The Philately Society of India was established on 6 March 1897 in Calcutta with Sir Charles Stewart-Wilson KCIE appointed, the first President and Lady Collen, Professor O.V. Muller and Major C.H.I. Hopkins were each appointed Vice-Presidents. However, it was in 1907 that the first Indian member Mr. C.K. Dutt of Calcutta was admitted to the PSI. Since then the PSI has grown to be a premier institution for philately and philatelists in India. The society had a strong publishing record with many seminal works to its credit.  

In March 1957 the PSI celebrated its Diamond Jubilee DIJUPEX and in 1997 the Society celebrated its centenary Centipex '97 at which rarities of Indian philately were exhibited. India Post also issued two commemorative stamps to mark the centenary. In its 115th year the PSI presented INPEX 2013 a National Exhibition and to commemorate its 120th foundation year presented INPEX 2017.

Members of PSI meet every 1st, 3rd & 5th Saturday of the month. Usually at Chief Postmaster General Conference room, MUMBAI GPO between 3-5pm.