Post Office Savings Account Just Got Easier!
Yes, it’s true! We know it’ll take a while for you to digest this fact, but our Indian postal service has launched a mobile banking app! According to sources (economictimes.indiatimes.com) the department of post has issued a circular announcing that they are launching a mobile banking app for its customers who hold savings account with them.
The circular has it on record that the facility will be available from October 15 for all the post office savings account holders of the CBS (core banking solutions) post offices.
It actually feels like the country is going digital now that, one of the oldest facilities in the country has come out with a mobile app! So now all the savings account holders can check the status of their hard-earned money on their phones.
So, let’s discuss the eligibility criteria to avail this facility: –
- You should have a post office savings account in CBS post office
- You should have a valid login ID and credentials for online banking.
- If net banking is not enabled, you will have to enable it with the net banking option at CIF level by the SOL (service outlet).
- Either single or joint ‘B’ type customers will be eligible.
- Joint ‘A’ minor, illiterate, branch office accounts are not eligible for availing the mobile banking facility.
JOINT -A ACCOUNT TYPE
Accounts opened by two or three adults operated by them jointly or by the survivor is called joint-A account type.
JOINT-B ACCOUNT TYPE
Accounts opened by the two-three adults and operated by either of them or either of the survivors is called joint B type account.
So, there is a list of things you must have to avail this facility and we listed them for you:
MUST HAVES: –
- You must have valid EMAIL ID
- You must have valid PAN
- You must have a valid unique mobile number
- Customer ID which is printed on the first page of your passbook must be updated with correct first name, last name, Date of birth, father’s name, gender, valid identity and address proof, correct present address, mobile number, PAN number and Mother’s maiden name.
BENEFITS AVAILABLE VIA PHONE BANKING
- Funds transfer between own savings account and other post office savings account holder
- Funds transfer between savings account to own/linked RD and own/Linked LARD accounts
- Funds transfer from savings account to own/linked PPF (subscription and loan on PPF) accounts
- Account balance and details – savings, RD, LARD (loan against recurring deposit), TD, PPF, Loan against PPF, NSC
- Transaction history – saving, RD, TD, PPF, Loan against PPF, NSC
- Mini statement – Saving, PPF
- Request for stopping cheque payment
- Request RD account opening
- Request for TD (time deposit) account opening
PROCEDURE TO APPLY FOR MOBILE BANKING
- One can apply for the facility at any CBS head/sub post office but not in branch offices.
- The savings account holder must submit the duly filled form available at the post office
- The KYC of the account holder should be complete.
- In case the KYC process is not completed, then you must undergo the KYC process at the time of submitting your request form
- The form can be submitted only in a CBS post office where the savings bank account is held
- The mobile number must be unique for each customer and same mobile number cannot be used for any other customer ID.
- Once the form is submitted at the branch, your mobile banking facility will be enabled within 24 hours.
- The ‘India Post Mobile banking app’ from the Google Play store.
The country is evolving, so are we and so is the technology. The Indian postal service is one of the oldest services in India and has stood like a pillar. It has reached out to millions of people covering the all the terrains. This is a huge step towards the future of the post office. If you want to check out some amazing offers on savings account, click here.
Till then…happy buying!