Everything we need to know about Indiapost Payments Bank (IPPB)
A payment bank license was given to the Indian Post Office on August 19, 2015. The Reserve Bank of India gave the India Post this permission. This government company was set on August 17, 2016, to start as a payment bank. The IPPB is part of the Department of Posts, which is part of the Ministry of Communications.
There was a start date for the pilot project of IPPB on January 30, 2017. It was started in Raipur and Ranchi. During a meeting in August 2018, the Union Cabinet agreed to spend $190 million to start the bank. 650 branches and 3,250 post offices were opened on September 1, 2018. The first phase of the bank had 650 branches and 3,250 post offices as access points. Postmen from more than ten thousand cities have been hired to help with phase one of the project. By September 2020, the bank had about 3.5 million customers, which is how many people it had. In January 2022, IPPB had more than 5 million customers, which is how many people use the service. A part of India Post called India Post Payments Bank is called IPPB. It is owned by the Department of Post, which is a part of the Indian government’s Ministry of Communications and is in charge of the postal service. The bank opened in 2018. By December 2020, it had about 4 million customers.
What is the use of an Indian Post Payments Bank?
The people who work at India Post Payments Bank believe that a country can grow when every citizen has a chance to be successful, no matter what their income level is. With simple, diverse, and growth-oriented offerings, IPPB wants to give every household in India access to efficient banking services and help them become more financially secure and empowered so that they can be safe and secure.
India Post Payments Bank (IPPB) was set up by the Department of Post in the Ministry of Communication. The government owns 100% of the bank. India’s IPPB started in Ranchi (Jharkhand) and Raipur (Chhattisgarh) on January 30, 2017, as a pilot project. By the end of FY 2018-2019, it wants to be in every state in the country. It has spread its reach across India, covering all of the country’s post offices through a network of 650 IPPB branches and controlling offices that work together as hubs and spokes.
Is India Post Payments Bank a good bank?
India Post Payments Bank is different from other banks in that it focuses on providing banking services to customers at their homes, even in the most remote parts of the country This makes it unique. Because you don’t have to go out to do simple banking, this means you don’t have to. You can use the services of 3 lakh postmen, or “dak sevaks,” to make any kind of deal. People who don’t want to open up a bank account can still deposit and withdraw cash, transfer funds, and pay bills at low prices. However, you don’t have to pay to open a new account at your home.
IPPB is owned by the Indian government 100% of the time. Almost no chance that the bank will close soon. If you choose IPPB, then your money will be safe, since even public-sector banks are struggling to deal with a lot of bad debts (NPA).
What are the benefits of postal banking?
● People who have savings and current accounts will have to pay Rs 15 for any digital transaction, except for cash withdrawals and deposits. For cash withdrawals and deposits, they will pay Rs 25 per transaction.
● There are a lot of things you can do with your account besides open a bank account and deposit money, send money to other people, and pay bills, like instant mobile and DTH recharge, water and electricity bills, and so on. You can also get a statement, set up automatic payments, and more.
● IPPB will pay out an interest rate of 4% per year on its Regular, Digital, and Basic Savings Accounts every three months.
● The IPPB has access points where you can open a regular savings account. You can also open an account at home.
● If you have an Android phone, you can get a free app called IPPB’s Mobile App from the play store. You can open digital savings accounts through this app. You can open this account if you are over 18 years old and have Aadhaar and PAN cards. This account can be opened from the comfort of one’s own home right away.
● This is how it looks now: There are about 650 IPPB branches and 3250 access points across the country.
● Over 3 lakh “Grameen dak sevaks,” or postmen, will be able to use smartphones and digital devices to help people with their money. This will happen in more than 1.5 lakh post offices across the country.
● This is how it will work: All 1.55 million Post Offices in India will be linked to the IPPB system by the end of 2018.
Can India Post Payments Bank issue ATM cards?
