India Post Payments Bank
India Post Payments Bank
The Government of India has launched the India Post Payments Bank Scheme (IPPBS) – Aapka Bank Aapke Dwar on September 1st, 2018.
Objectives of IPPBS
India Post Payments Bank Scheme aims to:
- Provide banking services across the country.
- Ensure that citizens from villages and remote areas receive access to banking services.
- Assist people with banking privileges at their doorsteps.
Benefits of IPPBS
The India Post Payments Bank Scheme (IPPBS) has paved the way for the following benefits:
- Simplified and convenient banking,
- The revival of Indian posts and the enhancement of their revenues.
- Modernisation of Indian posts.
Implementation of IPPBS
India Post Payments Bank Scheme was launched by the Prime Primister on September 1st, 2018, to offer banking services to customers at the doorsteps. The branches of the Indian Post office has now been extended to varied parts of the country. Till date, around 1.40 lakh branches are in place, which will eventually be increased to up to 2.90 lakh branches. As of villages, there are 49,000 branches now, which is expected to increase to 1.75 lakh branches. The scheme will be made available in 650 offices of Indian posts and 3250 IPPBS centres across the country.
The government has chosen Indian Posts for this purpose considering its vast network of branches across the country and as the citizens attribute a great level of trust towards it. Indian Post Office will receive a profit of 25% from the India Post Payments Bank Scheme. The scheme assists farmers and other projects like PMFBY (PM’s Crop Insurance Scheme).
The scheme would enable letter carriers to become bankers so as to take banking services to the doorsteps of the customers. These bankers are also entrusted with the role of helping citizens in understanding banking as they are provided with a mobile app and biometric reader. In addition to it, they help people to open bank accounts, deposit and withdraw money, transfer money/bill and utility payments/enterprise and merchant payments at their doorstep. Therefore the scheme makes banks paperless, and customers are not required to fill any banking forms.
Services of IPPBS
India Post Payments Bank Scheme offers the following products and services:
- Savings account
- Current account
- Mobile banking
- SMS banking
- Missed call banking
- Phone banking
- QR card
- Doorstep banking
- Banking for merchants (business banking)
Types of IPPBS Saving Accounts
IPPBS offers three types of savings accounts, namely:
- Basic – current account
Features of IPPB Savings Account
- India Post Payment Banks pays an interest rate of 4% for all three types of savings accounts on a quarterly basis.
- Regular and basic savings accounts can be opened by approaching IPPB access points, whereas digital savings accounts can be opened via ‘IPPB Mobile’ – the bank’s mobile application.
- In regular and digital savings accounts, IPPB allows the customers to make a countless number of withdrawals every month without any charges, whereas basic savings accounts allow only four free withdrawals in a month.
- All three types of savings accounts can be opened and operated with zero balance, and the payments bank do not require the customer to maintain any particular balance to ensure operability. The customer is not fined a penalty for failing to maintain any deposit in the account.
- IPPB permits a maximum End-of-Day (EOD) balance of Rs. 1 lakh in all three types of savings accounts. if the customer has more than Rs. 1 lakh, it is automatically transferred to the savings scheme account.
- IPPB permits the customer to link the Post Office Savings Accounts with regular and basic savings accounts.
- IPPB offers one account statement to the customer for each quarter without making any charges under certain conditions. However, the customer has to make at least one transaction in a quarter to avail free statement for the concerned quarter.
- India Post Payment Bank charges fifty rupees for an additional bank statement.
- All three savings accounts provide instant wire transfer service IMPS (Immediate Payment Service), which enables round-the-clock electronic money transfer, or in other words, a wire transfer.
- The savings accounts come with a number of charge-free facilities like SMS alerts, standing instruction and bill payment.
India Post Payments Bank joins hands with banks and other financial companies to provide loans, mutual funds and insurance policies to its customers.
If a citizen faces difficulty with IPPBS, he/she may contact: