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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.
Till date, IPPB was offering Savings Account and Net Banking facility for online exchange of money. Also, ATM/Debit cards are issued to the account holders so that they do not have to stand in long queues to withdraw or deposit money. Prime Minister Narendra Modi will launch 650 branches of India Post Payments Bank across all districts of India. Also, the bank is now planning to tie-up with banks and financial institutions and offer loans, insurance and mutual funds as well.
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.
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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:
- Banking Services – Loans and Deposits
- Mutual Funds
- Domestic Remittance Service
- Direct Benefit Transfer
- Doorstep Banking
Banking Services for All
India Post Payments Bank offers three types of account which are as follows:
- Regular Account – Safal Account
- Basic Savings Bank Deposit Account (BSBDA) – Sugam Account
- BSBDA Small – Saral Account
Features and Charges
Below are the services across each of the above-mentioned accounts.
|Features||Regular Account - Safal Account||Basic Savings Bank Deposit Account (BSBDA) - Sugam Account||BSBDA Small - Saral Account|
|Age||Anybody 10 years and above with KYC||Anybody 10 years and above with KYC||Anybody 10 years and above with simplified KYC|
|Minimum deposit amount||₹100||Nil||Nil|
|Minimum account balance||Nil||Nil||Nil|
|Maximum account balance||₹1,00,000||₹1,00,000||₹50,000|
|Annual rate of interest||5.5%||5.5%||5.5%|
|Free monthly transactions||4||4||4|
|Maximum ATM withdrawal||₹25,000||₹25,000||₹10,000|
|Annual maintenance charges (From 2nd year)||₹100||NA||NA|
India Post Payments Bank (IPPB) will now offer loans as well. The bank will tie-up with banks and other financial institutions to offer some loans. It will sell some of the products of Punjab National Bank such as loans. All 1.55 lakh post offices across the country will be linked to IPPB and hence the reachability to the rural population of India will be the highest as compared to other banks. With the new initiative, people who do not access to banks and their services can now enjoy all the banking services including loans in their region. The scheme will majorly help people living in rural areas as they find government-linked serviecs more reliable and convenient.
Another important requirement of a common man is the insurance. IPPB is now entering the world of insurance which will again benefit all those who have yet not insuranced their life.
One of the most preferred investment option is mutual funds and India Post Payments Bank (IPPS) is about to offer it as well. In the near future, you will be able to invest via this bank’s account.
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.
The customers can pay a nominal fee for doorstep banking services which includes-
- Cash deposit
- Cash withdrawal
- Balance enquiry
- Aadhaar to Aadhaar funds transfer
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.