NEWS & ADVICE : SAVINGS ACCOUNTS
Post Offices in Chennai to provide access to savings accounts, soon
By Neelima Shankar
Nov 19, 2012
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A couple of months from now, all individuals having a savings account in banks will be allowed to access their savings accounts from any of the select four post offices in Chennai.

This facility will be provided to customers as part of Department of Posts' plans to interlink four head post offices in Chennai as a trial. The interconnection between post offices will be based on core banking technology used in the banking sector. Customers will also be allowed to access automated teller machines (ATMs), which will be installed in Anna Road HPO and in post offices situated in Mylapore, Tambaram and T. Nagar.

Speaking on the matter, a senior official of the postal department said, "We expect to launch the core banking facility in these post offices by March-end. The system will be introduced in other post offices in the city in a phased manner."

Various measures are being taken to ensure speedy execution of the postal department's plans. ATM equipment suppliers are being contacted for the construction of ATMs within the post office complexes. After the completion of this process, customers will no longer have to spend time waiting in long queues to withdraw cash from counters. It is reported that apart from saving time for customers, the introduction of core banking solutions and ATM facilities will help postal department to cut down its transaction costs.


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