India Post has asked its customers to replace existing magnetic ATM cards with more secure EMV chips enabled ATMs by January 31. The Department of Post has also notified people to update their mobile numbers before the month-end, failing which their cards will be blocked. India post has said that customers can replace their ATM cards and update mobile numbers by visiting their nearest post office branch.
"POSB customers are requested to replace their existing Magnetic ATM cards with more secure EMV chip-enabled ATM cards and get mobile number updated before 31/01/2020 by visiting your home branch to avoid blocking of your cards," India Post said on its official website. India Post operates a network of more than 1.5 lakh offices in India. Customers can open a savings account in India Post by paying a minimum deposit of Rs 20. The accounts with cheque facility require a minimum deposit of Rs 500.
The Department of Post, also known as India Post, offers 4 per cent per annum interest on deposit in savings account. Account holders have to maintain a minimum account balance of at least Rs 50 per month or Rs 500. According to India Post, it carries out over 30 lakh banking and over 94, 000 ATM transactions daily. Post office permits cash withdrawals of up to Rs 25,000 per day through its ATM card. It also offers five transactions per day -- financial and non-financial transactions -- free of cost at its ATMs.