TN Posts Dept expects to add customers, as savings accounts may turn more user-friendly

An announcement in the Union Budget 2022 aims to cover all post offices in the country with the core banking system

Published - February 02, 2022 01:33 pm IST - CHENNAI

Photograph used for representational purposes only

Photograph used for representational purposes only

The Department of Posts expects more customers to open new postal savings bank accounts at post offices, once the interoperability of postal and bank accounts is made possible.

The Union Budget 2022 had an announcement on ‘Anytime-Anywhere post office savings’ that aims to cover all post offices in the country with the core banking system (CBS) to help access to accounts through the internet and mobile banking and ATMs. This is also set to provide online transfer of funds between postal and bank accounts.

While existing postal customers may find it more user-friendly, this may also attract more customers particularly those in rural areas and senior citizens, to open new accounts, officials said.

Officials of the Department of Posts, Tamil Nadu circle, said nearly 11,858 post offices in the State are connected with CBS. Arrangements have also been made recently to resolve internet connectivity issues.

The Department would initiate efforts to provide the interoperability facility of postal and banks accounts once it receives a directive from the Union Ministry of Communications.

“We are already providing net and mobile banking facilities for postal customers. They could also use postal ATM cards anywhere,” said an official. Though there has not been any revision in the interest rate for postal saving schemes since 2020, there has been an increasing trend in the opening of postal savings accounts.

There are nearly 2.72 crore postal saving accounts across the State. During this fiscal, nearly 27.86 lakh such accounts have been added till January, the official said.

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