Offering a digital surprise to its savings account holders, Post office is all set to allow e-banking services by May this year.
The Centre has also approved linking of such accounts with India Post Payments Bank (IPPB).
“The finance ministry has approved linking of savings bank accounts at Post Offices with IPPB accounts. This will enable post office account holders to transfer money from their account to any bank accounts…,” said an official from India Post.
Out of 34 crore savings account in India 17 crore belong to Post Office savings bank accounts, rest users are subscribed to monthly income scheme, recurring deposits etc.
This initiative is aimed at creating country’s largest banking network as India Post plans to connect all 1.55 lakh Post Office branches with it.
As of now, account holders at post department can avail core banking services but it can only be done within Post Office savings bank (POSB) accounts.