Significant spike seen in postal savings bank accounts in State

‘19 lakh of them opened this year’

5.5 lakh postal savings accounts were opened in the State in the last one month. File Photo

Of late, the Department of Posts is witnessing a significant increase in the number of postal savings bank accounts opened in the State.

Radhika Chakravarthy, Postmaster General, Chennai City Region, said that of the total 19 lakh postal savings bank accounts opened during this financial year in Tamil Nadu, 5.5 lakh accounts were opened in the last one month.

“We are conducting melas to create awareness on postal savings bank accounts. There are distinct advantages in postal savings accounts. Here, people can have a minimum balance of ₹50, while it is ₹5,000 or even more in banks,” she told reporters on the sidelines of the inauguration of a Post Office Passport Seva Kendra on Saturday.

Another advantage was that customers get ATM cards that can be used in post office ATMs or any bank ATM to withdraw cash.

“We have no restrictions on the number of transactions nor do we charge them. These cards are interoperable,” she said.

There are a total of 97 postal ATMs — at all Head Post Offices — in the State.

Core Banking Solutions

Out of the 2,600 department post offices in the State, 2,580 were on the Core Banking Solutions (CBS) platform, she said.

CBS enables postal savings account holders of a CBS networked post office to carry out all transactions at any other post office on the CBS network across the country.

Ms. Chakravarthy added that as many as 14 lakh “Selvamagal Semippu Thittam” accounts, a scheme meant for girl children, have been opened so far in the State.

Ms. Chakravarthy added that use of swiping machines at post offices to enable any kind of transaction was under trial at the Head Post Office, Anna Road in Chennai and this would be put in place shortly.

The department was also examining the possibility of bringing in online payment facility and mobile transactions for customers, she said.