IPPB will be available through 650 branches and 3,250 access points immediately and will be scaled to all 1.55 lakh post offices by December 2018.

Prime Minister Narendra Modi on 1st September 2018 launched India Post Payments Bank (IPPB) that aims to take banking to the doorstep of every Indian citizen through the vast network of post offices in the country. The payments bank of Indian postal department arm three lakh postmen and ‘Grameen Dak Sewaks’ with digital aids to deliver financial services.

IPPB Narendra Modi

The IPPB will accept deposits of up to Rs 1 lakh, offer remittance services, mobile payments/transfers/purchases and other banking services like ATM/debit cards, net banking and third-party fund transfers. However, it can’t offer loans directly, or issue credit cards.

Here is what we need to know about India’s newest bank: India Post Payment Bank (IPPB)

  1. India Post Payments Bank (IPPB) will be like any other banks but its operations will be on a smaller scale without involving any credit risk.
  2. The bank will accept deposits of up to Rs 1 lakh, offer remittance services, mobile payments/transfers/purchases and other banking services like ATM/debit cards, net banking and third-party fund transfers.
  3. It will carry out most banking operations like accepting deposits but can’t advance loans or issue credit cards.
  4. Deposits in any account that exceed Rs 1 lakh will be automatically converted into post office savings account. It will offer 4% interest rate on savings accounts.
  5. The government owns 100% in IPPB, which has been set up under the aegis of the Department of Posts, and will offer products and services through multiple channels such as counter services, micro ATMs, mobile banking app, messages and interactive voice response.
  6. IPPB services will be available at 650 branches and 3,250 access points from today but will be quickly scaled to all 1.55 lakh post offices by December 2018. Of these, 1.30 lakh access points will be located in rural areas.
  7. IPPB will leverage tech platforms. It will use Aadhaar to open accounts, while a QR card and biometrics will drive authentication, transactions, and payments. Grameen Dak Sewaks will be armed with smartphones and biometric devices to handle transactions.
  8. IPPB has teamed up with financial services providers like PNB and Bajaj Allianz Life Insurance for third-party products like loans and insurance.
  9. The Cabinet, earlier this week, approved an 80% hike in spending on IPPB to Rs 1,435 crore – arming it with additional ammo to compete in the market with existing operators like Airtel Payments Bank and Paytm Payments Bank.
  10. IPPB also has permission to link around 17-crore postal savings bank (PSB) accounts with its own setup.

India-post-payment-Bank-Dakiya-aapka-bank-aapke-dwaar

Key Account Features and Benefits of India Post Payment Bank (IPPB)

Regular Savings Account :

The Regular Savings Account can be opened at the bank’s access points and your doorstep. This account can be used to keep funds secure, withdraw cash, deposit money and perform easy remittances, besides a host of other benefits. In addition, interest can be earned on the money kept in this account and the cash withdrawals allowed in this account are unlimited.

  1. Banking at your convenience
  2. Instant and paperless account opening
  3. Interest rate of 4% p.a. on EOD daily balances, paid quarterly
  4. No monthly average balance required to be maintained
  5. The account can be opened with zero balance
  6. Free quarterly account statement
  7. Mini statement through SMS
  8. Simplified banking services through QR card
  9. Instant fund transfer through IMPS
  10. Easy bill payment and recharges
  11. Can be linked to POSA (Post Office Savings Account)

QR-Card-ippb-India-post-payment-bank

Digital Savings Account :

For the people who are tech savvy and comfortable with technology, IPPB’s Digital Savings Account is the best way to onboard yourself through the IPPB Mobile App. This app can be downloaded from the play store on your Android phone. Anyone above the age of 18 years, having Aadhaar and PAN card, can open this account. The account can be opened instantly from the comfort of your home, which means banking anytime, anywhere.

  1. Banking at your convenience
  2. Instant self on-boarding
  3. Interest rate of 4% p.a. on EOD daily balances, paid quarterly
  4. No monthly average balance required to be maintained
  5. The account can be opened with zero balance
  6. Free quarterly account statement
  7. Simple and instant fund transfer through IMPS
  8. Easy bill payments and recharges

Basic Savings Account :

This savings account has all the features and benefits offered by the Regular Savings Account (except that it allows only four cash withdrawals in a month). The aim of the basic savings account is to provide primary banking services at a very nominal charge.

Current Account :

IPPB offers the facility of a Current Account to the small merchants/ kirana stores and individual businessmen. This account is a prerequisite for carrying out and expanding business. IPPB’s Current Account gets you started on the road to digital transactions for your business needs. Along with this, IPPB also offers a Merchant App for meeting business requirements. The current account can be opened at the Post Office Counters or at your doorstep through our Postman/GDS.

IPPB-Merchant-App
Open a current account with IPPB | Download the app and signup | Accept digital payments from your customers

Key Account Features and Benefits for the Merchant :

Instant credit of customer payments into your account
Simple and secure cashless transactions
Manage your account digitally – Anytime, Anywhere
No additional investment in POS machines
Enabling small merchants/kirana stores/unorganized retail
Build transaction history

Go Cashless in 3 Simple Steps :

Open a current account with IPPB
Download Merchant App
Accept digital payments through IPPB QR Code/Card

Business Banking Simplified with additional support :

Call 155299 or visit your nearest Post Office
Simple documentation for account opening
Doorstep services
Cash management services

  1. Banking at your convenience
  2. Instant account opening
  3. Nominal monthly average balance required to be maintained
  4. The account can be opened with zero balance
  5. Free quarterly account statement
  6. Mini statement through SMS
  7. Simplified banking services through QR card
  8. Instant fund transfer through IMPS
  9. Easy bill payments and recharges

Additional Feature of IPPB Current Account :

  1. Self on-boarding to IPPB Merchant App
  2. Assisted services through the GDS, as and when required
  3. Availability of funds at your doorstep, based on your request
  4. Bill payment facility at your doorstep
  5. Simple and secure banking through the IPPB QR card
  6. Multilingual customer support
  7. Nominal charge
  8. Chequebook facility on request
  9. Unlimited cash deposits and withdrawals

Disclaimer : All the information / Content given in this article are collected from https://ippbonline.com. This article  is being provided as a convenience and for informational purposes only.

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