Open a post office savings account all by yourself
Though it might appear unreal, one can start his own account without the help of anyone on his own phone just by typing in a few basic information details
Even a few years ago, opening a savings account in a PSB was a cumbersome exercise as one would have to fill up reams of forms, get introduced by customers of the same bank and submit KYC documents, not to speak of the long wait for the bank employee, who would by busy attending to existing customers.
But times have changed and even the stodgy post office now offers facilities using which one can open a savings account without visiting a post office.
Though it might appear unreal, one can start his own account without the help of anyone on his own phone just by typing in a few basic information details.
First, one should download the IPPB mobile application on his/her android phone. He/she just needs to be more than 18.
The next few steps to open an account are:
A) The applicant should click Open Account once the app is installed.
B) PAN and Aadhaar number have to be keyed in.
C) An OTP will be sent to the mobile number that needs to be typed in to open the account instantly.
D) A few personal information such as mother’s name, educational qualification, address and nomination (if any) need to be typed in.
As soon as these details are given, the account is opened and one can begin transactions.
Within one year of opening the account on the phone, the user should visit a post office where biometric authentication would be done to turn the account into a regular one.
If an individual fails to get his account authenticated within a year of opening it digitally, the account might be closed by the authorities.
The facility of opening an account on cellphone was launched in 2018.
The post office is an important instrument of financial inclusion in India and by 2026 the number of smartphone users is estimated to cross 100 crore.
In a post office payments bank, one can hold three types of accounts – regular, digital and basic.
One can withdraw money from a basic account not more than four times in a month.
However, a maximum yearly cumulative deposit of Rs 2 lakhs is allowed in a digital account. Interest rate of 2.75% is offered to the customers.
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