Transferability
(.229)
-
Transferability
(.158)
Transferability
(.120)
Transferability
(.369)
Transferability
(.059)
- - -
Extension of
Installment
Savings Schemes
(.229)
Extension of
Installment
Savings Schemes
(.190)
Extension of
Installment
Savings Schemes
(.182)
Extension of
Installment
Savings
Schemes (.080)
Role of Agents in
Earningof Deposit,
withdrawal and in
Operation of
Accounts (.257)
-
Role of Agents in
Earning of
Deposit,
withdrawal andin
Operation of
Accounts (.144)
- - - -
Paid of Saving
(.159)
Paid of Saving
(.224)
Paid of Saving
(.154)
Paid of Saving
(.306)
Paid of Saving
(.186)
Paid of Saving
(.172)
Paid of Saving
(.117)
Rate of Interest
(.161)
-
Rate of Interest
(.399)
Rate of Interest
(.196)
Rate of Interest
(.474)
- -
Principal Value
Withdrawal
Procedures (.395)
Principal Value
Withdrawal
Procedures (.273)
Principal Value
Withdrawal
Procedures (.124)
Principal Value
Withdrawal
Procedures (.127)
Principal Value
Withdrawal
Procedures (.403)
Principal Value
Withdrawal
Procedures (.305)
-
Tax Benefits
Availed (.195)
Tax Benefits
Availed (.220)
Tax Benefits
Availed (.234)
Tax Benefits
Availed (.371)
-
Tax Benefits
Availed (.250)
Tax Benefits
Availed (.076)

17
Nominees to be
Mentioned (.156)
-
Nominees to be
Mentioned(.155)
Nominees to be
Mentioned (.147)
Nominees to be
Mentioned (.126)
Nominees to be
Mentioned (.202)
-
Investment value
Appreciation at the
end of Maturity
Period (.170)
-
Investment value
Appreciation at
the end of
Maturity Period
(.186)
Investment value
Appreciation at the
end of Maturity
Period (.283)
Investment value
Appreciation at the
end of Maturity
Period (.272)
Investment value
Appreciation at the
end of Maturity
Period (.182)
Investment
value
Appreciation at
the end of
Maturity Period
(.173)
Other Facilities
(.204)
-
Other Facilities
(.133)
Other Facilities
(.085)
- -
Other Facilities
(.146)
Multiple Regression Analysis indicated out of seventeen variables tested all variables:
Documents required (ID proof), contribution period, automatic renewal, guaranteed rate of
interest, tax exemption, amount repayable after maturity, saving /deposits withdrawals before
completion of the contribution period, transferability, extension of installment savings
schemes, role of agents in earning of deposit, withdrawal and in operation of accounts, paid
of saving, rate of interest, principal value withdrawal procedures, tax benefits availed,
nominees to be mentioned, investment value appreciation at the end of maturity period and
other facilities were statistically significant.
1.7.3 To identify the most influencing factors while selecting the post office savings
schemes
Varimax rotated factor analysis has been used to examine the objective.
TABLE: 1.16 FACTORS THAT MOTIVATED INVESTORS TO INVEST
Sl. No Motives Sum Mean Rank
1. To Meet Emergency Needs 6171 9.49 18
2. To Meet the Family Needs in Future 5980 9.20 20
3. Wellbeing of Children 5163 7.94 21
4. For Children’s Education 6468 9.95 15
5. Family Well-Being (Security) 6341 9.76 16
6. Ward’s Marriage 6498 10.00 14
7. Construction of House 6109 9.40 19
8. Repayment of Debts 6240 9.60 17
9. To Earn Regular Income 6610 10.17 13
10. POS Interest Rates are more than Bank Interest 7694 11.84 5
11. Utilising the available Opportunities for Investment 7107 10.93 11
12. Retirement Safety 6627 10.20 12
13. To Reduce Income Tax Burden 7212 11.10 10
14. Getting Security During Old Age 7673 11.80 6
15.
Facilities of Automatic Transfer from One Post Office to
Other
7481 11.51 9
16.
Account can be Opened in the Name of Minor (10 years &
Above)
7630 11.74 7
17. Frequency of Saving 7583 11.67 8
18. Attracted by Saving Schemes 8718 13.41 4
19. Highly Motivated by the Post Offices Representatives 9101 14.00 1
20. Easy Access to Post Office 8778 13.50 3
21. Others 8902 13.70 2
Source: Primary Data

