Post Office Savings Bank Account: The postal division has unveiled plans for implementing a paperless Know Your Customer (KYC) system, permitting prospects to open Post Office Savings Bank (POSB) accounts and carry out transactions utilizing Aadhaar biometric verification. According to the directive launched on January 1, 2025, this eKYC framework will probably be deployed regularly, ranging from January 6, 2025.
The preliminary section of the eKYC implementation will think about registering new prospects.
- This encompasses establishing Customer Information on File (CIF) and initiating particular person Post Office Savings Accounts (POSA) at Departmental Post Offices by Aadhaar-based eKYC authentication.
- The second section will incorporate extra transactions by Aadhaar authentication (eKYC), together with:
- Opening and shutting accounts for varied schemes comparable to Recurring deposit, Time deposit, Monthly Income Scheme, Senior Citizens Savings Scheme, and associated transactions.
- Creating and shutting joint, minor and authorised savings accounts, dealing with their transactions and varied operational points
- Processing eKYC account transactions by way of DARPAN, eBanking, M-Banking and different platforms
- Closing particular person savings accounts
According to an ET report, the postal division’s directive says, “CIF of the customers who are willing to provide the consent for Aadhaar e-KYC shall be created on Aadhaar Biometric Authentication URL, such case the details (Name of the customer, Father or Husband name, DOB, Gender, Address with PIN Code) will be fetched from Central Identities Data Repository (CIDR) of Unique Identification Authority of India (UIDAI).”
If the daddy’s or husband’s title isn’t routinely retrieved, customers can manually edit this data. However, if different knowledge fails to fetch, prospects should comply with the usual CIF creation process as an alternative of the eKYC route.
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For Post Office Savings Accounts (POSA) linked to e-KYC, transactions may be processed both by Aadhaar Authentication or conventional paper vouchers. When somebody aside from the account holder makes a deposit, a pay-in-slip is necessary.
“Changes related to other POSB schemes and improvements in the eKYC process are yet to be made in Finacle. Till such things are made, it is proposed to obtain the consent of customers in physical form for Aadhaar e-KYC along with specimen signature of the depositor and upload the specimen signature of depositor and upload the signature in Finacle. Further, account opening form with minimum shall also be obtained,” the order said.
Aadhaar-authenticated transactions don’t require vouchers for any deposit quantity or withdrawals as much as Rs 5,000. However, third-party deposits require paper-based processing with pay-in-slips. The current process continues for paper-based transactions.
Post Offices should show Aadhaar numbers within the masked format XXXX-XXXX–on all information, paperwork, and account purposes. Postmasters ought to obscure the preliminary eight digits of unmasked Aadhaar numbers utilizing black ink, sketches, or related strategies.
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The order said: “All the post offices and CBS-CPCs should ensure that the Aadhaar Number is masked in all the existing documents like AOF, KYC Form etc. containing the Aadhaar Number including the copy of the Aadhaar obtained.”
Whilst bodily presence isn’t necessary for account opening by SAS or MPKBY brokers, the Department of Posts advises finishing e-KYC verification in the course of the account creation process.
