The Department of Posts has recently introduced new Aadhaar-based e-KYC transaction facilities for Post Office Savings Account (POSA), Recurring Deposit (RD) and Sukanya Samriddhi Account (SSA) holders.
The newly evolved system has been launched through the Digital Rural Enterprise Application for Mobiles (DREAM). It focuses on making branch post office services seamless, transparent and free of paperwork and excessive documentation. This order, dated 22 June, permits customers to complete select transactions using .
Let us look at the facility changes, new rules and the associated benefits individuals can derive from participating in these investments.
Aadhaar e-KYC limits and benefits for post office account holders
|
Facility |
New limit/rule |
Benefit |
|---|---|---|
| POSA, RD, SSA deposits | Up to ₹50,000 | No pay-in slip required |
| POSA withdrawals | Up to ₹20,000 | No withdrawal form required |
| Account conversion | Existing CIF to Aadhaar e-KYC CIF | Easier digital authentication |
| Branch access | Aadhaar-based inter-branch transactions | More convenience |
Key changes for account holders
Under the first phase, customers can deposit up to ₹50,000 into eligible accounts and withdraw up to ₹20,000 from POSA accounts using . However, this facility is only available for single accounts and does not apply to joint or minor account holders.
The objective of introducing these changes is to facilitate day-to-day use and provide a transparent experience.
Furthermore, the department has permitted -authenticated inter-branch transactions. Now, with Aadhaar-linked accounts, customers can avail of services at other branches. Non-Aadhaar-linked accounts will continue to follow the same rules, i.e., they will remain under the existing branch-specified process.
Paper-based process continues for large transactions
For all deposits and withdrawals beyond the permitted or specified limits, post offices will continue to follow the traditional paper-based procedure. These procedures include forms and the approval process from the accounts office.
Finally, from 1 September, it will be mandatory for new aspirants and customers to link a mobile number via DREAM-based Aadhaar Accounts that do not follow these guidelines and do not have a registered mobile number will not be permitted to process such transactions through the application.