Beneficiaries display their digital QR code at the launch of India Post Payments Bank (IPPB), in Chennai on Saturday. Photo: PTI
The India Post Payments Bank (IPPB) will be like any other bank but its
operations will be on a smaller scale without involving any credit risk.
A look at some of the facilities provided by the IPPB:
1. India Post Payments Bank accounts can be opened instantly through
their respective mobile apps just by providing details like Aadhar
number with KYC verification.
2. Doorstep banking service is one of the most distinct features of the
IPPB, making it very accessible. The IPPB’s doorstep banking facility
will offer the following services: account opening; cash
deposits/withdrawals; money transfers; recharge and bill payments;
third-party services like insurance, loans and investments; and other
account-related services like updating PAN/nomination details,
requesting account statement, and issuing standing instructions.
3. India Post Payments Bank doesn’t charge any fee for withdrawals made from its own ATM or any Punjab National Bank ATM.
4. India Post Payments Bank will offer 4 per cent interest rate in savings accounts.
5. India Post Payments Bank can offer forex services at charges lower than banks.
6. Most banks levy a charge in case one fails to hold a minimum balance
in the account. In the case of the IPPB, there is no need to maintain a
minimum quarterly average balance.
7. QR card is another service the IPPB is offering. With the help of a
QR card, you can access your bank account and make transactions without
having to remember the account number. All transactions will be
authenticated via biometric verification.
8. India Post Payments Bank offers a free debit card with annual maintenance fee of Rs 100 from the second year.
9. India Post Payments Bank is expected to reach customers mainly
through their mobile phones rather than traditional bank branches.
10. The IPPB has teamed up with financial services providers like PNB
and Bajaj Allianz Life Insurance for third-party products like loans and
insurance.
Prime Minister Narendra Modi on 1 September 2018 launched the payments
bank of the Department of Posts that will take banking to the doorstep
of every citizen through an unmatched network of post offices and almost
3 lakh postmen and ‘Grameen Dak Sewaks’.
IPPB services are now available at 650 branches and 3,250 access points
and will be quickly scaled to all 1.55 lakh post offices by December
2018.
DIFFERENCE BETWEEN POST OFFICE ACCOUNT AND IPPB BANK ACCOUNT
SO, HOW IS A SAVINGS ACCOUNT WITH A POST OFFICE DIFFERENT FROM OPENING A SAVINGS ACCOUNT WITH AN INDIA POST PAYMENTS BANK?
1
Zero balance savings accounts can be opened with IPPB. In case of Post
Office Savings Account (POSA), a minimum deposit of Rs 20 is required to
open an account. To open an account with cheque facility, Rs 500 is the
minimum deposit required for a POSA.
2
Accounts holders do not need to maintain a minimum balance in savings
accounts with IPPB. However, with POSA savings accounts, holders need to
ensure minimum balance of Rs 50 per month (for accounts without cheque
facility) and Rs 500 (for account with cheque facility).
3
There is no maximum balance limit with POSA saving accounts. However,
under an IPPB basic savings, holders will not be able to keep more than
Rs 1 lakh in their accounts. Any amount above that figure will be swept
out into the linked POSA account.
4
IPPB comes with three types of savings account with different features: Regular, Digital and Basic.
5
POSA does not facilitate doorstep banking while this is the special
feature with IPPB, although this comes with additional charges.
Source: sapost.blogspot.in
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