India Post Payments Bank

Sushubh

Administrator
[OP]
Oct 29, 2004
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Gurugram
India Post Payments Bank launched, offers up to 5.5% interest rate on deposits

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.
 

Sushubh

Administrator
[OP]
Oct 29, 2004
413,823
12,769
Gurugram
India Post offers doorstep banking from April - The Hindu

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.
 

Navjot Singh

The Punisher
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Sep 7, 2005
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Delhi
Post office savings account customers can soon avail full digital banking service

“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.
 


amish

Star gazer
Regulars
Jul 3, 2006
24,650
1,061
Mumbai
I wish they had PPF account online.... but that does not seem to be in their TODO list at all.