For Quick Alerts
Subscribe Now  
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

The Banking and Remittance Services Provided By Indian Postal Department

|

Together with providing job opportunities, Indian Postal Department have improvised the life of Indian Citizens including rural areas. Services of Indian Postal Department are extended from every nook and corner of India. It's also believed that Indian Postal schemes provide very attractive interest rates compared to other banking schemes. There are various services provided by Department of Post Ministry of Communications Government of India.

 

Services Provided By Department Of Post Ministry Of Communications Government Of India

Services Provided By Department Of Post Ministry Of Communications Government Of India

There are various services provided by Department of Post Ministry of Communications Government of India. They are:

1. Mails Services: Premium, Domestic, International
2. Banking and Remittance services
3. Insurance: Postal, Rural, PLI Premiums
4. Stamps
5. E-commerce: Buy e-IPO and Philately Products
6. Business Services: Bill mail, Direct post, Media Post, Business post, Logistic post, e-Payments, e-Post
7. Retail Services: Retail post, Update Aadhaar, Passport Seva Kendra, Gangajal Services, Holy Blessings, India Post Passenger Reservation System (PRS)
8. Door Step Services

Banking and Remittance Services Provided By Indian Postal Department
 

Banking and Remittance Services Provided By Indian Postal Department

Postal Banking is where the Postal Department handles the cash credit and debits and provides all services just like bank but in a more secured manner.
Remittance services are money transfer services, available in both domestic and international locations.

Let us know about the Banking and Remittance services provided by Indian postal department:

1. Post Office Savings Scheme
2. Money Order
3. International Money Transfer Services
4. Janasuraksha Scheme
5. Mutual Funds
6. National Pension System
7. India Post Payments Bank
8. Net Banking

1. Post Office Savings Scheme:

1. Post Office Savings Scheme:

These savings scheme has different feature, also it has detailing about who can open Accounts, how to deposit and withdraw the amount, interest rates, maturity amount etc. Post office also avails different additional facilities on savings accounts.

There are various savings accounts available in Indian post office like: 

 

  • Savings Account (SB)
  • Recurring Deposit account (RD)
  • Time Deposit account (TD)
  • Monthly Income Account (MIS)
  • Senior Citizens Savings scheme (SCSS)
  • Public Provident Fund Account (PPF)
  • Sukanya Samriddhi Account (SSA)
  • National Savings Certificates (NSC)
  • Kisan Vikas Patra (KVP)
2. Money Order:

2. Money Order:

One can send the money to a person directly to their door step by using this particular facility, In olden days this was considered the best and safe way to transfer money, as there was no proper education, as well as online facilities. This is a very simple method of money transfer, where you send money through post office agency, in this method the sender writes the name of person to whom the money has to be transferred, acknowledgement is received after the transfer of money. Options like Alteration in address or place of payment, Alteration of payee's name, Stoppage of payment are also available in this Money Order facility.

There is also International Financial System (IFS) Money order facility by Indian post with La Poste Group, France and UAE.

3. International Money Transfer Services:

The Indian post office enables the transfer of money from abroad to beneficiaries in India. This facility is provided in order to help NRI dependent families, foreign students studying in India, international tourists. This facility is available for 195 countries and territories in which recipients can collect money in few minutes.

4. Janasuraksha Scheme:

With standard operating procedure, There are 3 Schemes as per now which come under Janasuraksha scheme. They are:
Pradhan Mantri JeevanJyoti Bima Yojna(PMJJBY)
Pradhan Mantri Suraksha Bima Yojna(PMSBY)
Atal Pension Yojna(APY)

5. Mutual Funds:

Indian Post Office also Includes Mutual Funds and bonds in its financial Services.

6. National Pension System:

National Pension System - All Citizen model is a voluntary retirement savings is a sustainable solution for adequate retirement income to every citizen of India with lowest cost pension scheme. It is Simple, Flexible, Portable.

7. India Post Payments Bank:

A simple and efficient set up by Indian postal department Completely Owned by Government of India for deposits and money transfer with all the related facilities. IPPB offers Deposits, Money Transfer, Direct benefits transfer, Third party Products (loans, insurance, investment), Bill and Utility Payments, Enterprise and Merchant payments.

8. Net Banking:

Indian postal department provides this e-Banking portal for it's user, in which a person can Manage his/her own Banking. All kind of Accounts related to Indian postal department, Transactions, General Services can be managed by using this Net Banking.

 Minimum Balance And Service Charges For Post Office Savings Account Scheme Minimum Balance And Service Charges For Post Office Savings Account Scheme

Conclusions:
Banking and Remittance services provided by Indian postal department are very helpful for Indian citizens, Indian Postal Department is completely safe and secured, one can always go with Government Schemes and services. It's important to Make once own research before investing or depositing in any kind of schemes. 

Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X