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India Post Payment Bank

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Recently we have seen PM. Modi launched Ayushman Bharat health Insurance. Now, on Saturday, 1st September 2018 he launched IPPB (India Post Payment Bank). IPPB considered as the largest banking network in the country. The most of the banking operations carried out at IPPB operated on a small scale. Though IPPB operates most of the banking operations, it can not provide loan facility or credit card facility.

More about India Post Payment Bank

  • IPPB set up on 17th August 2016.
  • On 30th January 2017, for beginning the IPPB operations, two pilot branches at Ranchi and Raipur opened.
  • By December 31, 650 branches across India will be operatable. Also, greater than 1.5 lakh post offices made as “access points”.
  • IPPB can accept deposits up to Rs. 1 lakh.
  • Though they can not offer loans, maybe they offer third-party products.
  • IPPB acts as an agent for PNB (Punjab National Bank)
  • IPPB offers products like – Savings account, Current account, Direct benefit transfer, Money transfer, Bill and Utility payments.
  • Also, IPPB offers NEFT, IMPS and RTGS for transfer of funds.
  • However, to know more about IPPB visit the official site www.ippbonline.com

 

Types of savings account offered by IPPB

IPPB offers three types of savings account- Regular, Digital and Basic. All the three savings account has an interest rate of 4%. Some difference exists among the three savings type account.

Regular saving account
  • Opened at your doorstep as well as at the bank’s access points.
  • has the facility of unlimited cash withdrawals
  • Account opened with zero balance and not necessary to maintain monthly average balance.
  • Post office Saving Account can be linked
Digital Saving Account
  • Opened at your convenience from your home
  • the account designed especially for tech-savvy people
  • Account opened with zero balance and not necessary to maintain monthly average balance.
  • Post office Saving Account can be linked only after the submission of KYC
Basic Saving Account
  • It offers all the benefits provided for regular saving account
  • The only major difference in this type- limited cash withdrawals. Withdrawals limited to 4.

IPPB App

Download of IPPB app made available on the official site. You can also search the app and download from google store. If you already have the account you can log in by providing the account number, customer id, phone number, date of birth. If you are new to IPPB then a digital account can be opened from the mobile. Necessary details like mobile number, PAN details must be provided.

We all knew different hassle-free postal schemes are being offered by the department of the Post office. Also, we expect the same from IPPB.

 

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