What is India Post Payments Bank: Know all about it

Prime Minister Narendra Modi launched India Post Payments Bank (IPPB) at Talkatora Stadium in New Delhi on Saturday. The bank has been launched with an initiative to provide banking and financial benefits to people in rural areas, by influencing the reach of 1.55 lakh post office branches. According to a statement released by the government, on the day of the launch, IPPB will have 650 branches and 3,250 access points spread across the country.

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#IndiaPostPaymentsBank : Product and services. pic.twitter.com/TmGBmCctoi

— BJP (@BJP4India) September 1, 2018

Here are the 10 important things you need to know about India Post Payments Bank.

1. The Department of Posts, Ministry of Communication has set up the India Post Payments bank, with the government of India holding 100% equity.
2. The operations began on January 30, 2017, when two branches of the bank, one at Raipur and the other at Ranchi were opened.
3. Interest rate of 4 per cent will be provided on savings accounts by India Post Payments Bank
4. The bank can accept a deposit of Rs 1 lakh per account from individuals and small businesses.
5. IPPB will eventually link all 1.55 lakh post offices in the country to offer the service.
6. Payments Bank has been authorised to link around 17 crore postal savings bank(PSB) accounts with its accounts.
7. A wide range of products and services will be offered by the bank, such as savings and current accounts, money transfer, direct benefit transfers, bill and utility payments, and enterprise and merchant payments.
8. The services will be accessible across multiple channels like, counter services, micro-ATM, mobile banking app, SMS, and AVR, on IPPB’s technology platform.
9. IPPB will be launching a mobile app to facilitate online banking service as well as payment for various utilities and services like the phone bill, DTH, gas connection, electricity, etc.
10. India Post Payments Bank also provides the facility of SMS banking so that customers can quickly access the account details on their mobile phones, by sending an SMS to the IPPB's SMS Banking number 7738062873. Its phone banking services can be availed by customers by dialing their customer care number at 155299.

(With agency inputs)