India Post Payments Bank

India Post Payments Bank ...

India Post Payment Bank (IPPB) is the first Central Government operating Payment Bank inaugurated on 1st September 2018. The first phase of the bank with 650 branches and 3250 Post Offices as access point was ready for the public service. The payments bank will accept deposits of up to Rs 1 lakh, offer remittance services, mobile payments/transfers/purchases and other banking services such as ATM/debit cards, net banking and third-party fund transfers. IPPB leads by Suresh Sethi (MD & CEO), it has an aim for providing service to the grassroots level of the village and maximum financial inclusion. On 19 Aug 2015 India Post got a licence to run Payment bank from RBI. The pilot project of IPPB was inaugurated on 30 Jan 2017. The government owns 100 per cent in IPPB, which has been set up under the aegis of the Department of Posts and will offer products and services through multiple channels such as counter services, micro ATMs, mobile banking app, messages and interactive voice response.

Must know fact:

1. India Post Payment Bank (IPPB) inaugurated on 1st September 2018 have 650 branches and 3250 Post Offices as access point initially, further it will expand to 1.55 Lakh Post Offices.
2.  India Post Payments Bank offers services like ATMs, Mobile Banking Apps, SMS and even IVR (Interactive Voice Response).
3. IPPB offers 2 types of accounts. Current and Saving. You earn an annual interest of 4% on all these accounts.
4. 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.
5. No loans and Credit cards will issue by the Institution right now. But one can take benefits of these Because India Post Payments Bank has a tie-up with Bajaj Allianz 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.