Debit cards are one of the most common ways to pay for things these days, and they’re already a common way to pay in India. The use of debit cards on ECOM/ Online merchant transactions in India is going up a lot, and it’s happening faster and faster. India Post Payments Bank (IPPB) is giving out a virtual debit card called RuPay Virtual Debit Card to help the government of India’s digital payments goal and get more people and businesses to use digital payments.
The IPPB RuPay Virtual Debit Card is a digital debit card that can be made by customers on their mobile banking app. It can be used to pay for things. In this way, IPPB customers can use RuPay-enabled portals and payment gateways to buy goods or services on e-commerce websites or pay their bills online.
Some other features of the card are shown below:
● Cards can be made, blocked, and unblocked from the IPPB Mobile Banking App, and all of these things can be done from there.
● It’s up to each person to set their own daily limits.
● There should be no problem with RuPay-enabled e-commerce sites or merchant sites.
● Attractive e-commerce deals, cashback when you pay your utility bills, instant discounts, and more.
Are IPPB and DOP the same?
IPPB
India Post Payments Bank is a new way to do banking. It wants to make banking simple, inclusive, convenient, and efficient for everyone in the country. IPPB’s low-cost and high-tech payment and settlement system is available to everyone and is delivered to the last mile.
You are welcome to join the team that is being built to lead the next big change in banking and financial literacy.
● At IPPB, you get to see how payment businesses are growing and how you can help people who aren’t or aren’t well-banked. People don’t do this kind of work every day. We have jobs for the whole country!
● IPPB is a unique project that asks you to think outside the box, come up with new tools and methods, and reach big goals like financial literacy, a less-cash economy, and digital payments. The working environment gives you a wide range of cross-functional experiences with direct contact with peers, partners, vendors, and end-users. This gives you a chance to learn from all sides.
● IPPB has the best pay and benefits in the industry. These include comprehensive medical coverage for your family, leased housing, a wide range of allowances, and reimbursements for what you need to pay.
DoP Product Payment
- Sukanya Samriddhi Account
IPPB now allows you to make payments to your Sukanya Samriddhi accounts right from
your home for very little money. Counters, door-to-door service, and a mobile banking app
are all ways to get the service.
Benefits:
● You can pay your Sukanya Samriddhi account online through IPPB.
● IPPB tells you when you make a payment through the IPPB mobile app and it goes
through.
Prerequisites:
● In order for the customer to use this service, they must have a valid SSA with the
Department of Posts.
● The customer should know the SSA account number and Customer ID. - Public Provident Fund
It’s a long-term plan that many people like. It was created by the National Savings
Organization in 1968 to help people who had small amounts of money move them around.
It’s a good idea to invest in the scheme because it gives you good returns and tax
advantages.
Benefits:
● You can pay for your PPF account online through IPPB.
● IPPB tells you when you make a payment through the IPPB mobile app and it goes through.
Prerequisites:
● The customer must have a PPF account with the Post Office.
● To make an instant payment, you must have your PPF account number and customer ID.
- Recurring Deposit Account
IPPB wants to make its customers happy, so it has added a feature that lets you pay your
recurring deposit account. Doorstep services, mobile banking, and post office counters are
all ways to get the service.
Benefits:
● You can pay your Recurring Deposit Account online through IPPB.
● IPPB tells you when you make a payment through the IPPB mobile app and it goes
through.
Prerequisites:
● The customer must have a Recurring Deposit account with the Post Office in order to
use this service.
● To make an instant payment, you need to know your Recurring Deposit account
number and customer ID. - Loan Against Recurring Deposit
Customers who have a Post Office Recurring Deposit Account may simply get a loan against
their account. After one year of participation in a Recurring Deposit account, the customer is
eligible to withdraw up to 50% of the account amount.
Is India Post Payments Bank a zero balance account?
India Post Payments Bank (IPPB), a state-owned payments bank, has three types of zero balance savings accounts: the regular savings account, the digital savings account, and the basic savings bank deposit account. All three have no balance requirements. Customers don’t have to keep a certain amount of money in a zero-balance savings account at all times.
There are 650 branches and 3,250 access points for the India Post Payments Bank. It says on its website that it pays 4% on balances in all three types of zero-balance savings accounts.
Getting a regular savings account in IPPB can be done either by going to one of the bank’s locations or by getting the service to come to you. The account can be opened with no money in it, and the account holder doesn’t have to keep a certain balance. IPPB’s official website says that with a regular savings account, you get things like a free quarterly account statement and the fund remittance service IMPS.
In order to open a digital savings account in IPPB, you need to download the payments bank’s app on your phone. The app can be found on Google’s Android platform. The applicant must give information about his or her Aadhaar card and his or her PAN (Permanent Account Number) card to the bank. The account can be opened right away from your home. It doesn’t make the account holder keep any money in it every month. The account can be opened with no money in it. This account comes with a free quarterly account statement and a way to transfer money quickly through IMPS, as well.
You can use this savings account as a regular savings account, except that you can only take out four cash withdrawals in a month. People who open a basic savings account want to get basic banking services at a very low price. The basic savings account comes with zero balance account opening, free quarterly statements, IMPS, and a link to a Post Office Savings Account, the IPPB website says.
Is the India Post Payments Bank app is safe?
There is an app called DakPay UPI by IPPB that is safe, simple, and reliable. It lets you use BHIM UPI to make payments with your phone. Using the DakPay UPI App, you can make money transfers with UPI and pay for things at your favorite stores both online and offline in a split second. Link your bank account to the DakPay UPI App, and you can transfer money with BHIM UPI in a flash! The DakPay UPI App is safe and secure, meets all of your payment and banking needs, and is much better than Internet banking, which is not as safe and secure. You can send and ask for money from your friends and family at any time.
If you have a UPI ID or VPA (virtual payment address), you can send money right away. You can also send money to any bank account with an IFSC code.
A lot of banks and payment service providers (PSPs) are included in this app. You can also check your account balance and save beneficiaries. In stores, you can use the DakPay dynamic QR code to make safe, cashless payments using the scan and pay option.
You can also make safe, cashless payments while shopping for groceries, medicines, and more. In addition to your local Kirana store, you can also pay at your favorite food and shopping places like Big Bazaar and V-Mart. You can also pay at your favorite places to eat or shop like KFC and Bata and Cafe Coffee Day and Pantaloons.
What is the minimum balance in India Post Payments Bank?
The account can’t have a balance at the end of the day that is more than Rs 1 lakh. But this account can be linked to your savings account at the post office. The day-end balance above Rs. 1 lakh can be deposited into your linked post office savings account, and you can keep the money there. The other, on the other hand, will have its own upper limit. India Post Payments Bank (IPPB), which started this month, is offering three types of zero-balance savings accounts that come with a lot of benefits, like unlimited withdrawals and deposits and doorstep banking.
All three IPPB savings accounts have a lot of the same features and benefits, like a 4% interest rate, no minimum balance, and more. If you have a payments bank account, you can’t have more than 1 lakh in it. You can open a post office account, where any money over 1 lakh will be sent. In no IPPB savings account can you open a joint account. There are also no checks, debit cards, or ATM cards. Instead, you get a QR card, which lets you use all three.
To open an IPPB account at a post office, you might have to wait in line. If you don’t have time to go to a post office, you can download the India Post Payments Bank App and open a digital savings account right away.
Your PAN card number and your Aadhaar card number are all that you need to do this. After you enter both, you get an OTP on the phone number you linked to the instant bank account. You can then open it.
Is the India Post Payments Bank account safe?
The account doesn’t come with a debit card or checkbook (only the current account comes with a checkbook). Instead, a QR card is given. It gives you a unique, safe, and easy way to get into your account without having to remember your account number. One doesn’t need to remember their password because biometric authentication can be used to start transactions. Places that accept credit cards need to have a machine that can scan money and also an authentication device that can read fingerprints or Iris scans to make the transaction work.
