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India Post Payments Bank starts pilot services

India Post Payments Bank starts pilot services

Tuesday, January 31, 2017, 11:47 AM

India Post Payments Bank (IPPB) on Monday started its operations by launching pilot services in Raipur and Ranchi. The bank will offer an interest rate of 4.5% on deposits up to Rs.25,000; 5% on deposits of Rs.25,000-50,000 and 5.5% on Rs. 50,000-1,00,000. The paid up equity of the new bank is Rs. 800 crore, of which the government has already infused Rs. 275 crore.
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