The newly evolved system has been launched through the Digital Rural Enterprise Application for Mobiles (DREAM). It focuses on making branch post office services seamless, transparent and free of paperwork and excessive documentation. This order, dated 22 June, permits customers to complete select transactions using Aadhaar biometric authentication.
Let us look at the facility changes, new rules and the associated benefits individuals can derive from participating in these investments.
Key changes for account holders
Under the first phase, customers can deposit up to ₹50,000 into eligible accounts and withdraw up to ₹20,000 from POSA accounts using biometric authentication. However, this facility is only available for single accounts and does not apply to joint or minor account holders.
The objective of introducing these changes is to facilitate day-to-day use and provide a transparent experience.
Furthermore, the department has permitted Aadhaar-authenticated inter-branch transactions. Now, with Aadhaar-linked accounts, customers can avail of services at other post office branches. Non-Aadhaar-linked accounts will continue to follow the same rules, i.e., they will remain under the existing branch-specified process.
Paper-based process continues for large transactions
For all deposits and withdrawals beyond the permitted or specified limits, post offices will continue to follow the traditional paper-based procedure. These procedures include forms and the approval process from the accounts office.
Finally, from 1 September, it will be mandatory for new aspirants and customers to link a mobile number via DREAM-based Aadhaar e-KYC transactions. Accounts that do not follow these guidelines and do not have a registered mobile number will not be permitted to process such transactions through the application.
