India Post Payments Bank (IPPB)

Latest Updates 688 views

India Post has incorporated as a public sector bank under the Department of Posts with 100% Government of India equity. India Post Payments Bank (IPPB) has launched on January 30, 2017, in Ranchi and Raipur and soon it will spread across the nation by the end of this year. IPPB is expected to open in 650 branches across all districts of India so as to reach the mass. At IPPB, there is presently the facility of Savings Account and Net Banking facility for online exchange of money. Also, ATM/Debit cards will also be issued to the account holders so that they do not have to stand in long queues to withdraw or deposit money.

The simple yet effective banking services at IPPB would make sure that the citizens from all segments get equal opportunity to enjoy a prosperous life. The purpose is clear that IPPB wants to serve the rural segment of the country with equally efficient banking services. It is also important to note that recently the postal department has introduced online savings and insurance service and now has ventures into the banking sector. It is expected, it is expected that IPPB will also provide current accounts and other financial services like Insurance, Mutual Funds, Pension, Credit Products, Forex, and etc. to its customers.

India Post Payments Bank Features

The Savings Account at IPPB has the maximum balance limit of up to ₹1 lakh as mentioned above, the purpose of India Post Payments Bank (IPPB) is to serve best of its services to rural areas to help the nation prosper and also help people in knowing the importance of savings. However, there are four types of facilities at IPPB which are as follows:

  1. Banking Services for All
  2. Domestic Remittance Service
  3. Direct Benefit Transfer
  4. Doorstep Banking
People Also Look For  SBI Home Loan Rate Cut - Get Your Loan at 8.35% Now

Banking Services for All

India Post Payments Bank offers three types of account which are as follows:

  1. Regular Account – Safal Account
  2. Basic Savings Bank Deposit Account (BSBDA) – Sugam Account
  3. BSBDA Small – Saral Account

Features and Charges

Below are the services across each of the above-mentioned accounts.

FeaturesRegular Account - Safal AccountBasic Savings Bank Deposit Account (BSBDA) - Sugam AccountBSBDA Small - Saral Account
AgeAnybody 10 years and above with KYC Anybody 10 years and above with KYCAnybody 10 years and above with simplified KYC
Minimum deposit amount₹100Nil Nil
Minimum account balance NilNilNil
Maximum account balance₹1,00,000₹1,00,000₹50,000
Annual rate of interest5.5%5.5%5.5%
ATM/Debit CardFreeFreeFree
Mobile alertsFree FreeFree
Free monthly transactions444
Maximum ATM withdrawal₹25,000₹25,000₹10,000
Nomination facilityAvailableAvailableAvailable
Annual maintenance charges (From 2nd year)₹100NANA

Domestic Remittance Services

The customers can transfer funds via domestic remittance offering in a secure manner. All the account holders at IPPB are eligible to avail a host of different modes of domestic remittance subject to the stipulated constraints – NEFT, IMPS, AEPS, UPI and *99#.

Direct Benefit Transfer (DBT)

The account holders will directly get the subsidies transferred to their bank accounts in a hassle-free manner. Funds from different disbursing agencies are credited into the customer’s account through NACH/APBS. Also, IPPB will provide doorstep services to the customers for the cash out of the subsidies that the customers belong to.

Doorstep Banking

The customers can pay a nominal fee for doorstep banking services which includes-

  • Cash deposit
  • Cash withdrawal
  • Balance enquiry
  • Aadhaar to Aadhaar funds transfer
People Also Look For  HDFC, Max Group Announce Merger of Life Insurance Businesses to Form Entity of Rs 67K Cr

India Post Payments Bank Customer Care

The customers can contact the bank in case of any query on toll-free number 155299 from 6 am to 10 pm on all weekdays.

Personal Loan Interest Rates June 2018
Bajaj Finserv 10.99% - 16.00%
Fullerton India 14.00% - 33.00%
HDFC Bank 11.25% - 21.25%
ICICI Bank 10.99% - 18.40%
IndusInd Bank 10.99% - 16.00%
Kotak Bank 10.99% - 20.99%
RBL 13.00% - 18.00%
Standard Chartered Bank 10.99% - 14.49%
Tata Capital 10.99% - 18.00%
Home Loan Interest Rates June 2018
State Bank of India/SBI 8.45% - 9.00%
HDFC 8.50% - 9.15%
Bank of Baroda 8.45% - 9.45%
LIC Housing 8.45% - 8.90%
PNB Housing Finance 8.40% - 8.99%
ICICI Bank 8.50% - 9.05%
Axis Bank 8.50% - 8.85%
Citibank 8.40% - 9.20%
Indiabulls Housing Finance Limited 8.50% - 10.80%
Kotak Bank 8.60% - 8.70%
DHFL 9.05% - 9.95%
Reliance Home Finance 8.75% - 10.00%
EMI Calculator