India Post will launch its long-awaited payments bank. India Post to launch 650 branches across the country. Prime Minister Narendra Modi will launch the IPPB. India Post Payment Bank aims to utilize all of India’s
- 155,015 post offices as access points.
- 3 lakh postal postmen.
- Grameen Dak Sewaks.
to provide house to house banking services.
India Post Payments Bank (IPPB) will be like any other banks. Its operations will be on a smaller scale. It will carry out most banking operations like accepting deposits but can’t advance loans. The IPBB is a public sector company under
- the department of posts
- ministry of communication.
The Indian government holds 100 percent equity. RBI will govern the payments bank. All the 1.55 lakh post offices in the country will be linked to the IPPB system. Suresh Sethi is the managing director and chief executive of IPPB.
India Post Payments Bank – Account Opening Online App
- Current Account.
- Money transfer
- Direct benefit transfers
- Utility payments
- Enterprise and merchant payments
- Saving Account.
- Regular Saving Bank.
- Digital Saving Bank.
- Basic Saving Bank.
Once the account is opened you get a QR card for making
- Withdrawing cash.
Even minors above 10 years are eligible to open a regular savings account. You also enjoy the benefit of no cap on withdrawal and deposit provided. The maximum balance doesn’t go above the limit of ₹1 lakh.
India Post has 1.55 lakh offices across the country, nearly 2.5 times the bank network. It already has 17 crore post office savings bank accounts. Some of which it hopes will move to the payments bank.
IPPB Important Points to know
- The payments bank will accept deposits of up to Rs. 1 lakh.
- IPPB services will be available at 650 branches and 3,250 access points.
- The bank will offer a 4 percent interest rate on savings accounts.
- Communications Minister Manoj Sinha said IPPB will be available through 650 branches and 3,250 access points. 10. IPPB also has permission to link around 17-crore postal savings bank accounts with its own setup.
- Deposits in any account that exceed Rs. 1 lakh will be automatically converted into post office savings account.
- IPPB has teamed up with financial services providers like PNB and Bajaj Allianz Life Insurance for third-party products.
- The government owns 100 percent.
- The Cabinet approved an 80 percent hike in spending on IPPB to Rs.1,435 crore.
- IPPB will leverage tech platforms. It will use Aadhaar to open accounts.
- India Post Payment Bank Interest Rate would be 4% in any branch.
Click HERE, to get the link to your account or to open a new account under IPPB.