10 things you must know about India Post Payment Bank
Hi Guys,
Today's topic is '10 things you must know about India Post Payment Bank'. India's PM Narendra Modi has inaugurated India Post Payment Bank on 1st Sept 2018. So Let's Start.
India post payments Bank (IPPB) has been incorporated as a public sector company under Department of Post and it is governed by Reserve bank of India. India Post office is covered in most of the rural area. So it is helpful to the rural people for saving their money in India post payment bank.
Indian Government said that IPPB will have 650 branches and 3250 customer access points in all over India on Inaugurated day. All the post office will be linked with India Post Payments Bank within December 2018. IPPB is offering Saving and Current accounts up to a balance of 1 lakh digitally enabled payment. It also provides access to the third-party financial services such as insurance, mutual funds, pension, credit products etc.
10 things you must know about India Post Payment Bank :
- India Post Payment Bank has been set up under the Department of Post with 100% equity owned by Government of India.
- It started operations on 30 Jan 2017 in the Raipur and Ranchi.
- India Post Payment Bank will offer 4 percentage of interest rates in savings accounts.
- IPPB can accept deposit up to 1 lakh per account but do not have the mandate to extend loans.
- IPPB provides access to the third-party financial services such as insurance, mutual funds, pension, credit products etc.
- IPPB will offer a lot of product such as saving and opening accounts, Money transfer, direct benefits transfer, bill and payment utility, and enterprise and merchant payments.
- The product and service will provide across multiple channels Such as SMS, Mobile banking app, IVR etc.
- IPPB will provide doorstep banking facility to customers. So it is not free of cost it will be charged between 15 to 35 rupees per transactions and maximum limit for doorstep banking is Rs. 10000.
- IPPB will cover every corner of the country with more than 300000 postmen which have been an accessible, affordable and trusted bank for common people.
- 40% people of the population is benefitted with this project and it is also helpful for the country's development.
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