Post Office Savings Bank (POSB) Account Update: India Post has asked its savings account holders to update their mobile numbers and replace their existing Magnetic ATM cards with a new EMV chip-based cards by January 31. EMV chip-enabled card is more secure than the magnetic cards. The POSB account holders need to replace their cards and update their mobile numbers by the end of this month, failing which their cards will be blocked, according to an India Post notification.
POSB customers can update their mobile numbers and replace their ATM cards by visiting their home branch.
“POSB customers are requested to replace their existing Magnetic ATM cards with more secure EMV chip-enabled ATM cards and get mobile number updated before 31/01/2020 by visiting your home branch to avoid blocking of your cards,” India Post said on its official website.
Post Office Savings Bank Account Details
Post Office provides savings bank account facility to customers across India. The POSB account provides a fixed interest rate at 4 per cent per annum. Single or joint POSB account can be opened with a minimum deposit of Rs 500 in cash only.
The POSB account can be opened by a single adult; joint account (maximum 2 adults); minor above 10 years of age; a guardian on behalf of a minor/person of unsound mind.
The POSB account provides cheque and ATM facility. This account can be closed at any time. The daily cash withdrawal limit on Post office ATM card is Rs 25,000, while the maximum amount that can be withdrawn at once is Rs 10,000. No amount will be charged on transactions done at the ATMs of Department of Post.
According to the India Post website, three free transactions at other bank ATMs is allowed in metro cities and five free transactions in non-metro cities. The charges after free transactions at other bank ATMs is Rs 20 per transaction.