30 Oct, 2023 08:43 PM

Post Office Bank introduces online facility for starting Savings Scheme

Post Office Bank introduces online facility for starting Savings Scheme

In a significant move to enhance customer convenience, the Department of Posts (DoP) has announced that, as of October 20, 2023, Post Office Savings Account holders can open Monthly Income Scheme (MIS) accounts, Senior Citizens Savings Scheme (SCSS) accounts, and Mahila Samman Savings Certificate (MSSC) accounts through the Department of Post's Internet Banking facility. This development comes as part of the ongoing digitization efforts by the DoP to modernize its services and make them more accessible to the public.

How to Open MIS, SCSS, and MSSC Accounts Online

Opening these accounts online is a straightforward process. Here are the step-by-step instructions:

Step 1: Log in to your DOP Internet Banking account.

Step 2: Go to the 'General Services' tab.

Step 3: Select 'Service Requests,' and then click 'New Requests.'

Step 4: Choose the type of account you wish to open:

  • 'MIS Accounts - Open a MIS Account'
  • 'MSSC Accounts - Open a MSSC Account'
  • 'SCSS Accounts - Open a SCSS Account'

Step 5: Enter the required deposit amount as per the scheme rules.

Step 6: Select the debit account, which should be linked to your Post Office Saving Account.

Step 7: If necessary, enter any transaction remarks.

Step 8: Agree to the terms and conditions by checking the box (you can read the conditions by clicking on the provided link).

Step 9: Click 'Submit online.'

Step 10: If additional details are needed, enter them in the 'Remark' section.

Step 11: Enter your 'Transaction Password.'

Step 12: Click 'Submit,' and if all conditions are met, your account will be successfully opened. You can view and download your deposit receipt.

It's important to note that the newly opened account will appear in the Accounts summary a few minutes after re-logging into Internet Banking. Additionally, only a single account type can be opened, and the account will be in the name of the DOP Internet Banking user, with nominee(s) available in the linked Savings Account registered as the nominee for the newly opened account. The SCSS account can only be opened by depositors aged 60 or above. Those below 60 years of age, eligible for SCSS accounts, must visit the post offices to open their accounts.

With this update, DOP Internet Banking users can now open all scheme accounts online, with the exception of Post Office Savings Account (POSA) and Sukanya Samriddhi Account (SSA).

Table: Schemes Now Available for Online Opening and Closing

Sl. No. Scheme Open Close
1 Recurring Deposit (RD)
2 Time Deposit (TD)
3 Monthly Income Scheme (MIS)
4 Public Provident Fund (PPF)
5 Senior Citizens Savings Scheme (SCSS)
6 Kisan Vikas Patra (KVP)
7 National Savings Certificates (NSC)
8 Mahila Samman Savings Certificate (MSSC)

This development marks a significant step forward in making financial services more accessible and convenient for Post Office customers. Stay tuned for further updates on this exciting development in the coming months.

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