Post Office savings go online: Now make your PPF, RD contributions and withdrawals anywhere
The humble Post Office has become Hi Tech with the launch of Department of Post (DOP) Internet Banking services. Although Post Office branches are available in almost every nook and corner of the country, but DOP eBanking Portal will make life of Post Office account holders even easier.
Not only the Post Office Savings Accounts (POSA), the DOP eBanking facility will also facilitate the users of Recurring Deposit (RD) Accounts, Public Provident Fund (PPF) Accounts, Time Deposit (TD) Accounts and National Savings Certificate (NSC) Accounts.
Apart from normal transactions like getting accounts summery, viewing transactions, managing payees, initiate fund transfer within DOP etc, users may also manage their PPF and RD accounts as well. While the facility regarding RD includes making deposit, RD half-withdrawal and repayment, what is unique that users may also make PPF withdrawals and take loan on PPF apart from making PPF contributions and repaying the loans. For withdrawal from PPF Account, eligible amount of withdrawal will be displayed.
For availing internet banking, a customer should have a POSA – either single or joint “B” account – in CBS migrated Post Offices. However, joint “A”, minor, lunatic, illiterate, BO accounts are not allowed for availing internet banking.
The pre-requisites for availing internet banking facilities are –
a. Customer should provide a valid Email ID.
b. Customer should provide a valid PAN number
c. Customer should provide a valid mobile number
d. Customer should provide his/her mother’s maiden name
To apply for internet banking, a Post Office Savings Bank Internet Banking service request form – which may be availed through ebanking.indiapost.gov.in – to be filled by the account holder.
Post Office savings are already most popular choice among rural and poor people due to its reach and easy access, the online access will make it further popular among the urban and upper class as such savings not only offer competitive rate of return, but also enjoy the sovereign guarantee of the Government of India. While the sovereign guarantee makes the principal invested in Post Office scheme completely secure, there is no such guarantee on to protect the principal and interests on investments made in other institutions.
Moreover, the interest rate on Post Office deposits, recurring deposits, time deposits and senior citizen savings schemes (SCSS) are reviewed and decided by the government periodically, making the rates stable and attractive.
Following table shows the latest changes made in rate of interest offered by Post Offices: