India Post Payments Bank is an initiative rolled out by the Government of India on September 1, 2018, by the Prime Minister Narendra Modi to make the banking facilities accessible to every person living in every nook and corner of the country. Initially, this bank was launched on January 30, 2018, as a pilot project in Ranchi and Raipur with an aim to mark its presence all over India by 2018-19. The India Post Payments Bank (IPPB) will provide products and services which is similar to any other banks operating in India. The extent of its operations will take place on a small scale, without the involvement of any risk of credit facilities.
IPPB has been established under the patronage of the Department of Posts in which the government holds 100 percent share. Just like other banks, this bank will also be governed and administered by the Reserve Bank of India (RBI). A wide range of products and services will be provided through this bank, like over-the-counter services, mobile banking app, ATMs, etc. either at the bank premises or at your doorstep. This bank covers the entire 3,250 post offices across India by way of a network of 650 bank branches and will consider Aadhaar cards to open its bank accounts. The facility of biometrics and a QR card will be utilized for the purpose of authentication, payments, and any kind of transactions.
Objectives of India Post Payments Bank
The primary objective of India Post Payments Bank is to reclaim the unmatched post offices’ network and to efficiently utilize a workforce of three lakh postmen working in the post offices. Through its distinct and growth-oriented services, this bank provides approachability of banking services to the people in every Indian household to make them financially viable. IPPB will leverage the functioning of 1.55 lakh post offices across India. It will offer services of savings and current accounts; direct benefit transfers; money transfer facilities through IMPS, RTGS, and NEFT; bill and utility payments; and enterprise and merchant payments.
Bank accounts facilities at India Post Payments Bank
1. Savings Bank Account
IPPB offers its customers the services of three kinds of saving bank accounts i.e. regular savings account, basic savings bank account, and digital savings bank account. The rate of interest chargeable on this bank account is 4 percent per annum.
a) Regular Savings Account: A Regular Savings Account can be opened by visiting any IPPB branch or at an ease of your doorstep. People can open this bank account to secure their money, withdraw cash, deposit cash, easy money transfers apart from others benefits. The benefits of opening this account are-
- Earn interest of 4% p.a. on your end of the day savings which is paid quarterly
- No minimum account balance to be maintained
- You can open this account with zero balance
- Instant IMPS fund transfers
- QR cards facility available for simplified banking services
- Paperless account opening
- No restriction on the number of cash withdrawals
- Easy linkage to POSA (Post Office Savings Account)
- Easy recharges and bill payment
- Mini bank statement through SMS
- Free account opening at your doorstep
- If the balance in the account at the end of the day exceeds Rs. 1 lakh, the excess amount will be transferred to POSA (Post Office Savings Account)
b) Basic Savings Account: The basic savings account is similar to a regular savings account in terms of the benefits and characteristics but with an exception. There is only four withdrawals allowed in a month by the customers. It provides basic banking services to its customers at a very minimal cost. The benefits of opening this account are-
- Earn interest of 4% p.a. on your end of the day savings which is paid quarterly
- No minimum account balance to be maintained
- You can open this account with zero balance
- Instant IMPS fund transfers
- QR cards facility available for simplified banking services
- Paperless account opening
- Only four cash withdrawals in a month are allowed
- Easy linkage to POSA (Post Office Savings Account)
- Easy recharges and bill payment facility at your doorstep
- Mini bank statement through SMS
- Free account opening at your doorstep
- If the balance in the account at the end of the day exceeds Rs. 1 lakh, the excess amount will be transferred to POSA (Post Office Savings Account)
c) Digital Savings Account: IPPB’s Digital Savings Account can be opened through the IPPB Mobile App. The app is available in the Google Playstore on your Android phone. A person above the age of 18 years and has Aadhaar Card and PAN card is eligible to apply for this account. After the completion of KYC formalities with the concerned banks, this account will be upgraded to a regular savings account. The benefits of opening this account are-
- An instant opening of this account with the help of your mobile
- Earn interest of 4% p.a. on your end of the day savings which is paid quarterly
- No minimum account balance to be maintained
- You can open this account with zero balance
- Instant IMPS fund transfers
- QR cards facility available for simplified banking services
- Paperless account opening
- Easy recharges and bill payment
- Free quarterly account statement
Important guidelines to open this account
- The account holder should be above 18 years of age
- Completion of the KYC formalities within a year from the date of opening of the bank account
- If KYC is not completed within a year of account opening, the account will be subject to closure
- After completion of KYC, this account will be upgraded to a regular savings account
- Maximum deposit of Rs. 2 lakh is allowed to this account in a year
- The account will be linked to POSA after KYC completion
2. Current Account
The current account facility in the IPPB is only allowed to the small merchants/kirana stores, and businessmen. This account is necessary for anyone availing this loan to expand its business. This bank also offers a Merchant App which helps in the meeting of the time to time business requirements. The facility of opening this current account is available at the Post Office Counters or at your doorstep by the help of Postman/GDS. The benefits of opening this account are-
- An instant opening of this account
- Minimum monthly account balance to be maintained
- Instant IMPS fund transfers
- Free quarterly account statement
- QR cards facility available for simplified banking services
- You can open this account with zero balance
- Mini bank statement through SMS
Services available at India Post Payments Bank
1. Mobile Banking: The service of mobile banking is available with IPPB through a Mobile app. This app helps in accessing your IPPB bank account and perform transactions on your mobiles.
