- Tag results for IPPB
Two of the biggest advantages of opening an account with IPPB are zero balance account and its widespread physical presence.
The IPPB will be like any other bank, but with operations on a smaller scale, without involving any credit risk.
Deposits in any account that exceed Rs 1 lakh will be automatically converted into post office savings account.
The Bank would offer a range of products such as savings and current accounts, money transfer, direct benefit transfer, bill and utility payments and enterprise and merchant payments.
India Post already has 40 crore customers in the country with over 17 crore post office savings bank accounts.
Cabinet nod for 2 per cent hike in Dearness Allowance, approves Rs 635 crore for India Post Payments Bank
The 2 per cent hike for pensioners, to compensate for the price rise, was in addition to the existing hike of 7 per cent of their Basic Pay or Pension.
The launch of India Post Payments Bank (IPPB) was recently rescheduled in the wake of seven-day national mourning declared after the demise of former Prime Minister Atal Bihari Vajpayee.
The Department of Posts on Saturday said that India Post Payments Bank (IPPB) will begin its nationwide rollout from April, 2018.
All 1.55 lakh post office branches will operate as access points and 650 payments bank branches will provide them backend support.
In a written reply to Lok Sabha, Minister of State for Communication Manoj Sinha said IPPB has launched 2 pilot branches on January 30, 2017 at Raipur (Chhattisgarh) and Ranchi (Jharkhand) in 2016-17.