India Post ATM cards for account balance of just Rs 50 in great demand

There is an overwhelming response for Indian Postal Service's offers of saving accounts at Rs 50 and India Post ATM card service without transaction fees. Across Mysuru district, already more than 6400 India Post ATM cards have been distributed and there are nearly 15,000 account holders who are eagerly waiting for the same.

In the nationalised and private banks, if one wants to have an ATM card facility, they have to maintain a minimum balance but it’s not the same when it comes to India Post ATM facility. If one opens an account by paying Rs 50, that’s enough.

The India Post ATMs are not different from bank ATMs in their functions. The one advantage India Post is having is that anybody can open an account at the post office and avail an ATM card. These cards can be used at Indian Post ATMs anywhere as well as bank ATMs.

Opening a savings account is simple and requires an identification document such as an Aadhaar card and two photographs. While the minimum balance for regular accounts is Rs 50, availing one with a cheque book facility requires users to have atleast Rs 500 at all times.For many middle class and poor farmers or salaried employees who don’t want to get harassed with massive charges imposed by traditional banks, postal ATMs have come in handy.

N Prakash, Senior Superintendent of Post Offices, Mysuru division said, “There is a demand for Postal ATMs. Hence we are going for a large scale. Any number of times they can transact in Postal ATM but when it comes to other ATMs, the first three transactions will be free but later there will be charges.