34 cr Post office savings account holders soon to avail full digital banking service
New Delhi: Around 34-crore post office savings account holders will be able to avail a full-fledged digital banking service from May as the government has approved linking such accounts with that of 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...," an official source said.
The 34 crore savings accounts comprise 17 crore post office savings bank accounts and rest are those subscribed monthly income scheme, recurring deposits etc. The move also paves the way for creating of country's largest banking network as India Post has plans to link all 1.55 lakh post office branches with the IPPB.
India Post has started core banking service but it offers money transfer service within post office savings bank (POSB) accounts.
"Once POSB accounts are linked with IPPB, customers will be able to enjoy all money transfer service like other banks," the source said.