Doorstep banking: Here are 4 things you must know
The bank may not be able to provide same-day doorstep banking services, especially if the requests are raised after banking hours.
Many private banks offer convenient banking facilities like opening an account from the comforts of a customer’s home. The PSB alliance, a grouping of public sector banks, is offering banking at the doorsteps of customers with the help of agents across the country. This umbrella set-up of all the public sector banks has been formed under the ease of banking reforms.
DSB services
Doorstep banking (DSB) offers select banking services like opening a bank account; cash deposits and withdrawals; money transfers, recharges and bill payments; submission of KYC documents, etc.
Account-related services like updating nomination details, requesting account statements, or issuing standing instructions can also be availed of through this facility.
How to avail of the DSB facility?
A customer can avail DSB facilities from any of the 12 listed public sector banks if the customer’s account is linked with a phone number. The service request can be placed online via the concerned bank’s app or website. After the service request is placed, the customer gets an SMS with the name of the agent who will visit the customer. The customer also gets a one-time authorisation code on his/her mobile phone for each service. The code needs to be shared with the agent to initiate the service.
Who is a DSB agent?
The DSB agent is a person who visits a customer’s doorstep for a banking service.
To identify a DSB agent, check his/her credentials and photo in the respective bank mobile app or web portal. Also, when he/she arrives, check the logo of DSB on his/her bank’s uniform. When the agent arrives, confirm the name and ask for the identity card.
Things to keep in mind
While the DSB facility is convenient, account holders must keep four things in mind:
Limited service: According to BankBazaar, most PSBs restrict these services to customers staying within a maximum radius of 5km from the home branch. At times, the bank may not be able to provide same-day services, especially if the requests are raised after banking hours.
Charges: The facility carries additional service charges, which vary from bank to bank.
Restrictions: The services are provided to only those accounts, which are fully KYC-compliant. They are mainly for senior citizens. Others may have to satisfy additional criteria like a higher minimum balance in their accounts.
Cancellation: One can cancel the service order before completing the request. But if the customer decides to cancel after the service order is placed, then it is not possible once the agent has picked up the documents.