Indian Post Payment Bank: India post is going to launch its payment which is known as IPPB Indian Post Payment Bank. The Bank is scheduled to launch on 21 August 2018. IPPB was set up under the Department of Posts, the ministry of communication. The government-owned 100 equality for the IPPB.
There are about 650 branched and 3250 access points which have 11000 postmen both in the urban and rural area who provides the doorstep banking services. The government is going to link all the post office with IPPB service by the end of 2018.
Opening an IPPB account is very simple you can either go to the Post office or get the service on your doorstep. The Prime Minister has launched this facility especially for the benefit of illiterates or the people living in villages. Those people who are away from normal banks or needs to stand in long queues to get their work done in banks. IPPB will lower down your efforts and give you a high rate of interest which is of 4% per annum.
It is one of the best steps in making India digital as this will increase the reach of banks, ATM cards, net banking etc at the doorsteps of each house either in a city or in the village. Today in this post we are going to discuss different features of India Post Payment Banks.
Understand Payment Bank
A payment is a bank which operates on a small scale. This bank has no credit risk. These banks give all the features and facility other than a loan option. ATM, Debit card are also provided by the payment bank. What these days demand of payment bank is repeatedly increasing. Many more payment banks are available in the country to which citizens are linked.
Doorstep banking service
Doorstep banking facility is a key feature user get in IPPB. It is a new generation facility making it accessible. IPPB postman will offer doorstep banking. IPPB offers features like Withdraw, deposits, account opening, recharge, purchases and much more. Third party services also provided by the IPPB like insurance, PAN, loan, investment. The bank is going to be one of the best banks in India.
QR Code feature
It is another best feature providing by the Indian Post Payment Bank. You have heard about SMS banking, net banking but this is QR code the latest feature by IPPB. In this feature, you can do all your banking with a QR card which is accessible by the biometric lock. Biometric lock keeps your account save even if you lost your card.
Link account with IPPB
A user can link his/her account with Indian Post Payment Bank. IPPB also offer 4% interest rate on your Linked account. It is another great feature presenting by IPPB. You have a maximum limit of 1 lack which gets increase using IPPB. Using the feature IPPB get more customers.
The bank is providing three types of savings accounts.
* Regular saving accounts
* Basic saving Accounts
* Digital saving accounts
Regular Saving Accounts:
The Regular saving bank can open on the bank access points. A user can use his account to keep their funds secure, easy to deposit money and withdraw money. You get many benefits on the account. Cash withdraw allowed in the account is unlimited. A user also gets an interest rate of 4% per annum.
Basic Saving Accounts:
Basic and regular saving accounts benefits are same, just one difference on basic saving accounts you have a limit. You can withdraw only four times a month. The aim is to provide primary banking service at low cost. All users get 4% interest rate per annum.
Digital saving accounts:
The users who are smart and advance in technology and use Digital saving banking. All the banking can be done from your home, in fact, you can open your IPPB account from your home as well. A digital saving account user gets 4% interest rate per annum.
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