India Post has all set to implement e-money order scheme to make the much popular money order scheme an instant and fast service. The e-money transfer scheme of India Post will allow the customers to transfer the money within 10 minutes. The service caters to amounts of above Rs 1,000. Maximum limit for e-money transfer is Rs 50,000.
You need to fill a form at the post office to order money transfer in electronics mode. The form will allot a 16-digit passcode in a sealed envelope. The recipient of the money order can collect the money at the concerned post office after the sender sent the passcode through email, phone or any other means. The money will be delivered within 10 minutes.
This is an instant service. There is also another service, that is electronic money order. This is aimed at saving both transmission time and departmental costs for India Post. A person can place money order by making the payment and filling a form. The concerned post office will makes a computerized entry and immediately transfer the money via the Internet. The concerned post master at the receiving end will get a message and the money order will be delivered in the old-fashioned way.
India Post has been on the restructuring mode. The Postal service has recently updated interest rates for various saving schemes. The rates have been revised to match the bank deposit schemes and attract the new customers. The India Post is also coming up with more internet based services in the future.