Wednesday, March 22, 2017

New Post Office Savings Accounts at ₹50

Among circuitous queue at every bank and chronic cash trouble at ATM’s having cash at our hands is something like a luxury in India. Recently there is also many questions of having minimum balance at our account and a transaction fees, making it very difficult for the working classes and as well as rural communities to access good banking services.

While banks contend to provide best rates, the post office has also offering substitutes.

India Post Office is emerging as a Cost-Effective to the conventional banks, having the ATM’s all around the country and with lower Post Office Savings Scheme.

New Post Office Savings Accounts at ₹50
Post Office Savings Scheme
From 1882, the Indian Post Office has been running a number of small savings schemes in spite of delivering mails and money orders around the country. Also have been running the savings, recurring accounts and as well as the time deposits.

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It is becoming very easy to open a bank account at any branch in the post office with a mere ₹20 and need to maintain ₹50 as the minimum balance and avail ATM Services without Transaction Fees.

KVLN Murthy, Senior Superintendent of Post Office says that we need to serve everyone, and adding thousands of postal savings account holders in Visakhapatnam district.

According to Murthy, these zero-transaction-fee ATMS have helped them expand their services to everyone, from the poorest of poor to the well-established.

He also says that, “The India Post ATMs are not different from bank ATMs in their functions,” he says. “The one advantage we have is that anybody can open an account at the post office and avail of an ATM Card. These cards can be used at India Post ATMs anywhere, as well as bank ATMs.”

To open a savings account in post office is merely simple. All you need to have Aadhaar card and 2 Photographs. The minimum balance for regular accounts is ₹50 and anyone who requires the cheque book facility have at least ₹500 at all times.

As per Digital India initiative, the Government aims to offer Core Banking Solutions, Internet Banking, ATMs and Mobile Banking for the account holders. There are around 23,091 post office have migrated to CBS and over 600 ATMS have been established in various parts of India at the year December 2016.

Currently India Post has more than 1,50,000 branches and offer Postal facility around the country.