Introduction
Keeping pace with the time, India Post is becoming more and more technology driven. Introducing Mobile Banking facilities is definitely a big leap enhancing its competitiveness among the other players in the banking industry.
What Facilities are Available?
A registered India Post Mobile Banking customer can avail the following banking facilities at ease of his/her home or on the go:
- Balance inquiry of different types of accounts including Public Provident Fund (PPF), National Savings Certificate (NSC), Time deposits (TD), Recurring deposits(RD) etc.
- Viewing mini statement and transaction history
- Self-fund transfer
- Registering a payee
- Fund transfer to registered payee
- Opening new TD and RD accounts
- Loan repayment in PPF account
- Paying RD installments
- Using SMS banking for balance inquiry and mini statements
- Status inquiry of cheques
Most Popular Mobile Money Transfer Service (MMTS)
Among all these facilities, Mobile Money Transfer Service (MMTS) seems to be the most useful and hence most popular one. People who don’t have bank accounts but need to send money to others can make use of this facility very easily. For this service, the Department of Post (DoP) charges a very reasonable fee. After the sender completes the transfer procedure, the receiver is informed of the transaction per SMS and is given a secret code. With this code, he/she can withdraw the money from a nearby post office having cash out facility.
To know details of the MMTS and to get the list of post offices offering this service, check India Post Website.
How to Use the Mobile Banking Facilities?
If you are a savings account holder and your account is registered in a Core Banking Solution (CBS) post office, you can apply to use the Mobile Banking service of India Post.
Step 1: Fill the Mobile Banking application form and attach the required Know Your Customer (KYC) documents, if needed. You must provide your mobile number and your e-mail id while filling up the form.
Step 2: Submit the application in the CBS post office where you have your savings account.
Step 3: The counter staff verifies your signature and checks your application and if all the information is there, he/she will accept the application. If you have opted for only Mobile Banking and not for Internet Banking, you should login to the system within 48 working hours from the time of submitting the application.
Step 4: India Post Mobile Banking application is Android supported and you have to download it from Google Play store. Once you download the app, simply enter the Customer Information File (CIF) number that you have got from your post office. After scheduled verification, you will be asked to give a Mobile Banking PIN (MPIN) of your choice.
Step 5: Once you select your MPIN, you are good to go. Use the app or browse the site https://mbanking.indiapost.gov.in/ with your mobile device. Login into the system with your user id and MPIN.
Step 6: In case you face any difficulty in using the system or have any complaints, call the toll-free number 1800-425-2440; alternatively, send an e-mail to postatm@indiapost.gov.in.
Word of caution
DoP never asks your MPIN, user id or other confidential Mobile Banking information. If you encounter any such request, consider it as a hacking attempt.
Conclusion
For DoP customers, Mobile Banking is the opportunity to use banking facilities anytime, anywhere; for the Department, it is a great way to improve its operational efficiency. However, work is still not complete. There are many service areas e.g. Money Order facility etc. which still run in the old and inconvenient way. Let’s wait and see when India Post includes further services in the coverage of Mobile Banking.
