Post Office Savings Bank

Post Office Savings Bank – Core Banking Solution, Internet Banking and Mobile App

Post Office Savings Bank: A public facility that provides email services, including accepting parcels and letters, contributing post office boxes, and vending postage stamps, packaging, and stationery, is known as the post office. Post offices also grant additional services, which differ from country to country. These involve proffering and receiving government forms (like passport forms), processing government services and expenses (like postal savings, road tax, or bank post office). Postmaster is the chief administrator of the post office.

People opening accounts in different Post office schemes are dealing with Post offices near their house. But the Post office has become modernised. They are proposing a Core Banking Solution. The CBS (Core Banking Solution) Project brings amenities of ATM Banking, Internet Banking, Phone Banking and Mobile Banking to the Post Offices Savings Bank (POSB). Clients can make transactions 24×7 in ATMs and transfer money from their account to any bank account through National Electronic Fund Transfer (NEFT) and Real-Time Gross Settlement (RTGS). This article will inform you about the Modernisation of the Post office, its features, Apps for Banking and Postal Information and CBS in detail.

Core Banking Solution (CBS)

The networking of bank branches, which allows customers to maintain their accounts and use various banking facilities from any part of the world, is known as Core Banking Solutions. In simple terms, there is no obligation to visit the branch to do banking transactions. One can do it from any location, any time and enjoy banking services. Execution of CBS across all units helps speed up most of the everyday transactions of banks and customers. Any depositor of Savings, TD, RD, MIS, SCSS, PPF or Certificates can initiate transactions either Financial or Non-Financial at any CBS Post Office.

When the Account Holder of MIS/SCSS/TD scheme addresses CBS Post Office, the Supervisor or Postmaster inquire the Account holder that, since CBS is implemented in the office, there is no obligation for alteration of Accounts as on maturity, one can receive payment from any CBS Post Office after presenting fresh KYC documents. CBS is expected to adhere to the dynamically changing market & client requirements and develop & simplify banking processes to focus on sales & marketing stuff. In order to expand the presence of postal banking in rural and remote areas and also to improve banking speed, the core banking solutions are convenient for customers.

Post Office Savings Bank and Internet Banking

Post office savings scheme is among the many secure options for those seeking a higher interest rate than banks. Post office investment schemes such as PPF, NSC, and KVP offer a considerable rate of interest. The POSB (Post Office Savings Bank) accounts have reinvented themselves with uncertain times. One can now quickly transfer funds from the Post Office accounts using internet banking. Besides an active post office bank account, one needs an active mobile number and ensures all the KYC documents are in order; a PAN number and an e-mail ID are required for transferring information.

Details on How To Activate Internet Banking for Post Office Account

Here are complete details of how to activate Internet Banking for Your Post Office Savings Account

  • Step 1: Visit the post office branch with the internet banking form. Submit it along with required documents. Once internet banking is activated, an SMS will be sent to the given mobile number.
  • Step 2: The next step after getting the SMS is to visit and then click on ‘New User Activation’.
  • Step 3: Here, one needs to enter Customer ID, the CIF ID printed on the first page of the passbook. The account ID is the savings account number. One needs to enter the password carefully, as, after five wrong attempts, the user id will be disabled.
  • Step 4: After completing all of these steps, the internet banking account will be activated and is ready to make a fund transfer from the Post Office account. Also, you aren’t required to visit the branch to deposit money in your PPF account or the post office recurring deposit (RD) account.

Withdrawal of Money From Post Office Vs PPF

You can withdraw or encash your money from where you have enrolled for an NSC account. You will have to authorise the person with a signed letter if you send a person to withdraw the NSC on your behalf.

When it comes to PPF Withdrawal, you can get your amount credited to the bank and make a bank withdrawal (if your bank has the facility). You can also visit and download Form C or its corresponding application for cancellation on NSI India.

Mobile App for Post Office Saving Account

To complete the registration for the mobile app, one needs to visit their nearest post office, where your POSB account is present. Once the registration has been completed for mobile banking, you can use the Department of Post Mobile banking application services.

  • Firstly, download the Mobile Banking Application from the Google Play store, open the application, and click on the Activate Mobile Banking button.
  • Next, enter the Security Credentials provided by the Department of Post. The Registered Mobile number will receive an OTP. Enter the OTP and continue further.
  • Once successfully verified, you will be asked to enter a four-digit MPIN. Please enter the four-digit MPIN of your choice, and you will be activated for Mobile Banking Application.
  • The user ID and the newly generated MPIN is needs to be entered to login in the mobile app
  • In situations when one faces any difficulties or have any query, it is advised to contact the postal helpline service at their customer care 18004252440

Post Office and Small Saving Schemes

India Post, which regulates the postal chain of the country, also presents several deposit avenues for investors, generally recognised as post office saving schemes. These schemes were proposed to inject savings discipline and give investment avenues among Indians from across economic classes. Every post office provides these savings schemes to allow individuals from all over India to apply and register quickly. People funding in Small Saving Schemes in the Post office are restrained to dealing only with post offices. India has a network of 154,866 post offices across the nation. Of these, 139,040 are in rural areas. In 1947, there were only 23,344 post offices, which were in the urban areas. The department of posts collects over Rs 6 lakh crore of long-term savings under the numerous postal savings schemes. At present, there are nine postal schemes related to savings offered by the govt. Of India to the masses.

They are mentioned below.

  • Public Provident Fund (PPF)
  • National Savings Certificate (NSC)
  • Post Office Monthly Income Scheme
  • 5-Year Post Office Recurring Deposit Account
  • Post Office Time Deposit Account
  • Sukanya Samriddhi Account
  • Senior Citizen Savings Scheme
  • Post Office Savings Account
  • Kisan Vikas Patra (KVP)

Conclusion on Post Office Savings Bank

Post offices are developing. with the Core Banking Solution, the experience of a Post Office Customer has become compliant. Going to the Post office would now be minimal; submitting a KYC document or Registering for the Internet has become manageable.  The core banking solutions comprising Internet banking and the mobile app are steps in the positive direction of customer convenience and digitisation from the Indian postal service. This article gives the reader a succinct understanding of the steps and procedures involved in availing the core banking service of the post office of India.

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