Department of Posts: Post Bank

Department of Posts: Post Bank

Department of Posts has proposed to set up a Post Bank of India. This will be an independent entity, separate from the current operations of Small savings Schemes being carried out by the Department on behalf of Ministry of Finance. The Department of Posts has accordingly submitted an application to the RBI on 28.06.2013 seeking a banking license subject to necessary Cabinet approvals.

The details of financial services offered by the Post offices at present are as below:-

(1)         Small Savings Schemes of Government of India (on behalf of Ministry of Finance)

(i)  Post Office Savings Account
(ii) Post Office Time Deposit Account
(iii) Post Office Recurring Deposit Account
(iv) Post Office Monthly Income Account
(v) Senior Citizens Savings Scheme Account
(vi) Public Provident Fund Account
(vii) National Savings Certificates (VIII)  and (IX) issue

(2)   Money Remittances

(i) Money Order-Domestic
(ii) Instant Money Order- Domestic (through selected post offices)
(iii) Western Union Money Remittances –International Inward (through selected post offices)
(iv) MoneyGram Money Remittances –International Inward (through selected post offices)
(v) Money Order Videsh- International Inward and Outward (through selected post offices)
(vi) Electronic International Money Order Service-Inward (through selected post offices)

This information was given by Dr. Smt. Killi Kruparani, Minister of State for Communications and Information Technology in a written reply to a question in the Lok Sabha today.
Source : PIB Release, 14 August, 2013

Related to Your Search:

• India Post Launches ‘Instant Cash’ International Money Transfer Service Signs Agreement with Wall Street Exchange to offer the Service Across India
• Relaxation in provisions in National Savings Schemes – Department of Posts
• UNCLAIMED AMOUNT(1000.61crores) UNDER VARIOUS POSTAL SAVINGS SCHEMES
• Post office small savings schemes revision of interest rates table w.e.f. 1st July 2021
• Extension of MIS/ SCSS/ KVP/ NSC/ PPF schemes up to GDS Branch Post Office level through cheque
• DoP – Revision of interest rates for National Small Savings Schemes w.e.f. Jan 01st 2021
• DoP: Transmission of Scheme-wise commission of agent’s
• Rate of interest on various National Small Savings Schemes with effect from 1st January 2020
• Money Order Service Continues with Addition of Online Money Transfer