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India Post Payments Bank Scheme...Positive Move!!
The India Post Payments Bank (IPPB) has been recently incorporated as a Public Limited Company under the Department of Posts. IPPB will offer demand deposits such as savings and current accounts up to a balance of Rs 1 Lac, digitally modified payments and remittance services of all kinds between entities and individuals and also offer access to third-party financial services such as insurance, mutual funds, pension, credit products, and more. IPPB has launched on January 30th,2017 in Ranchi and Raipur with the objective of being present in all areas of India by the year. READ MORE
Great Philosophy of IPPB’s!!
Here are the 3 features central to IPPB’s operating philosophy:
- Convenience at your fingertips
- Pioneer in inclusive banking
- Efficiency of banking network
Banking Services for Everybody!!
IPPB offers 3 distinct accounts, tailored to suit the demands and needs of people everywhere:
- Regular Account – Safal
- Basic Savings Bank Deposit Account - Sugam
- BSBDA Small - Saral
Here’s What Payments Banks Can & Cannot Do!!
A bank or credit union usually gives you a debit card when you open a checking account. First, Compare the services and fee amount at some banks and credit unions. Go to the website or visit in person. Find out what the fee is if you:
- They can enable transfers and remittances through a mobile phone
- They can give services such as automatic payments of bills, and purchases in cashless, cheque less transactions through a phone
- They can provide debit cards and ATM cards useful on ATM networks of all banks
- They can transfer money instantly to bank accounts at nearly no cost, being a part of the gateway that connects banks
- They cannot provide loans but can raise deposits of up to rupees 1 lakh
- Unlike a regular bank, a payment bank can’t issue credit cards and is only allowed to invest the money customers deposit into government securities
Plan Behind Three Tiered Structure!!
Interest on deposits in IIPB has a three-tiered structure, which depends on the quarterly average balance (QAB) in an account. Interest rates have been secure as 4.5% if the quarterly average balance is up to rupees 25,000, 5% if it is between rupees 25,000 and 50,000, and 5.5% if above 50,000. Besides, it is paid out quarterly as opposed to per annum.
Most Attractive key Features of IPPB!!
- Fund transfer facility via National Electronic Funds Transfer, Immediate Payment Service, Aadhaar-Enabled Payment System, Unified Payments Interface and more
- Aadhaar based e-KYC will be used for instant account verification
- Direct Benefit Transfer – this allows funds from disbursing agency to transfer subsidies directly to the people via their bank account
- Doorstep banking – Cash withdrawal, balance inquiry and Aadhaar to Aadhaar funds transfer
- Interest rates up to 5.5 percent on money deposit
- No minimum quarterly average balance requirement
- Free cash withdrawals at India Post ATMs and Punjab National Bank ATMs
