12 things to know about India Post Payments Bank

The India Post Payments Bank (IPPB) will be like any other bank but its
operations will be on a smaller scale without involving any credit risk. But
the good thing is that its growing day by day and its services are now
available at 650 branches and 3,250 access points.

Here are 12 things that you should know about the facilities provided by IPPB :

1. India Post Payments Bank accounts can be opened instantly through their
respective mobile apps just by providing details like Aadhar number with KYC

2. Doorstep banking service is one of the most distinct features of the
IPPB, making it very accessible. The IPPB’s doorstep banking facility will
offer the following services: account opening; cash deposits/withdrawals; money
transfers; recharge and bill payments; third-party services like insurance,
loans and investments; and other account-related services like updating
PAN/nomination details, requesting account statement, and issuing standing

3. India Post Payments Bank doesn’t charge any fee for withdrawals made
from its own ATM or any Punjab National Bank ATM.

4. India Post Payments Bank will offer 4 per cent interest rate in savings

5. India Post Payments Bank can offer forex services at charges lower than

6. Most banks levy a charge in case one fails to hold a minimum balance in
the account. In the case of the IPPB, there is no need to maintain a minimum
quarterly average balance.

7. QR card is another service the IPPB is offering. With the help of a QR
card, you can access your bank account and make transactions without having to
remember the account number. All transactions will be authenticated via
biometric verification.

8. India Post Payments Bank offers a free debit card with annual
maintenance fee of Rs 100 from the second year.

9. India Post Payments Bank is expected to reach customers mainly through
their mobile phones rather than traditional bank branches.

10. The IPPB has teamed up with financial services providers like PNB and
Bajaj Allianz Life Insurance for third-party products like loans and insurance.

11. Prime Minister Narendra Modi on 1 September 2018 launched the payments
bank of the Department of Posts that will take banking to the doorstep of every
citizen through an unmatched network of post offices and almost 3 lakh postmen
and ‘Grameen Dak Sewaks’.

12. IPPB services are now available at 650 branches and 3,250 access points
and will be quickly scaled to all 1.55 lakh post offices by December 2018.

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