IPPB achieves the target within three months of opening the first phase of branches nationwide on September 1, 2018, following launch of its pilot projects in Raipur and Ranchi on January 30, 2017.
Even as other payment banks are struggling to set up infrastructure for expansion and are thereby suffering losses, India Post Payment Bank (IPPB) is going strong with a huge infrastructural presence in every nook and corner of the country. Within three months of opening the first phase of branches nationwide on September 1, 2018 – after the launch of its pilot projects in Raipur and Ranchi on January 30, 2017 – IPPB has got nearly 19 lakh customers.
If you are wondering whether to open an account with the bank or not, let’s discuss the advantages of having an IPPB account.
Stability: The Government of India holds 100 per cent equity in IPPB. So there is almost nil chance that the bank would down its shutters very soon. Hence, your money will be safe with IPPB, as the bank is far more secure than even PSU banks that are struggling to deal with huge non-performing assets (NPA).
Strong and wide network: With the entire postal network under its belt and with about 1 lakh already trained postmen, gramin dak sewaks (GDS) postal assistants and postal agents providing services, IPPB has over 1.5 lakh points of services nationwide. If you are still unable to imagine the reach of IPPB, lets compare the figure with India’s largest schedule commercial bank State Bank of India (SBI), which has little over 24,000 branches and around 59,000 ATMs. So, IPPB has more service points than all the SBI branches and ATMs taken together and the network is still expanding.
Doorstep banking: Backed by the mammoth network and trained work force, IPPB provides doorstep banking with very nominal charges per visit, which is otherwise provided by some global and private banks to their high networth (HNI) customers. So, you may enjoy HNI-class assisted services, as and when required, and funds will also be made available at your doorstep, upon request. You may also avail bill payment facility at your doorstep or transfer funds instantly through IMPS with nominal charges.
No need to remember passwords: A customer need not remember the account number or password for withdrawals or deposits or for other services as the transactions are done through QR card and authenticated through biometrics. So, for elderly people or anyone having difficulty to remember codes, IPPB may prove as a blessing, as such persons may avail the services at home and too without even remembering the passwords.
Choice of accounts: IPPB provides three types of savings accounts – Regular, Digital and Basic, out of which a Digital Account has to be opened digitally, while the other two accounts may be opened either by visiting a nearby point of service or through doorstep banking facility. For Digital Accounts, KYC requirements have to be completed within 12 months of opening an account. While up to four free withdrawals are allowed in Basic Account, there are no limits on withdrawal or deposits for Regular and Digital accounts.
No minimum monthly balance: The accounts may be opened with zero balance and even no monthly average balance is required to be maintained. The IPPB will pay 4 per cent interest per annum on end of the day balances and the account holders will get free quarterly account statement and mini statement through SMS. However, while there is no commitment to maintain minimum balance, maximum balance cannot be more than Rs 1 lakh in Regular and Basic accounts, and maximum yearly cumulative deposit of Rs 2 lakh is allowed in Digital Account.
Linking of POSA with IPPB account: If you have a Post Office Savings Account (POSA), you may link it with your IPPB account. By linking an existing or a new POSA with the IPPB account, any day end balance above Rs 1 lakh can be swept into the POSA seamlessly, which will help you operate your account without any difficulty.