There are a lot of ways you can use this card to make cash transactions, money transfers, bill payments, and cashless shopping. Biometrics are used to verify each transaction on a QR card, so even if the card is lost or stolen, the money will still be safe in the account. A person can use the QR card to do two things: scan the merchant’s codes and authenticate through biometric verification.
How much money can I keep in IPPB?
Customers who open more than one account with POSA Savings Account will have their first account wiped out at the end of the day if their total balance is more than 2 lakh. If there is still money in the account after the first sweep, IPPB has the right to put the extra money in a designated account of the bank, and the customer won’t get any interest in it.
There is a limit on how much a customer can transfer from their account, and that limit is set at Rs 1 Lakh per transaction. The customer can only transfer up to the amount that is in their account at the time. There will be no processing of any transaction that costs more than Rs 1 Lakh. It can only be done between banks that are part of NPCI’s IMPS network.
Can we open FD in IPPB?
Yes, you can open an FD account, just you need to follow these steps. If you want to open a Post Office Fixed in any Indian post office, you can do it both online and offline. Both of them are covered below:
- Online
One way to open a Post Office Fixed Deposit account is to use the internet banking service
provided by the post office. The following should be done:
Step 1: There is a website for the post office called ebanking.indiapost.gov.in that you can use to do things like pay bills and send money.
Step 2: You’ll need your registered ID and password to get into the site.
Step 3: Under the “General Services” tab, click on the “Service Request” option.
Step 4: You’ll follow the on-screen instructions and choose “New Request” to start the process of opening a Fixed Deposit or Time Deposit at the Post Office. - Offline
Visit your nearest India Post branch and get a form for setting up a new Post Office Fixed
Deposit account.
Send in copies of all the documents you need to apply, as well as a filled-out application
form. The people at the post office will give you more information about how to go about the
process.
How do I deposit money into IPPB?
Customers of India Post Payments Bank (IPPB) can choose from a wide range of payment options when they want to send money to their family and friends. Customers can use IPPB’s money-saving and hassle-free services to send money anywhere, at any time, across India.
IMPS
When you use IMPS, you can send money to anyone who has a bank account at another bank. This service is called Immediate Payment Service (IMPS). IMPS is available 24 hours a day, and the money is deposited right away. The customers can use this service to get or send money at any time, even if it’s a holiday.
IMPS services can be used through the IPPB’s mobile banking app, by going to the Post Office where the service is available, or by using our Doorstep banking service.
National Electronic Fund Transfer
National Electronic Funds Transfer (NEFT) is a payment system that allows people to move money across the country. People who have accounts at IPPB can send money to anyone in the country who has an account at another bank that is part of the National Electronic Funds Transfer (NEFT) network. To do this, they need their account number and the bank’s IFSC code.
NEFT services can be used through IPPB’s mobile banking app, at the Post Office counters, or through our Doorstep banking services.
Real-Time Gross Settlement
For transactions worth more than Rs. 2 lakhs, the IPPB also has a service called RTGS. Customers can use RTGS to send and get money by giving their account number and IFSC code. RTGS services can be used with the IPPB’s mobile banking app. These services can also be found at some access points (post offices).
Assisting UPI at the door and the counter People who use IPPB can now send and receive money through the Unified Payments Interface (UPI). To make this possible, we’ve made it possible for people to make UPI payments with help from our Micro ATM and CBS apps. This is the first time this has
happened in India.
IPPB’s Assisted UPI lets customers use UPI without having to download a UPI app or sign up with a debit card. Each customer would get a default Virtual Payment Address (VPA) id that they could use to send money through the assisted UPI platform. The VPA would be made for each customer at the same time as the account was opened, and it would be sent to them by text message on the same day.
Aadhaar Enabled Payment System
People who have an account with a bank can use their Aadhaar ID to access their account and perform basic banking transactions like balance inquiries, cash withdrawals, and remittances through a Business Correspondent, which is a person who works for a bank and can help people with their money.
