New Delhi: The Post Office has made some of the popular savings schemes completely paperless. The investment schemes can now be easily availed through e-KYC. The savings schemes which have been completely digitalised by the Postal Department include – Monthly Income Scheme (MIS), Term Deposit (TD) – this is also known as Fixed Deposit, Kisan Vikas Patra (KVP) and National Savings Certificate (NSC). The Post Office will use Aadhaar biometric authentication for the enrollment process.
The Postal Department implemented the e-KYC process for the above-mentioned financial instruments from April 23, 2025. The Postal Department says that the National Policy of Aadhaar based e-KYC started for savings accounts from January 6, 2025 will be followed to add new customers.
The Department of Posts has clarified that for people opting who don’t want to go ahead with the digital process to subscribe for any of the schemes, the individuals can opt for the traditional way, i.e., through paperwork, which involves deposit vouchers and form filling. Customers can choose to open a digital Aadhaar-based account or a paper-based account as per their choice.
The digital process has the following steps:
- When a Post Office employee starts the process of opening a new account, a new option of e-KYC will appear.
- After receiving the consent for Aadhaar authentication, biometric data of the depositor will be captured.
- Now, all the necessary details related to the account, such as name, type of scheme and deposit amount will be entered into the system.
- A second fingerprint will be captured to authenticate the transaction before submission.
- The customers are not required to fill any deposit slip as the deposit amount is considered final in the e-KYC account opening form.
These savings schemes of Post Office have become paperless, Aadhaar e-KYC will provide instant benefits
– Monthly Income Scheme (MIS), Term Deposit (TD) – this is also known as Fixed Deposit, Kisan Vikas Patra (KVP) and National Savings Certificate (NSC). Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
