Post Office savings accounts: Check new paperless KYC, Aadhaar authentication for transactions process – Newz9

Post Office Savings Bank Account: The postal division has unveiled plans for implementing a paperless Know Your Customer (KYC) system, permitting prospects to open Post Office Savings Bank (POSB) accounts and carry out transactions utilizing Aadhaar biometric verificationAccording to the directive launched on January 1, 2025, this eKYC framework shall be deployed steadily, ranging from January 6, 2025.
The preliminary section of the eKYC implementation will consider registering new prospects.

According to an ET report, the postal division’s directive says, “CIF of the customers who are willing to provide the consent for Aadhaar e-KYC shall be created on Aadhaar Biometric Authentication URL, such case the details (Name of the customer, Father or Husband name, DOB, Gender, Address with PIN Code) will be fetched from Central Identities Data Repository (CIDR) of Unique Identification Authority of India. (UIDAI).
If the father’s or husband’s name is not automatically retrieved, users can manually edit this information. However, if other data fails to fetch, customers must follow the standard CIF creation process instead of the eKYC route.
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For Post Office Savings Accounts (POSA) linked to e-KYC, transactions can be processed either through Aadhaar Authentication or traditional paper vouchers. When someone other than the account holder makes a deposit, a pay-in-slip is mandatory.
“Changes associated to different POSB schemes and enhancements within the eKYC process are but to be made in Finacle. Till such issues are made, it’s proposed to acquire the consent of shoppers in bodily type for Aadhaar e-KYC together with specimen signature of the Depositor and add the specimen signature of depositor and add the signature in Finacle. Further, account opening type with minimal shall even be obtained,” the order acknowledged.
Aadhaar-authenticated transactions don’t require vouchers for any deposit quantity or withdrawals as much as Rs 5,000. However, third-social gathering deposits require paper-based mostly processing with pay-in-slips. The current process continues for paper-based mostly transactions.
Post Offices should show Aadhaar numbers within the masked format XXXX-XXXX–on all information, paperwork, and account purposes. Postmasters ought to obscure the preliminary eight digits of unmasked Aadhaar numbers utilizing black ink, sketches, or related strategies.
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The order acknowledged: “All the post offices and CBS-CPCs should ensure that the Aadhaar Number is masked in all the existing documents like AOF, KYC Form etc. containing the Aadhaar Number including the copy of the Aadhaar obtained.”
Whilst bodily presence is just not obligatory for account opening by way of SAS or MPKBY brokers, the Department of Posts advises finishing e-KYC verification throughout the account creation process.