Doorstep banking is a service that allows customers to avail various banking services at their home or office without visiting the branch. This service is especially useful for senior citizens, differently-abled persons and customers who are unable to go to the branch due to various reasons. Doorstep banking can include both financial and non-financial services, such as cash withdrawal, cash deposit, cheque pickup, cheque requisition slip pickup, form 15H pickup, delivery of drafts, delivery of term deposit advice, life certificate pickup, KYC documents pickup and submission of digital life certificate.
Many banks in India offer doorstep banking services to their customers, such as SBI, PNB, HDFC, ICICI and AXIS bank. However, the charges, limits and availability of these services may vary from bank to bank and location to location. Here is a comparison of the doorstep banking services offered by these five banks:
Eligibility for DSB
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The eligibility criteria for availing DSB services vary from bank to bank, but generally include the following:
- The customer should be a savings bank account holder with the bank.
- The consumer must be a senior citizen (over the age of 70), differently abled or infirm (with a medically documented chronic illness or disability), or visually impaired.
- The customer should have registered their mobile number and address with the bank.
- The customer should request for DSB services through the bank’s customer care or branch.
- The customer should avail the services at their registered address only.
Services offered under DSB
The services offered under DSB may differ from bank to bank, but typically include the following:
- Financial services
- Cash deposition (cash pick-up)
- Cash delivery against withdrawal from account
- Delivery of demand drafts or pay orders
- Non-financial services
- Pick up of instruments against receipt (clearing cheques, demand drafts, pay orders, fund transfer cheques)
- Submission of KYC documents
- Submission of life certificate
- Delivery of term deposit advice
Charges for DSB:
Most banks do not charge any fee for availing DSB services. However, some banks may have a limit on the number of free transactions per month or per quarter. Customers are advised to check with their respective banks for the applicable charges and limits before availing DSB services.
Benefits of DSB
DSB offers several benefits to customers, such as:
- Convenience and comfort of banking at home
- Saving time and money on travelling to bank branches
- Avoiding long queues and crowds at bank branches
- Enhancing financial inclusion and accessibility for vulnerable sections of society
- Reducing the risk of fraud and theft while carrying cash or instruments
Bank Services Offered, Charge, Limits, Availability:
SBI bank
Cash pickup, cash delivery, cheque pickup, cheque requisition slip pickup, form 15H pickup, delivery of drafts, delivery of term deposit advice, life certificate pickup and KYC documents pickup are offered by SBI. Cost Rs 60+GST per visit for non-financial transactions and Rs 100+GST for financial transactions. Cash withdrawal and deposit limited to Rs 20,000 per transaction per day. Customers with a fully KYC compliant savings account and a registered mobile number can register for this service at their home branch. The registered address should be within a 5 km radius of the home branch. The service is available on working days between 9 a.m. and 4 p.m. Customers can call the toll-free number 1800 1111 03 to request for doorstep banking.
PNB bank
Cash pickup, cash delivery, cheque pickup and delivery of drafts are offered by the bank. Rs 75+GST per visit for non-financial transactions and Rs 150+GST for financial transactions Cash withdrawal and deposit limited to Rs 10,000 per transaction per day. Customers with a fully KYC compliant savings account and a registered mobile number can register for this service at their home branch. The registered address should be within a 10 km radius of the home branch. The service is available on working days between 9 a.m. and 5 p.m. Customers can call the toll-free number 1800 103 2222 or visit www.psbdsb.in to request for doorstep banking.
HDFC bank
Services offered by the bans are cash pickup and cheque pickup. Rs 100+GST per visit for cash pickup and Rs 75+GST per visit for cheque pickup are charged. Cash withdrawal and deposit is limited to Rs 50,000 per transaction per day. Customers with a fully KYC compliant savings account and a registered mobile number can register for this service at their home branch. The registered address should be within a 5 km radius of the home branch. The service is available on working days between 9 a.m. and 3 p.m. Customers can call the phone banking number from their registered mobile number to request for doorstep banking.
ICICI bank
Cash pickup and cheque pickup can be done through ICICI DSB. Bank charges Rs 99+GST per visit for cash pickup and Rs 75+GST per visit for cheque pickup. Cash withdrawal and deposit is limited to Rs 50,000 per transaction per day. Customers with a fully KYC compliant savings account and a registered mobile number can register for this service at their home branch. The registered address should be within a 10 km radius of the home branch. The service is available on working days between 9 a.m. and 6 p.m. Customers can call the phone banking number from their registered mobile number or visit www.icicibank.com/doorstep-banking to request for doorstep banking.
AXIS bank
Cash pickup, instrument pickup and cash and demand draft delivery is offered by the bank. Axis bank charges Rs 100+GST per visit for cash pickup and instrument pickup and Rs 150+GST per visit for cash and demand draft delivery. Cash withdrawal and deposit is limited to Rs 50,000 per transaction per day. Customers with a fully KYC compliant savings account and a registered mobile number can register for this service at their home branch. The registered address should be within a 10 km radius of the home branch. The service is available on working days between 9 a.m. and 6 p.m. Customers can call the phone banking officer.
Challenges and limitations of DSB:
DSB also faces some challenges and limitations, such as:
- Availability and reliability of network connectivity and infrastructure
- Security and safety of cash and instruments during transit and delivery
- Verification and authentication of customers and agents
- Compliance with regulatory norms and guidelines
- Awareness and adoption among customers and bankers
Conclusion
DSB is a novel initiative that aims to provide basic banking services to customers at their doorstep. It is especially helpful for senior citizens, differently abled persons, visually impaired persons and those who have difficulty in visiting bank branches. However, DSB also has some challenges and limitations that need to be addressed by banks, regulators and customers. DSB has the potential to transform the banking experience for millions of customers in India.