How to Open an Account in IndiaPost Payments Bank (IPPB), Services Offered by IPPB

Incorporated as a Public Sector Bank under the Department of Posts with 100% GOI equity, IPPB has launched on January 30th, 2017 in Ranchi and Raipur with the objective of being present in all corners of India by the end of the year.

For now, IPPB is offering Savings account up to a balance of Rs 1 Lakh, along with digitally enabled payments and remittance services of all kinds between individuals. In due course, IPPB will also provide current accounts and access to third party financial services like insurance, mutual funds, pension, credit products, forex, and more.

Aadhar number is your IPPB account number:

IndiaPost Payments bank to ease out account opening procedure is introducing a new way of banking. The IndiaPost Payments bank payment address will be your 12 digit Aadhaar number. It won't matter whether the Aadhaar number is linked to bank account or not, 112 crore Indians who has Aadhaar number can now send and receive money using their Aadhaar number.

IndiaPost Payments Bank is starting its operations from September 2016 in 650 districts of the country.

Here is a glimpse of what services IPPB offer.

1) Banking Services for Everybody

2) Domestic Remittance Services

3) Direct benefit Transfer

4) Doorstep Banking

Banking Services for Everybody:

IPPB offers 3 distinct accounts, tailored to suit the requirements of people everywhere.

Regular Account – Safal

Basic Savings Bank Deposit Account (BSBDA) - Sugam

BSBDA Small - Saral

While the Safal Account is packed with features, the Saral account is aimed at people with limited banking experience.

Domestic Remittance Services:

IPPB will provide an inexpensive and secure medium to transfer funds via its domestic remittance offering. All customers of IPPB would be eligible to avail a host of different modes of domestic remittance subject to the stipulated constraints – NEFT, IMPS, AEPS, UPI and *99#

Direct Benefit Transfer (DBT):

DBT program aims to transfer subsidies directly to the people through their bank accounts which will, in turn, reduce leakages, delays and other similar challenges.

Funds from the disbursing agency are automatically credited into the beneficiary accounts through NACH/APBS instead of cash disbursal. IPPB will provide cash out of the subsidies at the customer's doorstep by combining this service with Doorstep Banking.

Doorstep Banking:

We look forward to extending our relationship with banking at your doorstep. Doorstep banking allows a customer for a nominal fee to request and avail banking and related services at their door. The services currently offered are as follows:

a) Cash deposit

b) Cash withdrawal

c) Balance enquiry

d) Aadhaar to Aadhaar funds transfer