India Post Payments Bank Set to Launch on August 21: Everything You Need to Know

Prime Minister Narendra Modi will be inaugurating the India Post Payments Bank (IPPB) on August 21 with 650 branches. This new payments bank is said to become the most extensive banking network in the country complete with doorstep banking services, mobile banking facility to open three types of accounts and much more. The IPPB is going to be a new step by the government to avail better banking services to the citizens of the country. Read to below to find out more about what the IPPB will offer.

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Three Types of Savings Accounts

The India Post Payments Bank (IPPB) will give the option of opening three types of different savings account with the bank. Citizens will have the option of opening a regular savings account, digital savings account or a basic savings account. All three will offer different types of services with them. However, the interest rate across all the accounts will be the same – 4%.

Current Accounts for Small Businessmen

Small merchants/ Kirana stores and individual business people will also have the option of opening a current account in the IPPB for commercial purposes. The bank will also be providing its customers with a merchant app which will help the account openers in meeting business requirements. The merchants will be able to open their account very easily at post office counters or their doorstep.

Doorstep Banking Services

Existing customers or new customers interested in opening an account with the IPPB will have to call the toll-free number 155299 to avail doorstep banking services. Using this, the customers will be able to quickly open an account or carry other baking activities right from the comfort of their home. The doorstep banking service will be chargeable for existing customers, however, for new account holders, this will be free of cost.

Mobile Banking Facility

Like the other banks in the present time, the IPPB will also offer a mobile banking facility for its customers. The mobile app for IPPB will be a simple, secure and easy-to-use tool for carrying out mobile transactions, checking account balance and much more. In addition to mobile banking services, customers will also be able to pay for their DTH bills, phone bills or recharges via the India Post Payments Bank.

The India Post Payments Bank won’t be able to issue loans or credit cards to its account holders, individuals or businessmen, however, the bank will accept a deposit of Rs 1 lakh from its customers. Across the 650 branches, account holders will have the facility of services as mentioned above in addition to the service of transferring money to other bank accounts. The bank will also offer multilingual customer support.

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