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India Post Payments Bank Launched Today


India Post Payments Bank will offer three types of savings accounts: Regular savings account, Digital savings account and Basic savings account.

The Following are the Key features of IPPB :
  1. IPPB will go live with 650 branches in addition to 3,250 access points co-located at post offices and around 11,000 gramin dak sevaks (in rural area) and postmen (in urban area) that will provide doorstep banking services. 
  2. IPPB was the third entity to receive payments bank permit after Airtel and Paytm. 
  3. IPPB has permission to link around 17 crore postal savings bank (PSB) account with its account. It has received approval for carrying out RTGS, NEFT, IMPS transaction that will enable IPPB customers to transfer and receive money from any bank account 
  4. IPPB will also launch a mobile app to facilitate online banking service as well as payment for various utilities and services like phone bill, DTH, gas connection, electricity, etc 
  5. There will be 100 plus billers for which IPPB customers will be able to pay from their account. Since IPPB account can hold up to Rs 1 lakh deposit so once PSB account will be linked to them, customers will be able to transfer money from PSB to IPPB and vice-versa. Money beyond Rs 1 lakh can be kept in PSB. 
  6. All the billers that accept payment through Bharat Bill Payments system will be available for IPPB customers from Day 1 of the launch. Customers can access their IPPB account through mobile app but it will have limited services. Once a customer completes KYC (know your customers) requirement, the app will start offering all the banking service. 

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