M S Ramanujan said the service would be of great help to migrant population, who, otherwise, have to rely on other modes of money transfer. It will also benefit students who study away from their home towns, he added.
Using this service one can transfer minimum of Rs 1,000 and maximum of Rs 10,000. To use the service, senders would need to visit the post offices in the region where the service is available, deposit the amount and give the receiver’s details. After this, they would get a 16 digit transfer code on their mobile phone, which they would need to send to the recipient via SMS. The recipient can claim the money at a nearby post office, by showing the transaction code and verifying his identity. Recipient also needs to withdraw the money within 7 days of transaction.
The objective of the service is to lower the cost of transaction to enable transaction of even very small amounts. The charge for transferring Rs 1,000 to Rs 1,500 will be Rs 45, while for transferring Rs 1,501 to Rs 5,000, the fee will be Rs 79 and for Rs 5,001 to Rs 10,000, the commission will be Rs 120 including service tax.
28.09.2013 & via : http://srfix.blogspot.in/