What is an India Post Payment Bank (IPPB)?

Post payment banks are public sector Company under the Department of Posts. These are almost the same as a normal bank except it does not give loan and credit card services.

It provides net banking services, fund transfer (RTGS, NEFT, IMPS), debit card, transfer of money by a foreign worker to an individual in their home country, digital payments, fixed deposit, etc..

How to open account?

Aadhaar card will be used to open accounts & a QR card and biometrics will drive authentication, transactions, and payments.

Postal payment bank will use postmen to help deliver banking services.

Features of post payment bank

Post payments bank will accept deposits of up to Rs 1 lakh. Deposits in any account that exceed 1 lakh will be automatically converted into post office savings account.

It will offer 4% interest rate on savings accounts.

IPPB (India Post Payments Bank) has combined with PNB and Bajaj Allianz Life Insurance for third-party products like loans and insurance.

Paperless banking services, zero initial deposit, and hassle-free payments.

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