Post Office investment schemes play a significant role in promoting financial inclusion in India, particularly

among women investors who often prefer safe and accessible investment avenues. The purpose of this study is

to assess their role as instruments of financial inclusion through the lens of investment behaviour.

uptake of the Mahila Samman Savings Certificate (43.30 lakh accounts in 18 months) and the sustained growth

of Sukanya Samriddhi Yojana (4.10 crore accounts) indicate that "Safety" and "Institutional Trust" are the

primary drivers of women's financial inclusion. The study confirms that despite the rise of digital banking, the

Post Office remains a critical "safe haven" for women's capital.

This study contributes to the literature by utilizing macro-level government data to validate micro-level

assumptions about women's risk aversion. It provides empirical evidence of the "Trust Factor" in public sector

financial institutions.

Keywords: Post Office investment schemes, Women investors, Financial inclusion, Mahila Samman Savings

Certificate, Sukanya Samriddhi Yojana.

development.

In India, Post Office investment schemes have historically served as trusted and accessible financial

instruments, especially for small savers and risk-averse investors(Malviya & Soni, 2025). Backed by government

assurance, these schemes offer safety, stable returns, and widespread reach, making them particularly attractive

to women investors. Post Office savings schemes such as fixed deposits, recurring deposits, monthly income

schemes, and small savings certificates provide structured investment options that align with women’s

preferences for security and long-term savings(Thomas & Idicula, 2025).

Despite the expansion of private financial institutions and digital investment platforms, Post Office investment

avenues continue to play a vital role in promoting financial inclusion among women. Factors such as institutional

insurance schemes, leaving Post Office investment avenues relatively underexplored from a gender-specific

perspective.

Furthermore, while financial inclusion initiatives have expanded significantly, there is a need for micro-level

participation. Women’s perceptions of safety, trust, accessibility, and returns play a decisive role in shaping their

investment choices and long-term financial behaviour(Joghee et al., 2025). Examining these factors can provide

valuable insights for policymakers and financial institutions seeking to strengthen inclusive financial systems.

toward Post Office investment schemes. By analysing national-level data trends and responses to specific

women-centric avenues, the study aims to contribute to the literature on women’s investment behaviour and

The findings of this study are expected to provide practical insights for policymakers, postal authorities, and

financial planners in designing and strengthening investment products that cater to women investors and support

broader financial inclusion goals.

Investment behaviour refers to the manner in which individuals allocate their savings among different financial

instruments based on their preferences, risk perception, and financial goals(Goud, 2022). Studies in behavioural

finance consistently report that women investors differ significantly from men in their investment

behaviour, particularly in terms of risk tolerance, decision-making patterns, and investment

priorities(Kannadhasan, 2015). Women tend to be more risk-averse, prefer long-term and secure investment

investment avenues. As a result, women often prefer traditional and institutionally trusted savings instruments

that offer safety and stability.

relates to how investors evaluate the attributes of an investment option, such as safety, return, liquidity, and

accessibility, while attitude reflects their overall predisposition toward investing in a particular financial

instrument. Positive perceptions and favourable attitudes are likely to lead to stronger investment participation

and long-term commitment(Ferreira-Schenk & Dickason-Koekemoer, 2023).

Several studies indicate that women investors place greater importance on security, trust, and ease of access

when choosing investment avenues(Harshini et al., 2025). Government-backed schemes are often perceived as

more reliable and less risky, which positively influences women’s attitudes toward such investments.

Conversely, complex financial products and volatile market-linked instruments tend to discourage women’s

participation due to perceived uncertainty and lack of transparency.

investors, particularly women and senior citizens. Factors such as government backing, guaranteed returns,

low minimum investment requirements, and procedural simplicity contribute to the popularity of these

schemes. The physical presence of post offices in rural and semi-urban areas further enhances their accessibility,

making them a preferred investment avenue for women with limited exposure to private financial

institutions(Tejasmayee et al., 2025).

However, existing research on Post Office investment schemes is relatively limited compared to studies on

banking and capital market instruments. Most studies focus on awareness levels and preference patterns, with

fewer studies examining women’s attitudes and behavioural responses in a comprehensive manner.

Financial inclusion refers to the process of ensuring access to appropriate financial products and services needed

likely to engage with financial institutions that offer trust, transparency, and user-friendly services. Post Office

investment schemes, due to their widespread presence and institutional credibility, contribute significantly to

bringing women into the formal financial system(Anson et al., 2013). Despite various policy initiatives aimed at

responses to traditional financial institutions is therefore essential for strengthening inclusive financial strategies.

investment, rate of return, liquidity, tax benefits, accessibility, and trust in the institution. Psychological factors

such as risk perception, confidence, and financial awareness also play a crucial role. Studies indicate that women

investors often rely on informal sources of information, such as family members and peers, which further shapes

their investment choices(Kappal & Rastogi, 2020).

Institutional factors, such as the reputation of the investment provider and government assurance, significantly

affect women’s responses to savings schemes. Post Office investment avenues, being government-backed and

2023).

Although prior studies have explored women’s investment behaviour and financial inclusion, empirical

investment schemes remains limited. Existing studies often examine awareness or preference patterns in

isolation and lack a comprehensive analysis integrating perception, attitude, and behavioural response.

Moreover, there is insufficient empirical evidence assessing the role of Post Office investment schemes as

adopting a gender-centric and behavioural approach, the study adds to the existing literature and provides

insights relevant to policymakers and financial institutions.

The study shifts from traditional survey-based methodologies to a Quantitative Secondary Data Analysis. This

approach is grounded in behavioral finance, specifically "Revealed Preference," which posits that actual

investment choices (where money is deposited) are a more accurate reflection of investor perception and attitude

than self-reported survey responses.

To ensure reliability and validity, data has been aggregated from official government repositories:

Within just 18 months, over 4.3 million women opened accounts. This rapid adoption rate suggests a high latent

demand for medium-term (2-year), safe investment avenues.

a significant rural population—demonstrates that the Post Office’s physical accessibility (1.55 lakh branches)

effectively bridges the financial inclusion gap in areas where private banking penetration is lower.

Crores, demonstrating sustained growth even during economic volatility.