India Post Payments Bank to start operations on 21 August: 5 things to know
By Rouf Banday
India Post Payments Bank can accept deposits up to Rs 1 lakh per account from individuals and small businesses, and facilitate money transfer to other bank accounts.
New Delhi: Prime Minister Narendra Modi will on 21 August launch India Post Payments Bank (IPPB) with 650 branches across the country, paving the way for the country’s largest banking network.
Five things you should know about the India Post Payment Bank
1. India Post Payments Bank offers three types of savings accounts: regular savings account, digital savings account and basic savings account. Interest rates on all three types of savings accounts are fixed at 4 per cent per annum.
2. India Post Payments Bank offers the facility of a current account to small merchants/ kirana stores and individual businessmen. Along with this, India Post Payments Bank also offers a merchant app for meeting business requirements. The current account can be opened at post office counters or at your doorstep via postmen.
3. India Post Payments Bank gives you the opportunity to enjoy banking facilities at your home with doorstep banking services. You need to call the toll-free number 155299 to request for doorstep banking services. Doorstep banking services will be chargeable, but for new accounts there will be no charge.
4. India Post Payments Bank offers a simple, secure and easy-to-use mobile banking service through a mobile app to access your account and carry out transactions from your mobile phone.
5. Customers will also be able to pay their bills and recharge their phones and DTH accounts via India Post Payments Bank.
Payments banks can accept deposits up to Rs 1 lakh per account from individuals and small businesses, and facilitate money transfer to other bank accounts, among other services. However, they cannot offer loans or issue credit cards. The bank, which has 650 branches, will also offer multilingual customer support.