People can use IPPB or India Post Payments Bank's products and services via multiple channels.
New Delhi: Prime Minister Narendra Modi will launch India Post Payments Bank or IPPB -- the largest payments bank in the country by network size on Saturday. The India Post Payments Bank will offer a range of products such as savings and current accounts, money transfer, direct benefit transfers, bill and utility payments, and enterprise and merchant payments. India Post Payments Bank offers three types of savings accounts - regular savings account, digital savings account and basic savings account. The annual interest rates on all three are fixed at 4 per cent.
5 Things To Know About India Post Payments Bank:
- The India Post Payments Bank (IPPB) is a public sector company under the department of posts and ministry of communication with a 100 per cent equity of the government and governed by the Reserve Bank of India.
- The India Post Payments Bank (IPPB) will focus on providing banking and financial services to rural areas by linking all the 1.55 lakh post offices across the country to India Post Payments Bank by December 31.
- In India Post Payments Bank (IPPB), regular savings account can be opened with zero balance.
- Interest can be earned on the money kept in this account and the cash withdrawals allowed in this account are unlimited.
- People can use India Post Payments Bank's products and services via multiple channels such as counter services, ATMs, mobile banking app, SMS and IVR (interactive voice response).
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