Post Office Savings Account

News About Post Office Savings Account

• Mobile banking facility launched by India Post for savings accounts

  The Department of Post has launched mobile banking facility for savings accounts members making it easier for them to manage their accounts. According to the circular, this facility will be made available from 15 October for account holders in the post offices which are Core Banking Solutions (CBS) providers. Internet banking facility was launched last year for savings accounts holders. These are the eligibility criteria for the mobile banking facility: Customers should have a savings account specifically in a CBS post office, both single and joint account holders are eligible, should have valid credentials for login and transactions in internet banking, and net banking should be enabled by the SOL (service outlet) at the customer ID (CIF) level. Those who are not eligible for the phone banking facility are illiterates, minors, joint ‘A’, and branch office accounts.

  

  23 October 2019

• Mobile banking facility launched by India Post for savings accounts

  The Department of Post has launched mobile banking facility for savings accounts members making it easier for them to manage their accounts. According to the circular, this facility will be made available from 15 October for account holders in the post offices which are Core Banking Solutions (CBS) providers. Internet banking facility was launched last year for savings accounts holders. These are the eligibility criteria for the mobile banking facility: Customers should have a savings account specifically in a CBS post office, both single and joint account holders are eligible, should have valid credentials for login and transactions in internet banking, and net banking should be enabled by the SOL (service outlet) at the customer ID (CIF) level. Those who are not eligible for the phone banking facility are illiterates, minors, joint ‘A’, and branch office accounts.

  

  18 October 2019

• Huge spike in post office savings accounts

  Following the Government's drive to bring banking facilities to all across the country, a report came in in which due to post offices offering savings accounts, now lakhs of citizens in the country have access to banking facilities - especially those from rural areas. According to a report, in Chennai, 56 lakh savings accounts have been opened in the last year, a lakh more than the previous financial year, whereas, in Karnataka, the total number of accounts has gone up from 2.20 crore to nearly 2.75 crore accounts. Post offices in the Chennai have lauded the achievement and said that so many more people are now benefiting from access to banking facilities, which have come with insurance coverages up to Rs.2 lakh.

  

  13 April 2018

• Post office savings accounts to come with internet banking facilities from May

  In what is a breakthrough for Post Offices across India, the Reserve Bank of India (RBI) announced yesterday that they have finally approved of the India Post Payments Bank (IPPB). The move means that over 340 million Post Office account holders (In India) will benefit from the online facility that will go live under the India Post Bank (IPPB) platform. Based on the announcement of the Finance Ministry, from May 2018, Post Office account holder will be able to carry out a number of processes that come with internet banking facilities - such as carrying out fund transfers, bill payments, making contributions to various related saving schemes, and so on. The India Post Payments Bank (IPPB) will ensure that over 170 million Post Office savings account holders will benefit by carrying out the aforementioned processes related to a saving account - with the biggest take away from the country’s perspective being that a good portion of Post Office saving account holders are from rural areas. The Finance Ministry said that from May onwards, a little more than 155,000 post offices will have the India Post Payments Bank (IPPB) facility, which in the future will result in being the largest banking network in the country. Customers holding a savings account in a Post Office can carry out fund transfers through the NEFT, RTGS and IMPS facilities, can make contributions towards saving schemes through the India Post Payments Bank (IPPB) platform, pay utility bills and other functions one can carry out through the internet banking facility of any other bank.

  

  13 April 2018

• No cash withdrawal limit from banks and post office savings accounts

  Following the demonetisation by the Modi-led government, the Central Board of Direct Taxes set the withdrawal limit from banks, post offices at Rs.2 lakh. Huge penalties were imposed for withdrawals higher than Rs.2 lakh. To the relief of many, the withdrawal limit is now done away with. According to the Central Board of Direct Taxes, there will no longer be any withdrawal limit from savings accounts from banks and post offices.

  

  6 April 2017

• People can now open PO Savings Account with Rs.50 in Ernakulam

  Several special offers have been introduced by the head post office in Ernakulam for customers who wish to open savings bank account schemes. A campaign was launched by Aari, a popular tamil actor, who intended to help the initiative gain popularity. Customers would be entitled to a 4% p.a. interest rate on their savings. The minimum deposit required is only Rs.50 and there are free ATM cards with no transaction limits. Furthermore, there are no service charges on the first five transactions and there are also no hidden charges associated with the account. Savings accounts can be opened with cheque book facility as well, but these accounts need a minimum balance of Rs.500. The accounts are open to any Indian National who has attained majority. Joint accounts are also allowed. These accounts will help enable the common man to have easy access to banking facilities and its benefits.

  

  31 March 2017

• Hi-tech India Post Bank to be Housed by Heritage GPO in Nagpur

  Nagpur, famed as the Orange City of India, is famous for another aspect – their General Post Office, which is regarded as a heritage structure. This building will soon be a home to a bank. In a strategic move to update post offices to bring it at par with modern banking, it was suggested to open an India Post Payment Bank in the year 2012. As an experimental plan commencing on 1st April, the city GPO has been picked among the total 47 offices where the bank will be situated. In the coming month, the department will start the basic work. The locations is expected to spread over at least 800 sq ft of this heritage construction and the banking functions are anticipated to begin in the coming six months according to a reliable source. This bank will mainly provide service to the whole area of Vidarbha. Aside from GPO, other sites where these lenders will be functioning in the state entail Pune, Thane and Satara. The bank's area of focus will be on current and savings account in rural regions. There will be no loan products or credit card dealings in the initial phase.

  

  4 April 2016