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What is PSB Doorstep banking?
PSB DSB or the Public Sector Banks Doorstep Banking is - as the name itself should indicate - a doorstep banking service where you can get a few of the banking services at your doorstep. A part of the Enhanced Access & Service Excellence or EASE initiative. The initiative is a part of the reform plan for public sector banks.
The initiative is launched as part of the government attempts at the economic revival and is under offer from 12 public sector banks across India. The alliance between the public sector banks is designed to offer the doorstep services across 100 different deposit centres across the country.
The service will offer non-financial services for all the customers to begin with. This includes the senior citizens, persons with disabilities, and defense forces.
What services will be offered under PSB DSB?
The PSB DSB service will offer both financial and non-financial services. The non-fiancnial services will be the ones that do not require the money transaction in any nature. The financial transactions will involve the transactions that involve the money transactions or are related to finances.
The non-financial transactions offered by PSB DSB initiative will include
- Pick up of cheque / demand draft / pay order
- New cheque book requisition slip
- 15G / 15H forms
- IT / GST challan
- Issue of request for standing instructions and
- Request for account statement
The financial transaction services include
- Delivery of non-personalised cheque book
- Term deposit receipt; acknowledgement
- TDS / Form 16 certificate issuance and
- Pre-paid instrument / gift card.
The prime financial services such Cash deposit pick up and withdrawal will be made available from October 2020. Initially available in 100 cash deposit locations, the services will gradually be scaled up to include more locations. The list of locations can be accessed by the list available on the official portal for the PSB Doorstep banking services.
How to use the PSB Doorstep banking?
The steps involved in availing the Public Sector Doorstep Banking are simple to follow.
- Access the official web portal for the service. You will need to sign up with your mobile number.
- Type in your mobile number and click on Next.
- You will receive an OTP on your phone. Enter it when prompted.
- Once you have received the OTP, create a PIN for subsequent login.
- On the next screen, pick your bank from among the list of the banks that form the partnership.
- Enter your account number. Ideally, all your accounts registered with the mobile number should get populated once you do that. You will only need to enter the last 6 digits of your account number
- You should receive the OTP on your phone. Enter the number to confirm your account.
- The account will be added instantly.
Once the account is created and your account is added to the service, you can perform your activities with ease.
The highlights of the PSB Doorstep Banking Service
The PSB DSB as a premium financial service has been launched, keeping the comfort levels of the users in view. Some of the critical factors that we found quite interesting on the service can be summarised as
- It is a part of the EASE initiative. The service provides you access to enhanced Doorstep Banking Services. It offers you access to the convenience of banking service across multiple channels - Call Centre, Web Portal and Mobile App.
- The services provided by the DSB service can be availed across all the channels simultaneously.
- It can be your best option to get access to the banking services from the comforts of your home
- It can be a perfect option for your needs if you are a senior citizen over the age of 70, especially during these pandemic times
The Reserve Bank of India had mooted the idea of Doorstep Banking a couple of years ago. However, the public sector banks have now come together to form an alliance and offer the unified doorstep banking services.
The service has also launched a mobile app for the purpose. The mobile has been launched on Android. The iOS app version is likely to come up quite soon. The service will be available full-fledged in October 2020, and once that done, there would perhaps be no need to visit your bank branch.
The Concluding Thoughts
The Public Sector Banks Door Step banking service can be one of these excellent services and can simplify the banking services to a considerable extent. We found it quite an interesting option to offer you an enhanced banking experience ever.