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About India Post Payments Bank 'IPPB': Details, Features, Benefits, Highlights
About India Post Payments Bank 'IPPB': Details, Features, Benefits, Highlights
The India Post Payments Bank (IPPB) was launched on 1st September 2018, by Indian Prime Minister Narendra Modi to ensure financial inclusion of all the citizens in the country, especially the rural population.
The IPPBs will have 650 branches and 3250 access points across India.
Governing Body: India Post Payments Bank (IPPB) is governed by the Reserve Bank of India.
Types of Account: IPPB offers three different types of savings account – regular, digital and basic.
Account Opening: Accounts can be opened instantly through their respective mobile apps just by providing details like Aadhaar number with KYC verification.
Opening Deposits: Zero balance savings accounts can be opened
Interest: 4% interest on deposits, payable quarterly.
Account Minimum Balance: Account holders do not need to maintain any minimum balance in their savings account.
Account Minimum Balance: The maximum savings amount is capped at Rs 1 lakh. Any amount above the figure will be transferred to the linked POSA account.
Doorstep Banking: New doorstep banking feature introduced. It, however, has additional charges
Money Transfer: Money transfer allowed from the account to any bank account. IPPB customers can use NEFT, RTGS and other money transfer services as available for any banking customers
Withdrawals: IPPB offers a free debit card with an annual maintenance fee of Rs 100 from the second year. It doesn’t charge any fee for withdrawals made from its own ATM or any PNB ATM
