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India Post Payments Bank(IPPB)

The India Post Payments Bank (IPPB) has been included as a PSU under the Posts Department with 100% under Indian Government equity. Mr Ananta Narayan Nanda, the Postal Secretary, said that the India Post Payments Bank (IPPB) plans to arise its branches over India from May 2018 with an investment of about Rs1,450 crore. It provide access to third-party financial services such as insurance, mutual funds, pension, credit products, forex, and more, in partnership with insurance companies, mutual fund houses, pension providers, banks, international money transfer organisations, direct benefit transfer, etc.

IPPB establishes itself as the new-age, digitized banking system in the Indian economy for the less-privileged, who investigate 360° banking support and services. The aim is to benefit the people of India with banking and financial services at its best, bringing forth opportunity, growth and satisfaction. One of the core fundamentals of IPPB will be to bestow the power and opportunities that come with the digitization.

IPPB’s main objective is to influence the physical and IT infrastructure scenario of the Post Offices across India while establishing a lean and powerful operating model. All post offices (i.e. access point for IPPB) will be equipped with micro-ATMs for facilitating both cash and digital transactions. Delivery Postmen, Grameen Dak Sevaks, Savings Agents and other postal franchisees are going to take banking to your doorstep. The Postal Stamp issued on the occasion of launch of India Post Payments Bank.

This bank will provide below benefits of payments and provision using new-age technologies.

  • Pay via Mobile Phones.

  • Digital Wallet Facility.

  • Doorstep Banking.
    -Cash Deposit
    -Cash Withdrawal
    -Balance Inquiry
    -Aadhaar to Aadhaar Fund Transfer

The Core of IPPB’s Philosophy is:

  • Convenient Banking Experience

  • Wide Reach Across Remote Areas

  • Efficient and Affordable Banking Network

IPPB offers 3 distinct savings accounts to cater to the needs of people everywhere. The annual interest rate for all 3 accounts is 5.5%. They are:

  • Safal Account- Regular Saving Account

  • Sugam Account- BSBDA

  • Saral Account- BSBDA small

For more details visit IPPBOnline.net

India Post Payments Bank launched in Raipur and Ranchi on 30th January 2017. Their motto is: No customer is too small, no transaction is too insignificant, and no deposit is too little.

About Arvind Sharma

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