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..
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.
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.