PPF account in post office? Here is a good news you were waiting for

PPF account in post office? Here is a good news you were waiting for

Post office mobile banking : Public provident Fund (PPF) investors in post offices (PO) now have something to cheer about. Going forward, those holding a PPF account in a post office can not only view the PPF balance but can also transfer funds from the savings account to the PPF account. All this, thanks to the Department of Posts (DOP) new initiative of making available mobile banking for the post office savings account holders. One needs to download the Post office mobile banking app to start transferring funds or making new investments.

The mobile banking facility is already there in the India Post Payment Bank (IPPB) savings account, while now the mobile banking facility will be available to the post office savings account as well.

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What all is possible now

The post office savings account mobile banking will come handy in viewing account balance, details about NSC, post office recurring deposits (RD), loans etc. One may also view the mini statement of the savings account and of PPF including the transaction history. More than viewing, the transfer of funds from a savings to other savings account of DOP will now be possible. Most importantly, one can now make fund transfer from a savings account to RD or PPF account using the mobile itself. Opening new RD account or depositing money in time deposit also becomes easier now.

PO mobile banking registration

To access mobile banking in post office savings account, the account holder has to apply for mobile banking by filling post Office Savings Bank (POSB) ATM/ Internet/ Mobile banking application form. If you as an account holder had already submitted the KYC documents while migrating to (core banking solution) CBS, then fresh KYC need not be done while submitting the Post office mobile banking application form.

How to download PO mobile banking app

Once the post office is done with the formalities at its end and the details are registered with them, the account holder is informed that he/she can activate mobile banking after 24 hours of enabling at CIF ( customer information file) level by downloading the ‘India post Mobile Banking app’ through Google play store. The CIF ( unique to each individual) will be the user ID and transaction password will be same as set for internet banking. If someone wants to disable this feature of mobile banking, the post office has to be approached to get it disabled from the post office system.

Eligibility criteria for availing Mobile Banking

However, it is important to note that the facility of mobile banking will be available only at post offices with CBS (core banking solution) and the access to net banking needs to be there by the account holder.

As per the DOP standard operating procedure, the eligibility criteria for availing Mobile Banking are:

a. One should have post Office Savings Account in CBS post Office.

b. One should have valid login and transaction credentials of Internet Banking. In case the Net Banking is not enabled, it has to be enabled before mobile banking can be done.

c. Post office savings account mobile banking will be available to account holders with either Single or Joint B kind of accounts.

d. Joint “A” or Minor account holders will not be allowed for availing Mobile Banking
facility.

As per the information shared by the DOP on the ‘India post Mobile Banking app’, DOP will announce the date by when one can start registration and activation of the mobile banking. With this move, the investors are likely to make the most of the post office small savings such as time deposits, KVP, NSC etc that are currently offering a higher interest rate than other competitive investments such as bank fixed deposits. There is more reason to visit your friendly neighbourhood post office now!

 

Source- financialexpress

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