Post office bank digital transaction limitations
- The access to the savings account (and other investments) is given through the elaborate KYC process, where one has to go to the PO and submit the documents. Even then, the digital banking does not have provision to transfer funds to/from other banks to the PO savings account or to other investment products. The transfer is possible only within the PO accounts.
- If one has to transfer from/to other banks, then another savings account has to be opened through IPPB (India posts payment bank app) which gets linked to the Savings and other accounts. This amounts to maintaining 2 savings account. This is cumbersome to maintain and illogical.
Instead, the PO should provide direct NET banking facilities, like other banks, to the savings and related accounts for a customer. And if a customer already has Savings account, the customer should be able to get the netbanking done online, instead of visits to the PO. more