10 Things to Know about India Post Payments Bank

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India Post Payments Bank

India Post Payments Bank

India Post Payments Bank launched on Saturday by prime minister Narendra Modi. It will be like any other bank but it’s operations will be on a smaller scale without involving any credit risk.

IPPB(India Post Payments Bank) offers three types of saving accounts- Regular Savings account, Digital Savings account and Basic Savings account. Interest rates on all the three types of savings accounts are fixed at 4 per cent per anum.

The payment bank offers many services such as savings and current accounts, money transfer, bill payments, and enterprise and merchant payments.  India Post Payments Bank will also offer RTGS, IMPS and NEFT services for transfer of funds.

Here are the 10 things to know about India Post Payments Bank

  1. IPPB accounts can be opened instantly through their respective mobile apps just by providing details like Aadhar number with KYC verification. IPPB’s Digital Savings Account can be opened with zero balance.
  2. There is no charge for any withdrawal made from its own ATM or any Punjab National Bank ATM. Also you will not be charged any money if you fail to maintain minimum balance in your account, unlike most banks charge a fee for this.
  3. India Post Payments Bank will offer 4 per cent interest rate in savings accounts and also it can offer forex services at charges lower than banks.
  4. you can access your bank account and make transactions without remembering your account number with the help of a QR card. All transactions will be authenticated via bio metric verification.
  5. It started operations on 30 January, 2017, by opening two pilot branches, one at Raipur and the other at Ranchi. IPPB services are now available at 650 branches and 3,250 access points and will be quickly scaled to all 1.55 lakh post offices by December 2018.
  6. India Post Payments Bank offers a free debit card with annual maintenance fee of Rs 100 from the second year.
  7. Payments banks can accept deposits of up to Rs 1 lakh per account from individuals and small businesses, but do not have the mandate to extend loans. IPPB will work as an agent of Punjab National Bank.
  8. India Post Payments Bank has been set up under the Department of Posts, Ministry of Communication, with 100% equity owned by Government of India.
  9. IPPB provides door step banking services. It’s doorstep banking facility will offer the following services: account opening; cash deposits/withdrawals; money transfers; recharge and bill payments; third-party services like insurance, loans and investments; and other account-related services.
  10. IPPB has been envisioned as an accessible, affordable and trusted bank for the common citizen, to help speedily achieve the financial inclusion objectives of the Union Government,” PMO tweeted before the launch on Saturday.

Conclusion

India Post Payments Bank is for those people who are tech savvy and comfortable with technology, IPPB’s Digital Savings Account is the best way to on-board yourself through the IPPB Mobile App, said IPPB. Anyone above the age of 18 years, having Aadhaar and PAN (Permanent Account Number) card, can open this account. IPPB‘s aim is to reach at every door step with the help of digital platform. India Post Payments Bank will focus on providing banking and financial services to people in rural areas, by leveraging the reach of 1.55 lakh post office branches.

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