Facilities available on IPPB’s mobile app-
- Check balance in your accounts
- Transfer money within the bank
- Money transfer to other banks
- Request for bank account statements
- Request for bank cheque book
- Payment of electricity, water, and other utility bills
- Prepaid recharges
- Payment of DTH services
- Supervise your money with the linked Post Office Savings Account by using
- Sweep-in and Sweep-out facility
How to register for IPPB’s mobile banking
- Download IPPB app from Google Playstore.
- For the registration, enter your account number, registered mobile number, date of birth andcusomer ID.
- After entering these details, you will receive a one-time-password (OTP) on your registered mobile number.
- Set MPIN
- Enter the OTP
2. SMS Banking: The facility of SMS banking is available with the India Post Payments Bank to provide customers quick access to their account details on their mobile phones. To avail this facility, the internet is not required. Just send an SMS to the IPPB’s SMS Banking number 7738062873.
How to use SMS banking services?
To avail this SMS facility, type “REGISTER” on your phone and send it to 7738062873 from your registered mobile number which is linked to your IPPB account.
Bank services available under SMS banking-
- For the balance enquiry, type “BAL” and send it to 7738062873
- For the mini statement, type “MINI” and send it to 7738062873
3. Missed Call Banking: You can get the complete information of your IPPB bank account by just giving a missed call from your registered mobile number.
How to register your mobile number for Missed Call Banking?
Give a missed call on 8424054994 from the mobile number linked to your IPPB savings or current account to get your number registered for the facility of missed call banking.
Bank services available under Missed Call Banking-
- For the balance enquiry, give a missed call on 8424046556
- For the mini statement, give a missed call on 8424026886
4. Phone Banking: To avail the services of phone banking, you just need to make a call on a toll-free number 155299 from the comfort of your home or while on the go. By calling on this number, you can have all the information relating to the bank’s products and services.
Services available under Phone Banking-
- Information on the last five account transactions
- Any account-related information
- Availing of account statement
- Call back facility
- Information on the bank’s products and services
- Clearing of cheques related information
- Queries related to interest rates
- You can also book an appointment for doorstep banking facility
5. QR Card: The facility of banking through QR cards has made banking much easier. With this, you don’t need to remember your account number or your account PIN to perform any transactions. This card is a biometric authentication helpful while doing any payments, money transfer, or payment of bills. You just need to get this QR card scanned to initiate the payment procedures. If this card gets stolen or lost, there is no risk of losing your money in the bank account as this card works only through biometrics.
How to do transactions with QR card?
- Scan the code on the card
- Authenticate through biometric verification
- Complete the transaction
6. Doorstep Banking: IPPB comes with a benefit of doorstep banking which provides its customers the freedom to enjoy banking facilities in the comfort of their home. No charge for new account opening at your doorstep. The banks’ most trusted GDS/Postman will come at your doorstep to help you complete the formalities depending on the services you want to avail.
Services Offered by IPPB’s Doorstep Banking-
- Cash deposits or withdrawals
- An opening of an IPPB account
- Bill payments and recharges
- Money transfers
- Third party services like investment, loans, and insurance
- Other services such as the issuance of QR card, request for account statement, KYC updation, etc.
How to avail doorstep banking services?
- Make a call on 155299, IPPB’s customer care center and book an appointment
- Once an appointment is confirmed, you will receive an SMS confirmation
- Confirm the day and timings with the bank’s representatives
- Provide your account number/registered mobile number, or show your QR card to our Doorstep representative and avail the doorstep banking services
Doorstep banking services charges
For the new customer– No charges applicable
For the Digital Transaction other than cash deposits and withdrawals – Rs. 15 per transaction
For cash related transactions like cash withdrawal, cash deposit – Rs. 25 per transaction
With all these above facilities, India Post Payments Bank is ready to drive the next banking revolution in India. It is going to be one of the biggest financial inclusion networks in India, which covers both urban and rural areas.
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