What does POSB mean in BANKING
POSB stands for Post Office Savings Bank. It is a banking service that is provided by India’s postal department. The service allows individuals to open an account with the post office and to deposit funds into their account. These funds can then be used to purchase items, pay bills, or even withdraw cash from the bank. The main purpose of the POSB is to provide an easy and convenient way for people who may not have access to traditional banking services to save money and make payments.
POSB meaning in Banking in Business
POSB mostly used in an acronym Banking in Category Business that means Post Office Savings Bank
Shorthand: POSB,
Full Form: Post Office Savings Bank
For more information of "Post Office Savings Bank", see the section below.
Essential Questions and Answers on Post Office Savings Bank in "BUSINESS»BANKING"
What is a POSB account?
A POSB account is a savings accounts offered by Post Office Savings Bank. The accounts are designed for individuals to save money and earn interests. These accounts also offer access to online banking services, allowing users to manage their finances conveniently.
What are the features of a POSB account?
POSB accounts offer a wide range of features, such as low minimum balance requirements, competitive interest rates, and free transactions fees. It also comes with ATM cards, enabling customers to withdraw cash from over 20,000 ATMs in India. Other features include E-statements, online banking transfers and 24/7 customer service.
Who can open a POSB Account?
Any resident individual or Hindu Undivided Family (HUF) in India may open a POSB Account. Minors aged 10 years and above can also open an account with the approval of a guardian or parent. Non-residents are not eligible to open these accounts.
How do I apply for a POSB account?
You can apply for a POSB account either in-person at any post office branch near you or online through the Post Office Savings Bank website. You will need to provide valid identification documents such as your Aadhaar Card and PAN card when opening an account online or in person.
How long does it take to open an account?
After submitting all necessary documents and information required, your application will be subject to verification by the bank personnel at your nearest post office branch. Once the documents are verified, it may take up to 7 working days for your application to be approved and your new bank account activated.
What are the KYC requirements for opening aPOSB Account?
To open aPOSB Account, applicants must fulfil certain ‘Know Your Customer’ (KYC) criteria which includes providing valid proof of identity (such as Aadhaar Card), proof of address (such as utility bills), date of birth (birth certificate or school mark sheet with DOB mentioned), and photograph.
Is there any minimum balance requirement for maintainingaPOSBAccount?
Yes, customers must maintain an average monthly balance every month in order to avoid paying penalty charges on theiraccounts. The average monthly balance depends on the type ofPOSBAccount you have opened;for instance Platinum Plus Accounts require Rs 10 lakh as minimum average monthly balance whereas Regular Savings Accounts require only Rs 500 per month.
Are there any charges applicable on accessing myaccounts through internet-banking facility?
No, customers do not incur any extra charges when accessing their accounts through internet banking facility provided by Post Office Savings Bank.