No problem if your parents or grand parents are not comfortable with smart phones. They may also get the services even without remembering the account number and password!
To get the comfort of doorstep banking services, you no longer need to be a high net worth individual and maintain balances or transact in lakhs and crores of rupees in a multinational bank. Now you may get cash delivered at home or picked up for deposits from home by that humble postman or gramin dak sevak (GDS) on opening an account with India Post Payments Bank (IPPB). The services are not even expensive, you have to pay just Rs 25 on availing the services.
You or your parents /grand parents are not tech savvy and not comfortable with smart phones? No problem, the postman or GDS will bring their device and you don’t even have to remember the account number or password to avail the services. Just show the postman your QR card and the transactions will be done through biometric authentication.
Not only the doorstep services through which you may also pay your bills including insurance premium payments, IPPB also offers host of services which are either free or very cheap.
Here some services of IPPB that you may avail:
1. There are three types of Savings Accounts – Regular, Digital and Basic. While the Digital Savings Account is to be opened digitally, the other two Savings Accounts may be opened at the doorstep for free. The KYC requirement of Digital Account has to be completed within 12 months of opening the account.
2. While the IPPB will pay 4 per cent interest per annum on end of the day balances, no monthly average balance is required to be maintained.
3. The accounts may be opened with zero balance and the account holders will get free quarterly account statement and mini statement through SMS.
4. The transactions are done through QR card and authenticated through biometrics. So, a customer need not remember the account number or password to carry on transactions.
5. While there is no commitment to maintain minimum balance, maximum balance cannot be more than Rs 1 lakh in Regular and Basic accounts, maximum yearly cumulative deposit of Rs 2 lakh is allowed in Digital Account.
6. Day end balance above Rs 1 lakh can be swept into a Post Office Savings Account (POSA) by linking an existing POSA with the IPPB account or by opening a new POSA.
7. While four free withdrawals are allowed in Basic Account, there are no limits on withdrawal or deposits for Regular and Digital accounts.
8. Moreover, assisted services through the GDS are available, as and when required, and funds will also be made available at customers’ doorstep, upon request.
9. Customers may avail bill payment facility at your doorstep or transfer funds instantly through IMPS with nominal charges.
10. IPPB is not authorised to issue credit cards or give direct loans to its customers. However, loans, insurance etc may be availed through the IPPB’s third party products.