Indian Post Payment Bank is another payment bank which was launched on 12th January 2017, after Airtel Payments Bank. You can make deposits and undertake various payment services by the Payments bank, however, unlike, the commercial banks, payments banks do not offer loans.
Indian Post Payment Bank started its pilot services in Ranchi and Raipur and is expected to expand to around 650 branches. The interest rate by IPPB differs on the amount deposited by the customer:
- 4.5% on amount up to INR 25,000
- 5% on deposits between INR 25,000 - INR 50,000
- 5.5% on deposits ranging between INR 50,000 - INR 100,000.
Your 12-digit Aadhaar card number will be the account number for your Indian Post Payment Bank account. Whether your Aadhaar card is linked with a bank account or not, you will be able to make and accept payments.
Types of accounts by IPPB
IPPB, in addition to offering savings account, also provides its customers current accounts. IPPB is offering three types of accounts:
- Sugam (basic savings bank deposit account)
- Safal (regular account)
- Saral (basic savings bank deposit account - Small).
For all the three accounts, minimum initial deposit is INR 100 but you are not required to maintain a minimum monthly balance, and the maximum amount which can be deposited in an account is INR 1 lakh.
All three accounts can be opened by anyone above the age of 10 years. However, Safal and Sugam accounts need KYC details for verification while Saral account can be opened without KYC details.
Types of services by IPPB
IPPB aims at providing secure and an inexpensive medium of transferring funds through its following services:
Direct Benefit Transfer
The Direct Benefit Transfer (DBT) program primarily helps in transferring the subsidy amount to the consumers through their bank accounts.
Doorstep Banking
Doorstep banking is a major step in the banking services across the banks, as it brings the various services of the banks to your doorstep. Through the doorstep banking you can avail the following services by paying a nominal fee:
- Cash withdrawal
- Cash deposit
- Balance enquiry
- Aadhaar to Aadhaar funds transfer
Key features of IPPB
By now it is evident that Indian Post Payment Bank will prove to be a game-changer in the banking industry in the coming years. Below are the key features of IPPB:
- Funds are transferred in real time using IMPS, NEFT, AEPS, UPI, and USSD services
- Account verification is done instantly through Aadhaar based e-KYC
- First debit cards for all account are free
- The customers are not required to maintain a quarterly minimum balance in their account
- Cash withdrawals are free at all Punjab National Bank ATMs and India Post ATMs
With the subsidy amount getting credited directly in the bank account, the villagers can now simply withdraw the money through the postman in their local area. They no longer have to travel miles for a bank to the nearest city, to withdraw their money.
In fact, not just withdrawing, but depositing is also incredibly convenient for the people in remote areas, through the doorstep banking. Not only is the government pushing the banking sector for spreading easy and secure banking services in the unbanked and rural areas, but also giving the nod to the private sector enterprises to offer the banking services.
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