There is good news for the millions of people who bank at post offices. The Department of Posts has launched a paperless transaction facility built on Aadhaar-based e-KYC, allowing eligible customers to deposit and withdraw money at branch post offices without filling out the traditional paper forms. In short, the long counter queues and form-filling hassle are set to ease.
The new facility is meant for customers who have completed their Aadhaar e-KYC and hold a Post Office Savings Account, a Recurring Deposit (RD) or a Sukanya Samriddhi Account. Such customers can now carry out certain transactions directly at the counter of branch post offices using Aadhaar authentication.
How the new system works
The department has put in place a paperless process in which customers verify their identity with the help of Aadhaar-based e-KYC and then complete their deposits or withdrawals right at the counter. For now, the facility is available for the Post Office Savings Account, the Post Office Recurring Deposit and the Sukanya Samriddhi Account.
Limits on deposits and withdrawals
The standout feature of this update is paperless deposits and withdrawals within specified limits. Customers can now deposit up to Rs 50,000 through Aadhaar-authenticated paperless transactions at branch post offices.
For Post Office Savings Account holders, paperless withdrawals of up to Rs 20,000 are also allowed using Aadhaar authentication.
Anything above these limits, however, will continue to follow the older route. Transactions beyond the set amounts will still require physical forms and approvals from the concerned accounts office.
Who can use the facility
The service is open only to customers who have completed Aadhaar-based e-KYC and meet the authentication requirements laid down by the Department of Posts. To use paperless transactions, a customer's Aadhaar details must be properly linked and verified.
The facility has been introduced mainly for everyday transactions and for frequent account holders who regularly visit post office counters to deposit and withdraw money. For them, there will be no need to fill out a form every time, and the work at the counter should move much faster.
