Web based money transfer in Post Offices

The Department of Posts launched three new products - web based money transfer service called instant Money Order, Children Policy under the Postal Life Insurance and personal accidental death insurance cover for Post Office Saving Bank account holders.

The iMO service covers 24  locations across the country. The Gujarat Postal Circle launched the service at Ahmedabad and Surat with the first iMO being booked from Chennai GPO and being paid at Ahmedabad.

The iMO service is intended to enable money transfer between two individuals of Indian territory through the post offices with a minimum value of Rs 1,000 and a maximum value of Rs 50,000.

The tariff of iMO is attractive ranging from a minimum of Rs 150 to a maximum of Rs 330 subject to the amount to be sent.

The GPC also launched Children Policy, which is a value addition for the policy holders of PLI and Rural Postal Life Insurance.

At present, the rate of children policy holder is Rs 77 per thousand rupees per annum. Minimum limit for insurance under this scheme shall be Rs 20,000 and maximum upto rupees one lakh. The maximum limit is Rs10 lakh in PLI and rupees one lakh in Rural Postal Life Insurance.