The India Post Payments Bank (IPPB) to be inaugurated by Prime Minister of India, Narendra Modi on September 1st, 2018. IPPB was incorporated under the Department of Posts and owned by Government of India for 100% equity as a public sector company. IPPB will be governed by Reserve Bank of India.
Officially, IPPD motto is â€œEvery customer is important, every transaction significant and every deposit valuableâ€ and extending its version as â€“ Be it receiving your money in the fastest way possible using it at ease for essentials; saving for your loved ones or even investing for a bright future.
IPPB is Indiaâ€™s first financial company to crowd-source its brand identity. The logo and tagline of IPPB was chosen from almost 5000 entries from citizens of country.
IPPB has started its pilot operations in 2017 at Raipur and Ranchi branches. After this, now it is launching with 650 branches spreading across India along with 3,250 customer access points. IPBB planned to integrate all of its 1,54,000 post offices (90% of them in rural areas) and 3 lakh postal employees by end of the year 2018 to take advantage of its vast postal network to serve each part of the country.
India Post Payments Bank products are categorized as savings and current account. The savings account is sub-categorized as Regular Savings Account, Digital Savings Account and Basic Savings Account. The other products provided by IPPB are Group Term Isurances.
IPPB provides its Services through Doorstep Banking, Mobile Banking, Phone Banking (IVR / Call Centre), SMS Banking, Missed call Banking, Post Office Counter, QR Card.
IPPB Payments are extended for bill payments and recharge, remittances and funds transfer, direct transfer benefits.
In alliance with insurance companies, other banks, mutual funds houses etc., IPPB provide access to third-party financial services such as insurance, pension, forex, credits, mutal funds etc.
India Post Payments Bank accepts deposits up to 1 Lakh INR. per account for individuals and small business. Large scale and enterprise business may have feasibility over this.
Post office employees help you to open the account. IPPB provides the ATM debit cards to use its services to customers.
IPPB provides doorstep banking services to customers and itâ€™s not a free of cost. Under the terms, an amount range varies from Rs. 15 to Rs. 35 will be charged based on transaction. The doorstep banking allows up to Rs. 10,000 as maximum limit of transaction.
IPPB redefines the way banking with its new feature called, QR card. It provides access to your accounts with unique, secure and convenient way. You are no need to remember your account number, PIN or Password because the transactions will be initiated by using biometric authentication.
Along with IPPB, Reserve Bank of India approved the banking services for Airtel and Paytm. The later companies started Airtel Payments Bank and Paytm Payments Bank respectively and operating at high speed. Letâ€™s see how India Post Payments Bank executes its operations competing with these giant companies.