Indian Post Payment Bank (IPPB) is a new payment bank. The objective of launching IPPB is to increase the reach of a banking system in rural part of the country. India Post Payment Bank is a digital bank. This bank provides services like ATM Card, online banking, mobile banking etc. It will also provide payment remittance services. One major difference between a commercial bank and a payment bank is payment bank cannot offer loans. In this post, we will look at various services offered by IPPB. We will also discuss types of Indian Post Payment Bank Account and method for opening using IPPB Mobile App.
What is Indian Post Payment Bank?
Indian Post Payment Bank is a new digital payment bank. As the name suggests it is a payment bank which utilizes the postal network for the operation. It is claimed that it is India’s most accessible and approachable bank. All post offices 3250 will act as an access point for this bank. In addition to that, nearly 10,000 doorstep service providers will be available for this bank. This bank will also provide multilingual customer support. Types of services offered by IPPB are given below.
Also Read – 10 Best Cashless Payment methods
Types of Services offered by IPPB
Indian Post Payment Bank offers unique service of doorstep banking. Doorstep banking will create a revolution in banking service, as it brings the various services of the bank to your doorstep. You can avail account opening, cash withdrawal, cash deposit, balance inquiry and Aadhaar to Aadhaar fund transfer using doorstep banking. To avail doorstep banking you need to call to contact center @ 155299 for booking appointment. You will get SMS confirmation. You need to confirm the visit details. This service is free for new customer onboarding. However, for cash withdrawal and deposit nominal fee of Rs.15 and Rs.25 applicable.
Indian Post Payment Bank is also available on the Mobile app. Android version of this app is already released. It is known as IPPB mobile banking app and it can be downloaded from Google Play. This app is available in multiple languages. You can use this app for opening a new bank account, transfer of funds, chequebook and statement request, balance inquiry etc.
Direct Benefit Transfer
Indian Post Payment Bank account can be used for direct benefit transfer. MGNREGA, Scholarships and social welfare benefit and other government subsidies get directly deposited in this account. Aadhaar card linking is mandatory to avail DBT benefits.
QR Code Banking
QR Code Banking is a new way of banking. Indian Payment Bank Account holder gets QR card once an account is opened. This QR card eliminates a need of remembering account number. The QR code is used to get customer detail, biometric authentication is mandatory for completion of any transaction.
Third Party products
IPPB also offers third-party products. You can avail loans, insurance, investments and post office saving scheme via IPPB.
Bill and Utility Payments
IPPB can also be used for bill and utility payment like mobile and DTH recharge, Electricity, water and gas bills, donation and insurance payments.
Types of Indian Post Payment Bank Account
IPPB offers four types of payment bank accounts. The detail of each payment bank account is given below.
Regular Saving Account
The regular saving account is a regular saving bank account. This account can be opened at a post office or via door step banking. The account can be opened with zero balance and No monthly average balance required for this account. Day end balance above 1 Lakh in this account can be swept into post office account.
Basic Saving Account
Basic Saving Account has all the features and benefits of regular saving account, the only change is only four-time cash withdrawal is allowed per month.
Digital Saving Account is for tech-savvy people. This account can be opened via mobile banking. The maximum yearly cumulative deposit of Rs.2 Lakh is allowed in this account. The account is subject to closure if KYC is not completed within 12 months of opening an account.
IPPB also offers the facility of the current account to the small merchants and individual businessmen. Unlimited cash deposit and withdrawal allowed in this account. Merchant App is also available for meeting business requirements.
Indian post Payment Bank Account Vs Post office account
The basic difference between Indian Post Payment Bank Account and Post office account is given below.
|Post Office Account||Indian Post Payment Bank Account|
|Minimum Balance of Rs.20 is required to open an account.||IPPB account is zero balance account.|
|Monthly average balance requirement is Rs.50 or Rs.500 for account with cheque book facility||Monthly average balance requirement is zero.|
|No Maximum Balance limit for account holder||1 Lakh is maximum balance limit for basic saving account.|
|Only single uniform account.||Three different accounts regular, basic and digital.|
|Basic facility for operating account||New features such as Doorstep Banking, QR code banking , mobile banking|
After looking at benefits and services offered by IPPB, let’s take a look at How to open Indian Post Payment Bank account using Mobile App?
How to open Indian Post Payment Bank Account via Mobile App?
The first step towards opening IPPB account is downloading IPPB Mobile App. This app can be downloaded from the Google Play store.
Once an application is installed on your mobile open the application. On the front page go to language selection and select the language. By default, English is selected language.
Click on Open Your Account Now link. You will be taken to the page where it will basic information such as Mobile Number and PAN card. After providing details click on continue button. In the next page, it will offer two options, you can either scan QR code given on your Aadhaar or you can provide Aadhaar Number. It will also display checkbox asking about Aadhaar based OTP linkage with another bank account.
Once required information is provided you can proceed by placing continue button. IPPB mobile app will send OTP on Aadhaar registered mobile number. Once authentication is complete new account number and customer ID is allocated to you.
IPPB QR Code Banking
As IPPB account holder you will also receive QR card. This QR card can be used for the completion of any transaction. The best part for QR card is you need not remember your account number or PIN for performing transactions. Biometric authentication is used for the transaction. This card can be used for the cash transaction, money transfer, bill payment or for cashless shopping. The steps for using this card is given below.
- Scan the code
- Authenticate through biometric verification
- Complete the transaction
Benefits of Indian Post Payment Bank
- Opening account and doing transaction via IPPB is simple, affordable, efficient and convenient.
- Doorstep banking offered by IPPB is likely to increase financial inclusion.
- No minimum average balance requirement.
- Remittance transfer benefit using NEFT, IMPS, AEPS and UPI.
- Mobile banking for anywhere transaction.
- QR code banking for making transaction more secure and robust.
Conclusion – Indian Post Payment Bank Account offers multiple benefits such as self-onboarding, paperless banking, zero balance, banking on the move, doorstep banking, QR code banking etc. In short, it is a wonderful initiative that will surely increase the reach of banking services across the country.