Thursday, August 09, 2018

India Post Payments Bank (IPPB) The Next Biggest Banking Network In India

By Jitendra Indave On Thursday, August 09, 2018

According to the report, the Prime Minister of India is going to introduce Indian Postal Payment Bank (IPPB). In this context, the Government of India will try to have at least one IPPB branch in each district. According to an official statement, this service will be started with 650 branches. With whom 3250 access points will be added to the post offices and 11,000 postmen will be in service. That’s why the words are used “Aapka bank, Aapke Dwaar”. This postman will provide door to door banking services in rural areas as well as in urban areas. In the month of October 2017, Mr Suresh Sethi has been appointed as MD & CEO of IPPB. The biggest banking network can come into existence through this government initiative. IPPB is allowed to link 17 million postal savings accounts in this service. Generally, the services available in government banks such as RTGS, IMPS and the fund transfer or payment through the NEFT will be available here. For the payment given by the government, such as pension, subsidy, or in case of any other type of benefit this bank accounts can be used.

According to reports, on September 21, the Prime Minister of India can launch this service of IPPB and also launch the app associated with it. This app will be helpful for payment of services such as phone recharge bill, gas bill, electricity bill, college fees, internet bill etc. The bank also going to offer third party products like insurance, investment, loans and varies types of saving schemes too. Currently, the bank will be providing three types of saving accounts these are regular, basic and digital. All accounts are paid 4% interest calculated annually paid quarterly. No condition to maintain minimum monthly average balance. There is a limit for the basic saving account, up to four deposit and withdrawal allowed. For regular saving account no more limit. There is no more difference between the digital saving account and regular saving account. Actually when you open the bank account using the official app with the Aadhaar card and PAN card the same account is called digital account. After verification of KYC, it is converted into regular saving account. The app will help you to open the account instantly.

Where all government sectors banks unable to provide their banking and financial service, IPPB definitely will be providing these service.

If you want to be part of next upcoming biggest banking network you can go through following contact information.

Toll-Free No: 18001807980


Official Android App :



Post a Comment

// this code is not working of page navigation