India Post ATM card service – Post Office Saving Schemes

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India Post ATM card service – Post Office Saving Schemes

India Post ATM card : The India Post Payment Bank is introducing the ATM/Debit card facility.This facility, however, will be available only in post offices that are on core banking solution (CBS) platform. A notification said: “In case of an account standing at any post office with a core banking solution platform in place, the Post office Savings Bank shall issue ATM or debit card to the account holder on payment of such fee as may be prescribed by the Central Government.”

The CBS project will bring in facilities of ATM banking, Internet Banking, Mobile banking and Phone banking to the Post Office Savings Bank customers. Eventually, it will enable POSB customers to perform transactions 24×7 in ATMs and to transfer money from their account to any bank account through NEFT and RTGS on complete roll out of CBS.

The savings account holder at a post office linked to the CBS platform will be allowed to deposit money in his or her account at “any other post office with CBS platform within the limits prescribed”.Deposits can be made through the electronic mode as well. New rules also provide for giving a statement of account in lieu of the passbook, but only as an option to the customer.

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Post Office Saving Schemes – Benefits

    • Account can be opened by cash only.
    • Cheque facility can be taken in an existing account also.
    • Nomination facility is available at the time of opening and also after opening of account.
    • Account can be transferred from one post office to another.
    • One account can be opened in one post office.
    • Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account.
    • Joint account can be opened by two or three adults.
    • At least one transaction of deposit or withdrawal in three financial years is necessary to keep the account active.
    • Single account can be converted into Joint and Vice Versa.
    • Minor after attaining majority has to apply for conversion of the account in his name.
    • Deposits and withdrawals can be done through any electronic mode in CBS Post offices.
    • Inter Post office transactions can be done between CBS post offices.
    • ATM/Debit Cards can be issued to Savings Account holders( having prescribed minimum balance on the day of issue of card) of CBS Post offices.

Post Office Saving Schemes – Rates/Interest

Rate of interest 4% per annum
Minimum Amount for Opening INR 20/-
Interest earned is Tax Free up to INR 10,000/- per year from financial year 2012-13
Cheque facility available if an account is opened with INR 500/-
For Cheque facility minimum balance in an account is to be maintained INR 500/-
Minimum balance to be maintained in a non-cheque facility account INR 50/-

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