India Post has recently received license from the Reserve Bank of India as a payment bank. What this means is that India Post can have ATMs at post offices and other places and provide certain financial services across India.
Post office banks will also be allowed to issue ATM or debit cards as also other prepaid payment instruments, but not credit cards.
With project modernization, India Post led post offices is moving towards Core Banking Solution (CBS), which is a networking of all the post offices, which enables customers to operate their accounts and avail account related services from any post office on CBS network, regardless of where he maintains his account.
The CBS is a step towards enhancing customer convenience through "Anywhere and Anytime Banking"
Here are 5 smart things to know
1) Depositor who wants to have ATM/Debit Card should submit application in the prescribed form at the post office where his or her account stands.
2) Initially,services such as Cash Withdrawal, Fast Cash, Balance Inquiry, Mini Statement, Funds Transfer (Funds Transfer within OWN Savings Accounts of POSB), Funds Transfer (Funds Transfer to other Savings Accounts of POSB), Pin Change will be available for Post Office Savings Bank holders with debit card.
3) Only, ATM Cards issued by post office can be used in only Department of Posts (DoP) ATMs and other bank ATM Cards cannot be used in DOP ATMs.
4) Maximum amount that can be withdrawn from ATMs in a single day will be Rs.25000/- and at a time, Rs 10,000/-.
5) If case of any discrepancy, customers can write to FSI (AGS) through email email@example.com with the dispute details like ATM ID, Date, Time, Card number, Transaction number and Amount for dispute management.