What Is India Post Payment Bank (IPPB)?

What Is India Post Payment Bank (IPPB)?
 What Is India Post Payment Bank (IPPB)?


What Is India Post Payment Bank (IPPB)?


What is India Post Payment Bank (IPPB)? India Post Payments Bank is a Government of India company. In the year 2015, the Reserve Bank of India gave the license to India Post to start the business of payments bank. India Post Payments Bank was established on 17 August 2016 as a Public Limited Company by the Department of Posts, Government of India.

First of all, on January 30, 2017, two branches of India Post Payments Bank started providing services, one was in Raipur, the capital of Chhattisgarh, and the other in Ranchi, the capital of Jharkhand. India Post Payment Bank is going to start services with 650 branches across the country from 1st September, through this, with the help of postmen and postal servicemen associated with the post offices of the country, it will make financial and digital payment-related services to the people of rural and urban areas easily. We are telling you in detail on this page about the facilities available through India Post Payment Bank (IPPB).


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Table Of Content (toc)

Account In India Post Payment Bank

Any person or business establishment can open an account in this bank, only a savings account and current account can be opened in this bank. Like post office and other banking accounts, you will need identity proof, address proof, and your photograph to open an account in this too. India Post Payment Bank will allow you to open three types of savings accounts.

1.Successful Account

i). This is a normal type of account.

ii) Any Indian citizen who is 10 years of age or above can open a successful account.

iii). Successful account can be opened by depositing a minimum of Rs.100.

iv). There is no requirement of minimum balance in this account, i.e. even if you do not have a single penny in your account, the account will not be closed.

v. Up to a maximum of Rs.1 lakh can be deposited in the successful account.

vi. The annual fee for the continuation of the account is Rs.100 which is charged from the second year after the account is opened.

2.Sugam Account

i. Sugam Khata Any Indian citizen of 10 years of age or above can open a Sugam account.

ii. There is no minimum amount restriction for opening a Sugam account. You can apply to open a Sugam account without depositing any money.

iii). There is no minimum balance requirement, that is, the account will not be closed even if you do not have any money in your account.

iv). You can also keep deposits up to a maximum of Rs 1 lakh in your Sugam Account.

v. No annual fee is charged for the continuation of the Sugam Account.

3.Simple Account

i). Any Indian citizen whose age is 10 years or more can open a successful account in it.

ii). This account can be opened by depositing a minimum of Rs.100.

iii). There is no requirement of a minimum balance in this account.

iv. You can deposit up to a maximum of 50 thousand rupees in Saral Account, and no fee is charged for its continuation.

Payment Bank Work

In IPPB, almost all types of services will be provided to the customers except loans, there will be facilities like debit and credit cards, internet-mobile banking, all types of bills and tax collection, money transfer, etc. like centralized and private banks.

Features of India Post Payments Bank

The facilities provided by India Post Payment Bank to its customers are as follows –

Deposit Amount Fixed Up To One Lakh

In India Post Payment Bank, an individual or institution can deposit only up to one lakh rupees in his name. In addition to accepting deposits from Indian customers, India Post Payments Bank will also accept foreign exchange remittances from abroad, but no loan can be obtained from this bank.

Up To 5.5 Percent Interest Will Be Available On The Deposit

Post Office Payment Bank of India will get 4.5 percent interest on the deposit of 25 thousand rupees, 5 percent on the deposit of 25 thousand to 50 thousand rupees and 5.5 percent on the deposit from 50 thousand to one lakh rupees, interest will be paid every quarter. Will be done.

Benefits Of Banking Services Sitting At Home

Post Office Payment Bank of India will provide its customers the facility of depositing and withdrawing money sitting at home, but for this, the fee will have to be paid according to the distance, currently, it is 15 to 35 rupees, in this facilities ranging from 2000 to 10000 rupees Will be provided.

Debit Card And Credit Card Facility

India Post Payment Bank will provide debit cards, credit card facilities to its account holders like government and private banks, which can be used for payment to commercial establishments in addition to post offices and ATMs of banks.

Internet Banking And Other Digital Payment Facilities

India Post Payment Bank will provide internet banking and other digital payment facilities to its customers. Apart from sending money or money transfer, through this account, you will also be provided with the facilities of paying bills, paying taxes, and sending money.

Free Mobile Alerts

India Post Payment Bank will provide its customers with the facility of SMS alerts on all types of transactions on behalf of the bank. No fee will be charged for this.

Here we have provided you information about the “What Is India Post Payment Bank (IPPB)?”, if any kind of question is coming to your mind related to this information, or want to get any other information related to it, then ask through the comment box. We are waiting for your feedback & suggestions.

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