After the super successful, Pradhan Mantri Jan Dhan Yojana whose main objective was to provide one bank to every household in India, government of India is launching India Post Payments Bank (IPPB) targeting again the rural areas with more deeper penetration and range of financial services.

Objective of IPPB – Aapka Bank Aapke Dwaar

Provide banking and financial services especially to the unbanked and underbanked individuals from rural areas.

IPPB is nothing but a payments bank whose main objective is to provide financial services to the underserved individuals such as laborers, low income earning individuals, small and very small businesses and others.

For more details visit: https://www.ippbonline.com/

Features of IPPB

Launch Date: 1st September 2018

Type of Bank: Public Sector

Location: Services will be provided through 1.55 lakh post offices which would be acting as access points

Which employees will provide services: 3.0 lakh postal employees in every district, town and village

Government Share: 100%

Security: Transactions done through IPPB will happen on a secured technology driven environment.

Types of accounts individual can open: Four types of accounts can be opened broadly categorized as:

Savings Account:

• Regular Account – Safal: Minimum deposit is Rs. 100
• Basic Savings Bank Deposit Account (BSBDA) – Sugam: There is no minimum balance required.
• BSBDA Small – Saral: There is no minimum balance required.

Current Account:

• Current Account

Number of branches to be opened: 650. Two branches are already functioning.

Where are IPPB branches currently in operation: India Post Payments Bank (IPPB) branches are present in Ranchi and Raipur. And another 648 branches would be opened

Number of access points: 3,250. These access points will be located at post offices.

What services can be availed: It would be a digital bank and offer services similar to a normal bank such as:

• Remittances (money transfer and receiving) within the same bank or other. Funds transfer can be done via IMPS, NEFT, AEPS, UPI and *99#.
• Doorstep banking
• Mobile banking
• Phone banking
• SMS banking
• Missed call banking
• ATM cum debit card
• Mobile alerts
• Branch banking

Maximum balance that can be kept: Rs. 1 Lakh in Safal and Sugam account. Rs 50,000 in Saral account.

Is it mandatory to have post office account for IPPB: No.

Other Benefits of India Post Payment Bank:

• Government will give MGNREGA wages, benefits transfer such as gas and other subsidies, pension to retired government employees, doorstep banking etc.
• Direct benefits transfer would be Aadhaar based
• Money transfer would be simple & secure, instant and available 24×7
• Individuals can use the IPPB app for making utility bill payments (telephone, electricity, etc.), mobile sim recharges.
• Postal savings account will be linked to IPPB
• Insurance, mutual fund, credit products, pension and other financial services can be availed through India Post Payments Bank.
• Nominee can be added
• 10,000+ doorstep service providers
• 24×7 multilingual customer support
• Joint account cannot be opened
• There is no minimum balance required

How to contact IPPB

You can reach Indian Post Payment Bank through call and E-mail or visiting their branches

Call: 155299 (Existing Ranchi & Raipur Customers)
Call: 18001807980 (All New Customers)
Email: [email protected]