New speedy cash transfer scheme launched
Maran announced the launch of IMO that will be offered by the postal dept and enable people to instantly access money sent to them from outstation destinations.india Updated: Jan 21, 2006 12:34 IST
Recipients of postal money orders will not have to wait for long to access payments, with the government Friday launching a scheme that will change the traditional concept of money transfers.
Communication and IT Minister Dayanidhi Maran announced the launch of the Instant Money Order Service (IMO) that will be offered by the postal department and enable people to instantly access money sent to them from outstation destinations.
The service, to be initially available in 10 cities, will allow instant cash transfers of up to Rs20,000 for a fee of Rs 330. Recipients can collect the money by showing proof of identification.
While the money being transferred should be at least Rs 10,000, amounts exceeding Rs 20,000 should be deposited for transfer through cheque.
Maran also launched an insurance scheme to be offered through post offices that will provide accidental death insurance cover for Rs100,000 for a premium of Rs15.
People who have a savings account in a post office can get covered under the scheme by paying the premium at the nearest post office.
An insurance plan called the Children's Postal Life Insurance Scheme was also announced. It will cover those aged between five and 20 years and provide non-medical cover for an amount not exceeding Rs1 million.
First Published: Jan 21, 2006 12:34 IST