Online transfer soon from postal to bank account

Online transfer soon from postal to bank account

Core banking in 11,858 post offices

26/02/2022

Special Correspondent

CHENNAI

The Department of Posts plans to soon launch a service allowing online transfer of funds between postal and bank accounts as part of “Anytime-anywhere Post Office Savings.”

Nearly 11,858 post offices across the State are connected with the core banking system. However, some of the rural post offices face internet connectivity issues, and steps are being taken to resolve them.

As nearly 10,260 post offices were in rural areas, it would benefit farmers, senior citizens and those residing in rural pockets.

The department expects more customers to open more postal savings accounts once the inter-banking facility such as NEFT/RTGS is launched after a directive from the Union Ministry of Communications.

Though there was no revision in interest rate for postal saving schemes since 2020, nearly 27.86 lakh saving accounts have been added till January this fiscal and there are nearly 2.75 crore postal savings accounts across the State.