Now, online transactions a reality for post office account holders

BENGALURU: A long-sought after demand by Postal Department savings account holders across the country became operational on Wednesday - online transactions. The uniqueness of it over regular online banking is the requirement of just a single IFSC code to transfer money to any postal account in the country. India Post has over 8.17 crore savings account holders in the country with Karnataka having 75,82,498 accounts.

A postal account holder needs to download the India Post Mobile Banking app on a smart phone and register using the Customer Information File (CIF) ID available on the passbook and the pin number sent on the interlinked mobile number. It can be operated from a desktop computer too. The India Post Payments Bank (IPPB) account launched in 2017 is linked with one’s savings account and presently permits digital transactions and offers options like bill payment, ticket booking, tax payment and so on. While it has a maximum limit of Rs 2 lakh for the account, the savings bank has no limit.

It has not yet been formally announced by the department but those who have learnt about the facility through word of mouth are quite happy to use it. K Rajammal, a pensioner, was one of them. “Though I withdraw my pension using postal ATM, it is tough to go in person regularly to the post office every month if one wants to make recurring or fixed deposits.

Now, I can just transfer money to my deposits by going online. It is also a relief that I can interchange money between postal and bank account.” Youngster P Karthick, who had not heard about the app so far said, “I will surely download it and try it out. The hassle of visiting the post office for small transactions used to put me off. But if it is going to be like a bank account, it would be very useful for us.” Those who are not comfortable about using the app can visit post offices and take the help of staff at the counter to carry out the transaction online. When asked about it, a postal department source confirmed that it has become operational but a formal launch was yet to happen.