India Post Payments Bank

India Post Payments Bank (IPPB) on Monday kicked off its operations by rolling out pilot services in Raipur and Ranchi. The bank will offer an interest rate of 4.5% on deposits up to Rs25,000; 5% on deposits of Rs25,000-50,000 and 5.5% on Rs50,000-1,00,000, its chief executive officer A.P. Singh said.

The paid up equity of the new bank is Rs800 crore, of which the government has already infused Rs275 crore, he added. “The idea is to have a branch in every district and make 3 lakh postmen come alive in payment bank function,” he said.

Also 1,000 ATMs of India Post will be transferred to IPPB, Singh added. Telecom minister Manoj Sinha said that IPPB plans to have 650 branches across the country by September 2017.

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Come April, it will be virtual transformation for the India Post. The oldest and the largest financial service provider in the country will foray into payments bank in Telangana. Christened as India Post Payments Bank (IPPB), the Department of Posts (DoP) initiative is set to offer a slew of services to its customers including banking at doorstep.
The IPPB account holders — savings and current accounts — can opt for internet and mobile banking, biometric cash deposits and withdrawals at the doorstep. Services including remittances, bill payments, direct benefit transfer, insurance, mutual fund and disbursal of loans of other banks through third party tie-up are on the anvil.
The IPPB will not provide physical ATM cards to its customers but will offer QR cards, which carry a bar code for taking up any transactions at all channels of IPPB. It will offer virtual debit cards on the mobile banking app of IPPB. Talking to The Hindu, Post Master General, Hyderabad Headquarters region, P.V.S.Reddy said the existing SB account holders have to give their consent to migrate to the IPPB.

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“The finance ministry has approved linking of savings bank accounts at post offices with IPPB accounts. This will enable post office account holders to transfer money from their account to any bank accounts,” an official source told PTI.

He said that by May, India Post will give option to POSB account customers to avail this facility. “The service will be optional. If post office account holders opt for it, their account will be linked to their IPPB account,” the source said.

“In the second phase, starting September, account holders in post office will have an option to pay for post office products from their IPPB accounts including deposit money for Sukanya Samridhi Yojana, recurring deposits, speed post, etc,” he said.

The IPPB customers will be able to make payments to various merchants like grocery store, tickets etc with help of their app, the source said.

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This bank will charge customers for depositing more than ₹10,000 from Jan'22

Account holders will have to pay more for depositing cash and making cash withdrawals if they exceed the prescribed limit

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In the Savings (other than Basic SA) and Current Accounts, the cash deposits will be Free up to ₹10,000 per month and thereafter, a charge of 0.50% of the value subject to a minimum of ₹25 per transaction will be levied.

In the Savings (other than Basic SA) and Current Accounts, the cash withdrawal will be free up to ₹25,000 per month and thereafter, post the free limit, a charge of 0.50% of the value subject to a minimum of ₹25 per transaction will be levied.

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