India Post Payments Bank (IPPB) is a public sector company under the Department of Posts, Ministry of Communications, Government of India. It was launched in September 2018 with the aim of providing affordable banking and financial services to people across India, especially those in rural areas and remote locations.
IPPB offers a range of banking services such as savings and current accounts, money transfer, bill payments, mobile recharge, and insurance products. It operates through a network of post offices and postmen, making it convenient for people in even the remotest corners of the country to access banking services.
Customers can open a savings account with IPPB by visiting a post office and submitting the required documents such as ID proof and address proof. They can also access their accounts through the IPPB mobile app or by dialing a toll-free number.
IPPB aims to promote financial inclusion by providing banking services to the unbanked and underserved population of India. It also offers a range of financial literacy programs to educate people about the benefits of banking and how to manage their finances effectively
India Post Payments Bank (IPPB) offers:
• interest on its savings accounts. The interest rate offered by IPPB on its savings accounts is currently 2.75% per annum. The interest is calculated on a daily basis and credited to the account on a quarterly basis.
• The minimum balance requirement for maintaining a savings account with IPPB is zero, which means customers can open and operate a savings account with IPPB without maintaining a minimum balance.
However, if the balance in the account falls below Rs. 500 at any time during a month, a charge of Rs. 10 plus applicable taxes will be levied for that month. The maximum balance limit for a savings account with IPPB is Rs. 2 lakhs.
It's important to note that the interest rates offered by IPPB may be subject to change from time to time, depending on market conditions and other factors. Customers are advised to check the current interest rates on the IPPB website or by visiting a post office before opening a savings account with IPPB.
Here are some of the main services offered by IPPB:
Savings account: IPPB offers a basic savings account that can be opened with zero balance. The account can be operated through the IPPB mobile app, phone banking, or by visiting a post office.
Current account: IPPB also offers current accounts for businesses and organizations that require regular banking services such as deposits, withdrawals, and fund transfers.
Money transfer: IPPB allows customers to transfer money to other bank accounts, mobile wallets, or even to other IPPB accounts instantly using its mobile app or by visiting a post office.
Bill payments: IPPB enables customers to pay utility bills, including electricity, water, and gas bills, as well as mobile phone bills, insurance premiums, and other bills through its mobile app or by visiting a post office.
Mobile recharge: IPPB also allows customers to recharge their prepaid mobile phones through its mobile app or by visiting a post office.
Insurance products: IPPB offers a range of insurance products, including life insurance and health insurance, in collaboration with leading insurance companies.
Financial literacy programs: IPPB provides financial literacy programs to educate people about the benefits of banking and how to manage their finances effectively.
IPPB aims to provide affordable banking and financial services to people across India, especially those in rural areas and remote locations, in order to promote financial inclusion and empower them to lead better lives.
