India Post Payments Bank (IPPB): Things you need to know

India Post Payments Bank (IPPB) is a new payments bank. Prime Minister Narendra Modi launched India Post Payments Bank on September 1, 2018. IPPB will focus on providing banking and financial services in the rural part of the country.

As per IPPB website, it is India’s most accessible and approachable bank with 650 branches (one in almost every district) and 3250 post office as access points spread across the country. More than 10000 doorstep service providers will provide doorstep banking services. IPPB will also provide 24X7 multilingual customer support. In this post, let’s take a look at all the things you need to know about India Post Payments Bank.

India Post Payments Bank (IPPB)

India Post Payments Bank is a Government of India owned payments bank. IPPB operates under the department of posts and ministry of communication. It offers a range of products such as savings and current accounts, direct benefit transfers, remittances and fund transfers, bill and utility payments, and enterprise and merchant payments. These products and related services are available via multiple channels (post office counters, mobile banking app, missed call banking, SMS banking, and phone banking).

Services offered by India Post Payments Bank

Following services are offered by IPPB.

Mobile Banking

India Post Payments Bank offers a state-of-the-art, simple, secure and easy-to-use Mobile banking service through a Mobile app. You can use this app to access your IPPB account and carry out transactions from the convenience of your mobile phone.

SMS Banking

IPPB provides the facility of SMS banking to its customers. You can quickly access your account details on your mobile phone by sending an SMS to 7738062873.

Missed Call Banking

You can get your account information through the facility of missed call banking. To avail the benefits of this service, you need to register your mobile number for missed call banking service.

Phone Banking

You can access to your account from the comfort of your home, while at work or on the move using IPPB’s phone banking. For this, you need to call IPPB’s phone banking service on the toll-free number 155299.

QR Card

IPPB QR card redefines the way banking is done. IPPB QR card provides a secure and convenient way to access your account without the hassle of remembering your account number. No need to remember your PIN or Password, as transactions can be initiated using biometric authentication.

Doorstep Banking

IPPB provides banking facilities at your home with Doorstep banking services. No need to leave the comfort of your home for your routine banking transactions. You can open a bank account, transfer funds, deposit and withdraw cash, recharge or pay bills and much more with Doorstep banking services, at nominal charges.

Bill Payments and Recharge

India Post Payments Bank give you access via multiple channels for easy, safe and quick payment of bills.

Remittances and Fund Transfers

You can choose from a variety of payment options to transfer money to your family and relatives.

Direct Benefit Transfers

You can use your IPPB savings account for utilizing the benefits of DBT. As a DBT beneficiary, you need to link your Aadhaar number with your IPPB savings account for receiving your DBT money. Your DBT money directly deposited to your IPPB account.

Types of Account in India Post Payments Bank

India Post Payments Bank offers the following four types of payment bank accounts.

1. Basic Savings Account

The basic savings account has all the features and benefits of a regular savings account except that only four cash withdrawals are allowed in a month. The aim of this account is to provide primary banking services at a very nominal charge.

2. Regular Savings Account

Open the regular savings account at the bank’s access points and your doorstep. You can use this account to keep funds secure, deposit money, withdraw cash etc. You will also earn interest on the money kept in this account. Unlimited cash withdrawals allowed in this account.

3. Digital Savings Account

For the people who are tech-savvy, Digital Savings Account is the best way to onboard yourself through the IPPB Mobile App. You can downloaded this app from the Google Play Store on your Android phone.

4. Current account

India Post Payments Bank (IPPB) also offers the facility of a Current Account to the small merchants, kirana stores and individual businessmen. You can open this account at the Post Office Counters or at your doorstep. Along with this, IPPB also offers a Merchant App for meeting the business requirement.

Note: This post was originally published on September 06, 2018 and has been completely updated for accuracy and comprehensiveness.