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IPPB

What is IPPB and how will it benefit?

Do you know what IPPB is? What are its main features? If not, then you must read this article. Recently, our Prime Minister has launched the India Post Payments Banking (IPPB) scheme in the country as a full-fledged account. Now there will be no such house in the whole country where the banking facility has not reached because now customers do not need to come to the banks, but now the banks are going to reach their homes with the help of this IPPB scheme.

This Banking Service is very important for those who are also deprived of normal banking services. Due to the locations of their homes, the banking facility near them is unable to reach, so this time the government thought that why not banks should be brought near them. To the extent that this government’s praise is appreciated, it is less because we have seen very few government having this type of thinking.

Apart from this, in modern India where post offices used to be seen only in books and it’s existence was on the verge of disappearing, bringing him so close to the people is a huge achievement in itself. The best use of post office is possible only with schemes like IPPB. This is because people have great faith in Indian Post and it has already reached every village. That is why the government did not have to do much work, just had to take the right steps at the right time.

Due to the grand launch of this scheme, the eagerness of people to get information about it has increased. So today I thought that you guys will discuss more about what IPPB is and what are its special benefits. Then without delay let’s start and try to know more about IPPB.

What is India Post Payment Bank (IPPB)?

The full form of IPPB is India Post Payments Bank. This is the second payment bank that was first launched on 12th January 2017, right after Airtel Payments Bank. Here too, many banking-related tasks such as making deposits, withdrawing, transferring money, many payment services can be done from this Payments bank. But like other commercial banks, these payment banks do not offer loans to customers.

This India Post Payments Bank (IPPB) has been integrated like a public limited company under the department of posts where 100% of equity has been provided by the government. Indian Post Payment Bank first started its pilot services from Ranchi and Raipur and later expanded to about 650 branches.

In this IPPB scheme, your 12-digit Aadhaar card number will be your account number, which you can use in your Indian Post Payment Bank account. This has been kept because all the people will not need to remember their account number because if you remember the Aadhaar Number then you will remember the IPPB account number in the same way. With this information even if your Aadhaar card is not linked with any bank account, you can still send or receive payments in it. It is designed to conduct transactions easily.

Let us know more about the Interest Rates provided by IPPB:

Here, let us know how much interest will be provided to them by the IPPB on the deposited amounts of the customers.

    Interest of 4.5% on deposits of INR 25,000
   INR 25,000 – 5% interest on the deposit of INR 50,000
   INR 50,000 – Interest of 5.5% on the deposit of INR 100,000.

What is the motto of IPPB?

His Motto in simple words: – All customers are important to us, all transactions are important and every deposit is also valuable.

We are always ready to deliver your money to the right place at the earliest. Because we know how important it is for you, because you also save it for your loved ones, or invest it for their future. We value your decisions.

It started with around 3250 access points during launch, and in the coming years, IPPB will also use its 1.55 lakh Post Offices and 3.0 lakh postal employees which are available in all districts, town, and village.

How is IPPB your One-Stop Financial Services Provider?

Let us know how IPPB can become your one-stop financial services provider. How it has the ability to change the world of your personal finance.

  1. Instant account can open your doorstep or in post office counters
    Yes, friends, with the help of IPPB you can open an account right away from your home.
  2. Aadhaar based Direct Benefit Transfer (DBT)
    Now you will not need any other documents for DBT. With the help of your Aadhar card, all the benefits on your account will be automatically credited.
  3. Simple and secure, instant, 24 × 7 money transfer
    These IPPB services are very simple and with this they are secure. You can do this immediately and there is no need for you to not stand in long lines. You can avail of this service facility 24X7. Therefore, there is no effect on Strikes or holidays.
  4. Hassle-free cash withdrawals and deposits
    Now with the help of this service, you can deposit and withdraw your cash without any problem. There is no expectation of trouble or trouble like before.
  5. Pay your bills in a convenient way
    Now with the help of this IPPB service online, you can pay all your bills sitting at home in an easy manner. So there is no need to come to the city from your village or town.
  6. Simple, affordable and reliable services
    As such, we have already known about its features. Therefore you must know how simple, affordable and reliable service this is. There is no risk of your money being stolen or drowned because it is controlled by the government.

What are the accounts types of IPPB?

IPPB does not only provide savings accounts but with that, it provides the facility of current accounts to the customers. IPPB currently offers three types of accounts:

  •   Sugam (which is the basic savings bank deposit account)
  •  Safal (regular account)
  •  Saral (which is the basic savings bank deposit account – these are for small transactions).

In all these accounts, there is a minimum initial deposit of INR 100, in this you do not have to maintain any minimum monthly balance, and the maximum amount you can deposit in it is INR 1 lakh.

