India Post Payments Bank (IPPB)

Saving Account3698 views

Highlights

  • Open IPPB Zero Balance Savings Account Online.
  • Check interest rates on IPPB zero balance savings account.

India Post has incorporated as a public sector bank under the Department of Posts with 100% Government of India equity. 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. 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.

About India Post Payments Bank (IPPB)

On September 1, 2018, Prime Minister Narendra Modi will launch 650 branches of India Post Payments Bank across all districts of India. The bank will provide multiple services such as savings account, current account, utility and bill payments, loans, insurance, mutual funds. The bank has planned to tie-up with banks and financial institutions and offer loans, insurance and mutual funds as well. IPPB has tied up with Bajaj Allianz Life Insurance to offer life insurance products and PNB Met Life for Pradhan Mantri Jeevan Jyoti Bima Yojana.

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.

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

  1. Banking Services – Savings and Current Account, Loans and Deposits
  2. Mutual Funds
  3. Insurance
  4. Domestic Remittance Service
  5. Direct Benefit Transfer
  6. Doorstep Banking
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IPPB Savings Account Features and Charges

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
  4. Digital Savings Account

Below are the features and charges on India Post Payments Bank zero balance saving account, regular savings account and digital savings account.

FeaturesRegular Account - Safal AccountBasic Savings Bank Deposit Account (BSBDA) - Sugam AccountBSBDA Small - Saral AccountDigital Savings Account
AgeAnybody 10 years and above with KYC Anybody 10 years and above with KYCAnybody 10 years and above with simplified KYCAnybody 18 years and above with simplified KYC
Minimum deposit amount₹100Nil NilNil
Minimum account balance NilNilNilNil
Maximum account balance₹1,00,000₹1,00,000₹50,000₹2,00,000
Annual rate of interest4%4%4%4%
ATM/Debit CardFreeFreeFreeNA
Mobile alertsFree FreeFreeFree
Free monthly transactions444NA
Maximum ATM withdrawal₹25,000₹25,000₹10,000NA
Nomination facilityAvailableAvailableAvailableNA
Annual maintenance charges (From 2nd year)₹100NANANA

How can you open IPPB Zero Balance Savings Account Online?

At present, India Post has a network of 1.55 lakh post offices across the country. In these branches, there are total 3 lakh postmen and Gramin Dak Sevakas (GDS) who are assigned the task of doorstep banking. These postmen will visit differenes houses in rural, urban and remote areas to help you open a bank account. Other than that, there are two other ways as well – online account opening and offline. You can simply visit your nearest post office along with KYC documents and open a zero balance savings account at IPPB or any other account.

The online application form to open a savings or current account is available on the official website of India Post Payment Bank. You can download the form and fill up details and then submit it.

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India Post Payments Bank Mobile App

IPPB is now giving the bank account facility through its mobile app. IPPB mobile app is free to use and easy to access. The features of IPPB bank mobile app are given below.

IPPB Mobile App Features

  • Account balance enquiry
  • Request for a statement of your account
  • Request for a chequebook (Current Account)
  • Stop payment on a cheque
  • Transfer funds within the bank
  • Transfer funds to other bank accounts
  • Pay water, electricity and utility bills
  • Recharge prepaid and DTH (direct-to-home) services
  • Manage your funds with the linked POSA (Post Office Savings Account) by using Sweep-in and Sweep-out facility

How to register for IPPB Mobile App

You can download IPPB app on your android phone from the app store to activate banking services on the go. The operating procedure is different for a new customer and existing customer. The steps for each category of customers are given below:

New Customers

Open your digital savings account by following on-screen instructions

Existing Customers

Step 1: Enter the details mentioned below:

  • Account number
  • Customer ID (CIF) and DOB
  • Registered mobile number

Step 2: You will receive a one-time-password (OTP) on your registered mobile number

Step 3: Set MPIN

Step 4: Enter the OTP

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.

Post Office Account Aadhaar Linkage Application Form

India Post Payments Bank (IPPB) is offering its account holders an option to de-link Aadhaar number. This probably is the first instance where a government owned entity is offering a choice to customers on Aadhaar. But, customer can  savings bank account without Aadhaar. The customers have to submit a form, which is available online on the official website of IPPB, to the nearest IPPB branch. Below are the details that need to mentioned in the form Aadhaar linkage application form of Post Office:

  1. Customer or Acount holder’s Name
  2. Account Number
  3. Aadhaar Number
  4. Name as on Aadhaar card

After filling up the details, customers or account holders have to sign an Under Declaration posts which the account holder allows seeding her account with her Aadhaar, and map this with the National Payments Corp of India (NPCI) to enable direct benefit transfer (DBT) from the government. Other than that, it also seeks consent from the account holder to allow use of Aadhaar details to authenticate her UIDAI and use her bank registered mobile number for receiving SMS alerts.

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India Post Payments Bank Other Products

Other than savings and current account. the payments bank offers mutliple banking services such as loans and deposits. Read below the details on all other products.

Loans

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.

Insurance

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.

Mutual Funds

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.

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

Personal Loan Interest Rates December 2018
Bajaj Finserv10.99% - 16.00%
Fullerton India14.00% - 33.00%
HDFC Bank11.25% - 21.50%
ICICI Bank10.99% - 18.40%
IndusInd Bank10.99% - 16.00%
Kotak Bank10.99% - 20.99%
RBL13.00% - 18.00%
Standard Chartered Bank12.00% - 17.00%
Tata Capital10.99% - 18.00%
Home Loan Interest Rates December 2018
State Bank of India/SBI8.75% - 9.35%
HDFC8.80% - 9.70%
Bank of Baroda8.65% - 9.65%
LIC Housing8.85% - 9.05%
PNB Housing Finance9.00% - 13.00%
ICICI Bank9.10% - 9.35%
Axis Bank8.85% - 9.10%
Citibank9.00% - 9.85%
Indiabulls Housing Finance Limited8.80% - 11.05%
Kotak Bank8.90% - 8.75%
DHFL9.05% - 9.95%
Reliance Home Finance8.75% - 14.00%