The aim of this payments bank is to deliver banking services at the doorstep of every citizen even in the remotest places in the country.
India Post Payments Bank (IPPB) – set up under the Department of Posts, Ministry of Communication, with 100% equity owned by the Government of India — was formally launched was Prime Minister Narendra Modi in New Delhi on September 1, 2018. The aim of this payments bank is to deliver banking services – including money transfer, bill payments, transfer of government benefits as well as other services such as investment and insurance – at the doorstep of every citizen of the country. IPPB will also facilitate digital transactions and help deliver the benefits of some government schemes like Pradhan Mantri Fasal Bima Yojana.
Here are 10 important things about IPPB which you need to know:
1. India Post Payments Bank is a unique bank in the sense that its focus is on providing doorstep banking services to its customers, even in the remotest areas of the nation. This means you don’t need to go out for routine banking transactions. You can use the services of 3 lakh postmen or ‘dak sevaks’ for any transaction.
2. Apart from opening a bank account, you can deposit and withdraw cash, transfer funds, recharge or pay bills, among others, at nominal charges. However, you don’t need to pay any charge for opening a new account at your doorstep.
3. For doorstep banking transactions, savings and current account holders will have to pay Rs 15 for any digital transaction, other than cash deposits and withdrawals, while for cash withdrawals and deposits, they will be charged Rs 25 per transaction.
4. Apart from account opening, cash deposits and withdrawals, money transfers, and recharge and bill payments (such as instant mobile and DTH recharge, water and electricity bill payments), you can also avail many additional account-related services such as updating PAN/nomination details, requesting account statement, issuing standing instructions, QR card issuance, among others.
5. IPPB will offer interest rate of 4% per annum, paid quarterly, on its Regular, Digital and Basic Savings Accounts.
6. Regular Savings Accounts can be opened at IPPB’s access points as well as at your doorstep.
7. Digital Savings Accounts can be opened through IPPB’s Mobile App, which can be downloaded from the play store on any Android phone. You can open this account if you are above the age of 18 years and have Aadhaar and PAN cards. This account can be opened instantly from the comfort of one’s home.
8. IPPB have about 650 branches and 3250 access points spread across the country currently.
9. Over 3 lakh ‘grameen dak sevaks’ or postmen in over 1.5 lakh post offices will be empowered with smartphones and digital devices to provide financial services to the people.
10. All the 1.55 lakh Post Offices in India are proposed to be linked to the IPPB system by 31st December, 2018.