Post Office Savings Schemes Fully Digitised to Enhance Financial Inclusion

 

New Delhi, Feb 11:
The government has completed the digitisation of Post Office Savings Schemes, significantly improving access, transparency, and customer convenience across the country.

In a written reply in the Lok Sabha, Minister of State for Communications and Rural Development Dr. Pemmasani Chandra Sekhar said that the Department of Posts currently serves more than 45 crore Post Office Savings Bank (POSB) account holders through a nationwide network of over 1.64 lakh post offices.

To modernise postal savings, Core Banking Solution (CBS) has been implemented across POSB, enabling digital services such as ATMs, internet and mobile banking, online account opening and closure, deposits, real-time balance enquiry, and fund transfers through NEFT and RTGS. Linkage between India Post Payments Bank and POSB accounts has also been enabled, allowing seamless transactions.

The minister further informed that India Post Payments Bank (IPPB) is offering a wide range of digital services, including savings and current accounts, virtual debit cards, domestic money transfers, bill and utility payments, insurance services, online payments for post office savings schemes, digital life certificates, Aadhaar Enabled Payment System (AePS), Aadhaar mobile number updates, and child enrolment services for children aged 0–5 years.

Additionally, transactions for popular savings instruments such as National Savings Certificate (NSC), Kisan Vikas Patra (KVP), and Senior Citizens Savings Scheme (SCSS) are now available through internet banking, further simplifying operations for customers.

The government said these initiatives have strengthened financial inclusion, improved ease of doing transactions, and ensured that all post offices now function on a fully digital platform.

(Source: PIB Delhi | Release ID: 2226580)

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