Indian Prime Minister Mr Narendra Modi launched the India Post Payments Bank (IPPB) on Saturday to enhance the payment service in India to provide financial and banking service to rural areas across in India.
The government aims to link all the 1.55 lakh post offices to the India Post Payments Bank system by 31 December 2018. Also, the government aims to link all the 1.55 lakh post offices to the India Post Payments Bank system by 31 December 2018 itself.
India Post Payments Bank (IPPB) Details
|Scheme Name||India Post Payments Bank (IPPB)|
|Locations||650 branches, 3,250 access points|
Here the best 10 things about the post payment banking system for everyone should need to know.
1. The India Post Payments Bank is the financial institution with Reserve Bank approval.
2. Account holders in Payment Bank can able to deposit up to Rs. 1 lakh.
3. Cash transaction can be done on the Payment Bank like any other banking services like Airtel Payments Bank and PayTm.
4. Account holders can not get a loan or credit card in the Payment Bank.
5. The initiative to compete the Airtel payments bank and Paytm services so customers who don’t like those service you can go with Posts Payment bank.
6. India Post Payments Bank is a fully centralized banking service system by central government.
7. Savings Account starts with India Post Payments and 4% interest per year.
8. Using the Mobile App on the Payment Bank account can create using the Aadhaar number.
9. India Post Payments Bank Service is to be implemented by Postman.
10. The amount of money can be obtained from the Post Office or ATM. Through SMS, IVR You can also make all kind of transactions.