18
The researcher had identified 21 factors that may motivate the investor selection
practices of post office savings schemes. As per the data analysis results majority of the
sample investors has opined that they are highly motived by various factors of post office
savings schemes i.e. highly motivated by the post office representatives, others such as: best
investment avenue features, high return and flexibility etc., easy access to post office,
attracted by saving schemes, post office savings interest rates are more than bank interest,
getting security during old age, account can be opened in the name of minor (ten years and
above), frequency of savings, facilities of automatic transfer from one post office to other and
to reduce income tax burden. All these variables are ranked in the first, second, third, fourth,
fifth, sixth, seventh, eighth, ninth and tenth places with the mean score value of 14, 13.70,
13.50, 13.41, 11.84, 11.80, 11.74, 11.67, 11.51 and 11.10. In the next stage of analysis it was
inferred that investors’ are motivated by the factors claimed by utilising the available
opportunities for investment, retirement safety, to earn regular income, ward’s marriage, for
children’s education, family well-being (security), repayment of debts, to meet emergency
needs, construction of house, to meet the family needs in future and wellbeing of
children. These variables are rated in the eleventh, twelfth, thirteenth, fourteenth, fifteenth,
sixteenth, seventeenth, eighteenth, nineteenth, twentieth and twenty first positions with the
mean score range of 10.93, 10.20, 10.17, 10, 9.95, 9.76, 9.60, 9.49, 9.40, 9.20 and 7.94
respectively.
The study declared that majority i.e. 66.67 per cent of the sample subjects are highly
motivate by the post office representatives to make investment in post office savings schemes
Factor analysis is used to reduce a large number of variables into fewer numbers of
factors. This technique extracts maximum common variance from all variables and puts them
into a common score. As an index of all variables, this score can be used for further analysis.
In the current study, 21 variables relating to the factors that motivated by the investors to
invest in post offices. KMO test was run to check the sampling adequacy before factor
analysis. Considered variables are : to meet emergency needs, to meet the family needs in
future, wellbeing of children, for children’s education, family well-being (security), ward’s
marriage, construction of house, repayment of debts, to earn regular income, POS interest
rates are more than bank interest, utilising the available opportunities for investment,
retirement safety, to reduce income tax burden, getting security during old age, facilities of
automatic transfer from one post office to other , account can be opened in the name of minor

19
(10 years & above), frequency of saving , attracted by saving schemes , highly motivated by
the post offices representatives, easy access to post office and others.
TABLE: 1.17-KMO AND BARTLETT'S TEST FACTORS THAT MOTIVATED INVESTORS
Kaiser-Meyer-Olkin Measure of Sampling Adequacy .829
Bartlett's Test of Sphericity Approx. Chi-Square 7435.478
DF 210
Sig .000
In EFA, KMO is .829, Chi-Square (7435.478), DF (210) at 5 per cent significance
level of KMO and Bartlett's Test.
TABLE: 1.18-ROTATED COMPONENT MATRIX
Variables
Factors
F1 F2 F3 F4 F5
X1-To Meet Emergency Needs - - - - -
X2-To Meet the Family Needs in Future - - .662 - -
X3-Wellbeing of Children .652 - - - -
X4-For Children’s Education - - - - -
X5-Family Well-Being (security) - - - .589 -
X6-Ward’s Marriage .653 - - - -
X7-Construction of House .708 - - - -
X8-Repayment of Debts - - - - .725
X9-To Earn Regular Income .529 - - - -
X10-POS Interest Rates are more than Bank
Interest
- - .626 - -
X11-Utilising the available Opportunities for
Investment
- - .701 - -
X12-Retirement Safety - .665 - - -
X13-To Reduce Income Tax Burden - - - - -
X14-Getting Security During Old Age - - - .509 -
X15-Facilities of Automatic Transfer from One
Post Office to Other
- - - - -
X16-Account can be Opened in the name of Minor
(10 years & Above)
- - - .680 -
X17-Frequency of Saving - .544 - - -
X18-Attracted by Saving Schemes - - - - .635
X19-Highly motivated by the Post Offices
Representatives
- - - - .697
X20-Easy Access to Post Office - .705 - - -
X21-Others - - - .550 -
Eigen Value 6.96 4.47 2.24 1.96 1.74
% of Variance 32.64 20.81 11.65 9.32 8.29
Cumulative 32.64 53.45 65.10 74.42 82.71
Total cumulative variance explained is 82.71 per cent with significance correlation.
Factor I: Wellbeing of children, ward’s marriage, construction of house and to earn
regular income are grouped as the first factor and it accounts for 32.64 per cent of the total
variance.