All three accounts of any person whose age is 10 years or more can open the account. But in Safal and Sugam accounts, you need KYC details to open the account, for verification, you can also open KYC details in Saral account.

While there are many new and useful features in a Safal account, Saral has been made for those who need only limited banking experience.

Where are the Headquarters of India Post Payment Bank (IPPB)?

Postal Payment Bank (IPPB) has its headquarters in Delhi (Delhi). All of which is handled by the Department of Posts, whose current CEO & MD Shri Suresh Sethi (Mr. Suresh Sethi) has been appointed.

What is the Interest Rate in IPPB?

If the average amount in your account is Rs.25,000, then you will be given a fixed 4.5% interest. Whereas if you have average money in your account from Rs.25,000 to Rs.50,000 then you will be provided 5% interest, and after all, if you have more than Rs.50,000 money in your account on average, then you get 5.5% interest.

At the same time, you will not have to pay any charges for cash withdrawals, like Airtel Payments Bank.

What is the IPPB Services?

The goal of IPPB is to transfer funds from secure and inexpensive (cheap) medium to the customers, which it performs with the following services:

Direct Benefit Transfer

The main objective of this Direct Benefit Transfer (DBT) program is how to easily transfer the subsidy amount provided by the government to the bank account of consumers.

Doorstep Banking

Doorstep banking is a very big step in banking services within all banks, as it allows banks to reach customers’ homes. Due to this doorstep banking, you can get many services only by paying some nominal fee such as:

    Cash withdrawal
   Cash deposit
   Balance inquiry
   Aadhaar to Aadhaar funds transfer

What are the important features of IPPB?

We all have to agree that the Indian Post Payment Bank has shown how their new initiative can prove to be a game-changer for the banking industry in the coming times. Now it is time for us to go, what are the main features of this payment bank: –

Account verification is done instantly with the help of Aadhaar based e-KYC.

The first debit cards are completely free for all accounts.

Customers do not need to keep any type of minimum balance in their account. They will not be charged properly for this.

Cash withdrawals are absolutely free at all Punjab National Bank ATMs and India Post ATMs across the country.

Some things to know about IPPB: –

  • India Post Payments Bank (IPPB) remains under the Department of Posts, also under the Ministry of Communication wherein 100% equity has been provided by the Government of India, and it was first launched on 17th August 2016.
  • The IPPB started its operations on 30th January 2017, in which they first started two pilot branches, one in Raipur and the other in Ranchi.
  • Later, the IPPB has planned to open more than 650 branches which will be opened in different districts.
  • Shri Suresh Sethi has been appointed to the payment bank as MD and CEO.

Some Advantages and features of IPPB:

Now let us know more things about IPPB and how it is going to prove beneficial for us going forward.

FINANCIAL LITERACY:

Wealth always creates more wealth. We all must have heard about it before. Therefore it is said that if small savings are channelized properly for a long time then it provides good returns in the future. And in such a situation, trustworthy advice and services have been designed in such a way that it brings everyone under its control. And it is the right of all that they also know the true value of their money and where they will get the right return by investing, they need to know about it.

Payment bank is also working in this direction and they are providing all the financial information that they should know, without having any information about the customers.

STREAMLINING PAYMENTS:

Beneficiaries receive deposits directly from their government DBT programs such as MNREGA allowance, Social Security Pensions, and scholarships, directly on their IPPB bank account. Apart from this, they can pay their utility bills, fees of educational institutions and many such bills from the IPPB account. With this, they can tackle a lot of tasks while sitting at home.

FINANCIAL INCLUSION:

There are many Indians who have not yet had access to banking facilities. Due to which they are deprived of government benefits, loans, and insurance, even the facility of interest in saving.

The IPPB is two steps ahead in this matter and they are making every effort to reach the water of these unbanked and under-banked sections of society at the earliest. No matter how bad it is in demographical geographies. With the services provided by IPPB, they will move towards the first step of progress.

EASE OF ACCESSIBILITY:

IPPB includes all postmen who used to threaten us. As we know that if there is maximum post offices in the whole world, then it is only India. Because there are 1.54 lac post offices in India. Apart from this, there is a serious mistreatment of all Indians over India Post.

Since the payment bank has more access to people with the help of Post Offices, it will be easier for people to use IPPB services. It will soon be called the bank of every household.

How to contact India Post Payment Bank?

If you have any problem with your Postal Bank Services (IPPB), then you can contact them through the following: –

  1. India Post Payment Bank by email – [email protected]
  2. If you want to contact India Post Payment Bank by call then call 155299
  3. You can visit their branch by locating them.

Click here to download the IPPB mobile banking app for android users.

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