The Indian Post has started a new service called the Instant Money Order (iMO) where the money goes to another person instantly.
If you need to transfer money to someone but don't want to visit a bank, then this news is for you. The Indian Post has started a new service called the Instant Money Order (iMO) where the money goes to another person instantly.
According to the website of the India Post, iMO is an instant web-based money transfer service through Post Offices (iMO Centre) in India between two resident individuals in Indian territory. The sender can send amounts ranging from Rs 1,000 to Rs 50,000 and the service will cost fixed charges to the sender.
1. Transfer money from post office using iMO
)
Money can be transferred using iMO from the post office. There are currently 24 IMO post offices in 11 cities across the country. It is a web-based instant money transfer service where the receiver gets the money instantly.
(Photo courtesy: Zee Business)
2. Rules to transfer the money
)
The customer can deposit an amount up to Rs 19,999 in the form of cash or can be credited to the person's savings account in the same IMO post office. Money amounting to more than Rs 20,000 will require a check.
3. 16 Digit iMO number
)
The customer needs to fill a Remit Payment form at the counter in the iMO post office and receives a counterfoil of the receipt that is a computer-generated Confidential number of 16 digits.
(Photo: Reuters)
4. Instant money transfer
)
The person who wishes to transfer money needs to share the iMO number i.e., 16 digits iMO number using phone, SMS, email, or other means. The person receiving the money can get the money by sharing the same 16 digits information in any iMO based post office.
5. Documents required for iMO
)
The receiver needs to fill in the form along with a photo identity card to successfully carry the transaction. The identity card can be a voted ID card, PAN card, Ration card with photo of the receiver, Driving license, passport, etc.
