Alert for Post Office customer! Your ATM card to be blocked soon; POSB account holders should read now

Important information for Indian Post office customers who hold POSB (Post Office Savings Bank) account that their existing Magnetic ATM cards will soon to get blocked by January 31.

India Post has asked its saving account holders to update their numbers and also replace their ATM card with a new EVM chip-based cards before February 1, 2020. Customers who will fail to follow this instruction, their cards will be blocked, according to an India Post notification.

The reason behind this notice is that the EVM chip-enabled card is more secure than the magnetic cards.

Therefore, people who have an old version of ATM card, then they can replace it by visiting their home branch. Also, POSB customers can update their mobile numbers too.

“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.

POSB account details:

India Post Office provides saving bank account facilities to customers across the country. It also provides a fixed interest rate at 4 percent annum. People can open a POSB account by depositing a minimum of Rs 500 in cash only.

It can be run either by a single adult or joint (maximum 2 adults); minor above 10 years of age; a guardian on behalf of a minor/person of unsound mind.

Also Read: Post Office Scheme: Invest Rs 1000 under this scheme and get Rs 72,500; know how

The POSB account customers get cheque and ATM facility too. Customers can close their account at any time. The daily cash withdrawal limit amount of Rs 25,000. While the maximum amount that can be withdrawn at once is Rs 10,000. No amount will be charged on transactions done at the ATMs of the Department of Post.

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