Updated By: LatestGKGS Desk
India Post Payments Bank (IPPB) Features, Eligibility, Account, Eligibility, Interest
India Post Payments Bank (IPPB) Features, Account Opening, Eligibility, Recruitment, RBI Guidelines, Interest Rates, micro ATM, Debit Cards, Internet Banking
The government of India rolled out India Post Payments Bank to the Indian postal department to take banking to the doorsteps of Indian citizens. The facilities of India Post Payments Bank can be accessed through 650 branches and 3,250 access points.
India Post Payments Bank (IPPB) will use Aadhaar to open accounts, while a QR card and biometrics will drive authentication, transactions, and payments. Grameen Dak Sewaks will be armed with smartphones and biometric devices to handle transactions.
India Post Payments Bank (IPPB) will operate as a banking organization, but with smaller scale operations. Most banking operations like accepting deposits shall be done, but they cannot give loans or issue credit cards.
As per guidelines laid out by the Reserve Bank of India, India Post Payments Bank (IPPB) can accept deposits of up to Rs 1 lakh per customer, offer payments and remittance services, mobile payments/transfers/purchases and other banking services like ATM/debit cards, net banking and third-party fund transfers
India Post Payments Bank (IPPB) will offer 4 percent interest rate on savings accounts. It has also tied up with PNB and Bajaj Allianz Life Insurance for products such as loans as well as insurance. Deposits in any account that exceed Rs 1 lakh will be automatically converted into post office savings account.
Ownership of the bank is solely with the government and is functioning under the Department of Posts. It will offer products and services through channels such as counter services, micro ATMs, apps, messages and interactive voice response.
