TomorrowMakers

To make the banking facility available at the doorstep and leverage the workforce of 3,00,000 postmen, the government launches India Post Payments Bank. Read this to know it in detail.

IPPB
3,00,000 postmen, 3,250 access points, 650 branches – The India Post Payments Bank (IPPB) launched last weekend comes as a beacon of financial inclusion.

Now, postmen will bring banking right to the homes of Indians. Citizens will need to open an account at their nearest post office using their Aadhaar card. Once that is done, they can transact from their homes via the handheld devices carried by postmen. These devices will capture QR codes and biometric authentication.

The new payments bank will especially be beneficial for people who still do not have a bank account. The entity IPPB will be 100% owned by the Government of India.

Here are all the features you need to know about IPPB:

1. A simple e-KYC with Aadhaar details is enough to open an IPPB account through a mobile app.

2. Banking will essentially happen via account holder’s mobile phone rather than traditional bank branches.

3. A distinct feature of IPPB is doorstep banking. All your transactional banking needs such as deposits, withdrawals, transfers, investments, etc. will be accessible at your convenience.

4. IPPB will offer 4% interest on its savings account.

5. There are no transaction charges for using ATMs from partner bank Punjab National Bank’s network. IPPB will provide both QR cards and ATM cards to customers. The QR cards cannot be used at ATMs; however, the ATM cards can be.

6. IPPB will offer the benefits of zero account maintenance balance and discounted forex services.

7. Customers will be able to use services such as mobile payments, purchases and netbanking.

8. There is a limit to the total amount you can deposit into the account. This limit is set at Rs 1 lakh.

9. IPPB will give a free debit card to all account holders. It will levy an annual maintenance fee of Rs 100 from the second year.

10. While ATM cards will be given to customers, a majority of the banking transactions will rely on QR cards and biometric verification.

11. Post offices have been granted permission to link its 17 crore postal savings accounts with IPPB bank accounts.
 
12. While IPPB will not offer services such as insurance and loans, it has tied up with Punjab National Bank and Bajaj Allianz Life Insurance to bring the same to its customers.

To service its customers better, the number of post offices in the country will be increased to 1.55 lakh by December 2018.

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