20
Factor II: Retirement safety, frequency of saving and easy access to post office
constitute the second factor and it accounts for 20.81 per cent of the total variance.
Factor III: To meet the family needs in future, POS interest rates are more than bank
interest and utilising the available opportunities for investment represent the third factor and
it accounts for 11.65 per cent of the total variance.
Factor IV: Family well-being (security), getting security during old age, account can
be opened in the name of minor (10 years & above) and others compose the fourth factor and
it accounts for 9.32 per cent of the total variance.
Factor V: Repayment of debts, attracted by saving schemes and highly motivated by
the post offices representatives constitutes the fifth factor and it accounts for 8.29 per cent of
the total variance
TABLE: 1.19-SUMMARYOF ROTATION FACTORANALYSIS & CRONBACH’S ALPHA
Factors Variables
Cronbach’s
Alpha
Factor I
Wellbeing of children, ward’s marriage, construction of house
and to earn regular income
.967
Factor II
Retirement safety, frequency of saving and easy access to post
office
.965
Factor III
To meet the family needs in future, POS interest rates are more
than bank interest and utilising the available opportunities for
investment
.962
Factor IV
Family well-being (security), getting security during old age,
account can be opened in the name of minor (10 years & above)
and others
.958
Factor V
Repayment of debts, attracted by saving schemes and highly
motivated by the post offices representatives
.956
Source: Computed From Primary Data
The computed Reliability analysis Cronbach’s Alpha values of factor I (.967), factor
II (.965), factor III (.962), factor IV (.958) and factor V (.956) indicate significant correlation
between the variables tested and a good internal consistency.
CONCLUSION:
From the above said analysis it is concluded that from the multiple regression analysis
out of seventeen variables tested, Documents required (ID proof), contribution period,
automatic renewal, guaranteed rate of interest, tax exemption, amount repayable after
maturity are highly dependent. From factor analysis the most influencing factor for selecting
the post office savings scheme are well being of children, ward’s marriage and construction
of house followed by retirement safety and repayment of debts.

21
REFERENCES:
1. Senthilkumar and DestiKannaiah (2014), Investors’ Attitude towards Savings in Post
Office, Research Journal of Finance and Accounting, Volume.No.5, Issue.No.15,
ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online), PP: 158-175.
2. AnjumSayyad and Akbar Sayyed (2015), A study on behaviour of investors towards
post office saving schemes in Pune city, ZENITH International Journal of Business
Economics & Management Research, Volume. No. 5, Issue. No. 6, ISSN: 2249-8826,
PP. 323-329, June.
3. KoreShashikant and Teli (2015), Investment behaviour of postal customers towards
post office saving bank schemes (posb): a case study of Kolhapur district (M.S.),
Volume.No.4, Issue.No.8, ISSN: 2277-4262, PP: 49-59, August
4. Rakesh and Nalina (2017), Individual Investors’ Behavior: A Review of Indian
Empirical Evidences, International Journal Of Advancement In Engineering
Technology, Management and Applied Science, Volume.No.5, Issue.No.1, ISSN:
2349-3224, PP: 213-223, May
5. Vijaya and Abbas Manthiri (2017), A Study On Awareness Of India Post’s Banking
Services In Sivagangai District, Tamil Nadu, Journal Of International Academic
Research For Multidisciplinary, Volume.No.5, Issue.No.7, ISSN: 2320-5083, PP: 71-
83, August
6. Singh and KomalPancholi (2018), Service Quality in Post Office Saving Banks,
International Journal of Management Studies, Volume.No.5, Issue.No.1(2),
ISSN(Print) 2249-0302 ISSN (Online)2231-2528, PP: 37-44, January
7. Annual report of India post 2018-19
8. www.indiapost.gov.in

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