If you have saving account in Post Office, Do this work soon
If you have saving account in Post Office, Do this work soon
Share:

If your savings account is in Post Office, then this is important news for you. India Post has decided to give its customers EMV chip ATM cards instead of the old magnetic ATM cards. If you are using an old magnetic card, then take a new card by the end of this month, otherwise, from February 1, you cannot use your old card. The post office has issued a notification saying that the old magnetic card can be blocked.

Gold Futures price: Gold futures fall, Know rates

The post office has issued a notification saying, "Post Office Savings Bank (POSB) customers are requested to replace the magnetic ATM card from their home branch with a more secure EMV chip by January 31, 2020, and also update your mobile number." Chip-based cards work on more secure data encryption and storage technology than inter-magnetic stripe cards in the same magnetic card and EMV chip card. A magnetic stripe card is only required to be swiped for the transaction on a point of sale device. In contrast, a PIN is also needed to use chip based cards.

Budget 2020: Government took steps to increase spending power of lower class

Changes on RBI guidelines - As per the guidelines of Reserve Bank of India, as of December 31, 2019, almost all banks have replaced old magnetic cards and replaced them with new chip cards to their customers. Know the post office saving account - India Post's network is spread across the country. The post office pays interest at the rate of 4% per annum on its savings bank account. The post office also issues ATM cards with a savings bank account. According to India Post, a maximum of Rs 25,000 can be withdrawn from a post office ATM card in a day.

Budget 2020: Real estate sector will get big benefit from ending LTCG

Join NewsTrack Whatsapp group
Related News