India Post Payments Bank: The postman is your new banker [All that you need to know about]

Indian govt has announced the launch of India Post Payments Bank (IPPB) which will offer doorstep banking to customers (esp in rural areas) at a nominal rate.

India Post Payments Bank
India Post Payments Bank

IPPB: Benefits

The benefits of IPPB: It will enable money transfer, transfer of government benefits, bill payments and other services such as investment and insurance. IPPB will also facilitate digital transactions, and help deliver the benefits of schemes such as Pradhan Mantri Fasal Bima Yojana, which provide assistance to farmers.

IPPB: What it offers

IPPB will offer a range of products such as savings and current accounts, remittances and money transfer, direct benefit transfers, bill and utility payments, and enterprise and merchant payments etc. These products, and related services, will be offered across multiple channels (Counter Services, Micro-ATM, Mobile Banking App, SMS and IVR), using a bank grade, cutting-edge technology platform. IPPB will partner with financial organizations to provide loans, investment and insurance products

India Post Payments Bank will offer variety of products—savings and current accounts, money transfer, direct benefit transfer, bill and utility payments etc.

The postmen would deliver these services at the doorstep.

IPPB: Three Types of Account

IPPB will offer three types of savings account – digital, regular and basic. The interest rate for all of these is 4%.

Doorstep Banking

You can use IPPB for doorstep banking (max Rs. 10,000 per transaction) and IPPB will offer doorstep banking solution at a nominal rate of Rs. 15-35 per transaction.

IPPB: Powered by NPCI

IPPB will leverage public infrastructure like National Payments Corporation of India, Payment Settlement System and will lead to security of financial sector besides giving fillip to indigenisation. Department of Posts is a pioneer in financial inclusion, with over 17 crore post office saving accounts for 40 crore customers. Dak Sevaks will act like a friend, philosopher and financial guide for rural masses. It will be win-win situation for IPPB and consumers

And of course, Aadhaar connected.

Last but not the least, IPPB uses Aadhaar verification for direct debit transfer.

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