Rs 50 Post Office savings account to have ATM services free

Rs 50 Post Office savings account to have ATM services free

SRINAGAR: The role of post offices around the world is undergoing changes as traditional postal activities are supplanted by electronic mail and use of new technologies. Increasingly, post office is adopting new business to optimise its strength as an outlet of public utilities. Energising financial services has been part of the new business strategies in most counties. In this context, India Post “took several initiatives to broad base the range of financial services provided by it, noted an official statement issued by PIB.

“In addition to delivering mails and money orders, India Post has been running a number of small savings schemes since 1882, including saving and recurring accounts as well as time deposits,” the statement added.

According to the statement, “Opening a bank account in the Post Office will take a mere Rs 20 and the minimum balance to be maintained is Rs 50.”

To continue energizing its quest to serve the masses, India Post recently “made its debut and successfully turned to Core Banking Service (CB Platform)”.

To move further, its most recent development is a series of India Post ATMs being opened across India. “Post offices have started providing interoperable services to its customers after switching over to Core Banking Solution (CBS) and at present there are 14 sites in Jammu and Kashmir where ATM machines have been installed,” further added the statement.

Customers of any private or public sector bank can withdraw cash from ATM machine set up by postal department while those having debit cards issued by post office could do so through any of the bank ATMs.

The vision of India Post is approaching nearer which reads as “India Post will be a socially committed, technology driven, professionally managed and forward looking organisation.”