IPPB is also going to offer banking services through digital channels like mobile application, UPI, and digital cards which can be used at any ATM.
To make banking services simple and affordable for Indians across the nation where they can get seamless access to the government benefits directly from the payments bank account, India Post is now aiming to extend its reach to all the corners of the nation. In a row, The India Post Payments Bank (IPPB) has become the third entity to receive payments bank licence from RBI after Bharti Airtel and Paytm.
With a saying – “Aapka bank, aapke dwaar”, IPPB will promote and encourage smart saving and investment habits with their easily accessible banking services. And by simplifying the services, IPPB aims to bring prosperity to every doorstep.
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IPPB is also going to offer banking services through digital channels like mobile application, UPI, and digital cards which can be used at any ATM, etc. This will facilitate all-round connectivity with your post bank which will help you to easily access your account details on an instant basis. Like other payments banks, IPPB can also accept deposits up to Rs 1 lakh per account from individuals.
Regardless of who you are and where you live, IPPB aims to ensure equal financial access to every Indian. Here are four important services:
Banking Services for Every Individual
As per the need of an individual, IPPB has made 3 distinct accounts:
- ‘Safal’ which will be a Regular Account
- ‘Sugam’ which will be a Basic Savings Bank Deposit Account (BSBDA)
- ‘Saral’ which will be for Small BSBDA
While the Safal Account will comprise of all banking features, the Saral account will provide limited banking experience for specific people.
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Domestic Remittance Services
Through its domestic remittance offering, IPPB will provide an inexpensive and secure medium to transfer money. All customers are eligible to make domestic remittance subject to the following – NEFT, IMPS, AEPS, UPI and *99#
Direct Benefit Transfer (DBT)
DBT program aims to transfer subsidies/benefits directly to individuals through their bank accounts, which in turn will reduce leakages, delays and other similar issues. Funds from the disbursing agency (DBT) will automatically get credited into the beneficiary accounts through NACH/APBS instead of any cash disbursal.
For doorstep banking, a customer has to pay a nominal fee to request and avail banking related services at their door. The services which are going to be offered currently are cash deposit, cash withdrawal, balance enquiry, and Aadhaar to Aadhaar funds transfer.