PM Narendra Modi launched India Post Payments Bank (IPPB), on September 2nd 2018. IPPB was launched at the Talkatora Stadium in Delhi. India Post Payments Bank is the largest payment bank in India. India Post Payments Bank is the key to financial inclusion in India.
IPPB is a Public Sector Company which comes under the Department of Posts and Ministry of Communication. It is governed by the RBI and the Government of India owns 100% equity in IPPB.
Let’s take a look at 10 key highlights that will help you decode all about IPPB. Want to know more on NSC? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.
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PM Narendra Modi aims to bring the benefits of banking and financial services to the doorsteps of all Indians. IPPB through its vast network can easily do this. Gone are the days when India Post was all about the humble postman. Today, through India Post Payments Bank, India Post aims to redefine payment banks in India.
India Post has 1.55 Lakh post office branches, which is 2.5 times the banking network. More than 11,000 postmen will bring banking and financial services to your doorstep. IPPB can reach where no bank can ever go.
Few banks concentrate on rural areas and IPPB with its vast rural network, can easily bring banking services to the doorstep of all Indians. IPPB could link around 17 Crore Postal Savings Bank Accounts with its accounts.
IPPB offers 3 types of savings accounts. You have the digital savings accounts, the regular savings accounts, and the basic savings accounts. You earn an annual interest of 4% on all these accounts.
Yes, India Post Payments Bank can accept deposits of up to Rs 1 Lakh. It will offer savings bank accounts and current accounts with a maximum balance of Rs 1 Lakh. You and even small businesses can make deposits up to a Lakh, do remittances, mobile payments, pay utility bills and avail banking services like debit cards/ATM, net banking/SMS banking/Merchant Payments and even third-party fund transfers. If you deposit more than a lakh in IPPB, it will be converted to a post office savings account and you will earn 4% a year.
India Post Payments Bank cannot sanction loans or issue credit cards. This means unlike banks, there’s no credit risk. India Post Payments Bank has a tie-up with Bajaj Allainz Life Insurance and PNB Met Life through which it offers Insurance Policies. India Post Payments Bank can offer loans, mutual funds and insurance through third parties.
You and all customers will be given a QR-Code based biometric card. You can open IPPB accounts using Aadhaar and authentication is through QR card/biometrics.
India Post Payments Bank offers a lot of services like ATMs, Mobile Banking Apps, SMS and even IVR (Interactive Voice Response).
India Post Payments Bank has its own mobile app. If you are an Android user, India Post Payments Bank app is available for download at Google Play Store. You can open your account with India Post Payments Bank using this app. Open the India Post Payments Bank account with PAN, Aadhaar and your mobile number.
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Suresh Sethi is the CEO and Managing Director of India Post Payments Bank. The target segment of IPPB are homemakers, senior citizens, rural citizens, migrants to urban areas, students who seek money for education, kirana stores and merchants.
India Post Payments Bank has around Seventeen Crore Postal Savings Bank Accounts. These will be linked to India Post Payments Bank Accounts. This is a ready-made set of customers. Other payment banks have to spend a lot of money to acquire customers.
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