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India Post launches mobile banking facility for savings accounts

IBEF:  October 16, 2019

The Department of Post announced through a circular that it has launched mobile banking for its savings account customers. According to the circular, the said facility is available from 15th October for all the post office savings account holders of the CBS (core banking solutions) post offices.

Last year, Department of Post launched Internet banking facility for its saving account holders.

The mobile banking facility can be availed by: -

a) Those customers having post office saving account in CBS post office.

b) Customers having a valid login and transaction credentials of Internet banking. Net Banking option should be enabled in mobile at CIF (customer ID) level by the SOL (service outlet).

c) Customers having either single or Joint 'B' account type are eligible whereas customers with Joint 'A', Minor, Illiterate, branch office accounts cannot avail the service.

Joint-A type accounts are those accounts that are opened by two or three adults and operated by them jointly or by the survivor/s whereas Joint-B type accounts are opened by two-three adults and operated by either of them or either of the survivor/s.

To make use of the service certain pre-requisites are required to be fulfilled. These pre-requisites are as follow: -

a) Customer should have a valid E-mail ID

b) A valid Permanent Account Number (PAN)

c) A valid unique mobile number should be there as the same number cannot used by any other CIF or customer ID. 

d) Customer ID or CIF ID i.e. printed on the first page of the passbook should 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.

Those who are eligible for the service can apply for the facility at any CBS head/sub post office but not in branch offices. The duly filled form which is a Post office savings bank (POSB) ATM card/ Internet/Mobile/SMS banking service request form, available with the post office must be submitted by the account holder. Know Your Customer (KYC) of the account holder should be complete or else will have to be completed at the time of request form submission. 

The form should be submitted at only CBS post office where the saving account is held. Once the form is submitted successfully, mobile facility will be enabled after 24 hours.

The 'India Post Mobile Banking' app can be downloaded from the Google Play store, where the CIF ID will be the user ID and transaction password is the already set password through internet banking facility.

The post office savings account holder can avail the following facility through the mobile banking facility: 

a) Account balance and details - savings, RD, LARD (Loan against Recurring Deposit), TD, PPF, Loan Against PPF, NSC

b) Transaction history - Saving, RD, TD, PPF, Loan against PPF, NSC

c) Mini statement - Saving, PPF

d) Funds transfer between own savings account and other post office savings account holder

e) Funds transfer between savings account to own/linked RD and own/linked LARD accounts

f) Funds transfer from savings account to own/linked PPF (Subscription and Loan on PPF) Accounts.

g) Request for RD account opening

h) Request for TD (Time deposit) account opening

i) Request for stopping cheque payment

The facility can also be disabled by visiting the post office branch for the same and the service will be disabled after 24 hours.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.