Banking With India Post

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Banking With India Post
Ashfaque Ismail - 20 October 2019
Mumbai, October 20: The Department of Posts (DoP), under Ministry of Communications, has launched mobile banking facility for post office saving account customers of post offices with Core Banking Solution (CBS) facility.
According to the India Post website, the mobile banking app will be available for post office saving account holders from October 15, 2019. Customers can download the app from Google Play store. The DoP in a circular issued on October 14 said, “The DoP mobile banking for post office saving account customers of CBS post offices is going to be launched on 15.10.2019. The procedure for DoP mobile banking in detail has been prepared and a ‘Standard Operating Procedure for operation of DoP mobile banking’ is enclosed for further necessary action.”
As an eligibility criteria for availing Mobile Banking, the customer should have Post Office Savings Account in CBS Post Office.
Customer should have valid login and transaction credentials of internet banking. If Net banking is not enabled, mobile banking should be enabled after enabling Net banking option at CIF level by the SOL.
Single or Joint “B” account type customers are eligible. d. Joint “A”, Minor, Lunatic, Illiterate, BO accounts are not allowed for availing mobile banking facility.Pre-requisitesa. Customer should provide a valid Email lD and a valid PAN number and other details required.
The DoP said in the circular, “Eligible Post office customers holding savings account at any CBS Head/Sub-post offices but not in branch offices may apply for mobile banking facility.”
First, the account holder will have to apply for mobile banking facility by filling post office Savings Bank (POSB) / ATM Card/Internet/mobile/SMS service request from. If the account holder has opened savings account after migration to CBS with proper KYC documents, then there is no need for taking fresh KYC documents.
lf the account holder has opened savings account before migration, fresh identity and address proof as well as photograph has to be taken in single sheet KYC form along with the above said service request form.
This form has to be submitted only at the CBS post office where the savings bank account stands.
If a depositor is having a savings bank account in any other SOL (Service Outlet) and wants to apply for mobile banking at any other SOL, he/she has to first get his/her account transferred to the same SOL by following already laid down procedure.Customer should be informedAfter completing all the formalities and fulfilling all the requirements, the customer should be informed that he/she can activate mobile banking after 24 hours of enabling at ClF level by downloading the India Post Mobile Banking app through Google Play store. “Self-explanatory steps will guide the customer while performing activation process. Customer should be informed that CIF ID will be the user ID and transaction password should be used which has been already set through internet banking,” the DoP said in the circular.
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