India Post Payments Bank interest rate, branches, services of country's banking 'milestone' explained

India Post Payments Bank (IPPB): Prime Minister Narendra Modi today launched the India Post Payments Bank (IPPB) at Talkatora Stadium in New Delhi. An official statement of the government says, "IPPB has been envisioned as an accessible, affordable and trusted bank for the common man, to help speedily achieve the financial inclusion objectives of the Union Government." Launching the IPPB, which has been termed as a milestone in India's banking, PM Modi said, "India Post Payments Bank offers several facilities and benefits common citizens."

Here are important things you need to know about the IPPB:

India Post Payments Bank (IPPB) interest rate, banking services: At present, the IPPB offers a regular saving account, digital saving account and basic saving account. All of these accounts provide 4 per cent per annum interest. The IPPB also offers current account facility to the small merchants/ Kirana stores and individual businessmen.

India Post Payments Bank other products: Apart from savings and current accounts, IPPB is set to offer a range of products such as remittances and money transfer, direct benefit transfers, bill and utility payments, and enterprise and merchant payments. These products and related services will be offered through multiple channels (at-the-counter Services, Micro-ATM, Mobile Banking App, SMS and IVR), using a bank-grade, cutting-edge technology platform.

IPPB loans, investment products: The IPPB has planned to partner with financial organizations to provide loans, investment and insurance products. IPPB has finalized the partnerships with Bajaj Allianz Life Insurance, and PNB Metlife Insurance.

*Source: twitter/@IndiaPostOffice

IPPB branches, network: India Post has a vast network, with a rural India penetration of 1,30,000 access points (Post Offices), nearly 2.5 times the number of bank branches in rural India at present. A large workforce of 3,00,000+ postmen and Gramin Dak Sevaks (GDS) will offer Assisted Doorstep Banking in rural, urban and remote areas through IPPB.

With the launch of IPPB the number of rural branches in the country will increase from the current 49,000 to more than 1.75 lakhs.

Banking simplified!: With IPPB, the government wants to make banking and payments simple. "Using Aadhaar and PAN card, it will enable citizens to open paperless accounts in a matter of minutes and allow customers to make digital transactions with the help of QR Cards and biometric authentication," says an official statement. 

India Post Payments Bank offers several facilities and benefits common citizens. Here is my speech to mark its laun… https://t.co/HUYuzVSpKy

— Narendra Modi (@narendramodi) September 1, 2018

Who would benefit the most

IPPB will mostly benefit senior citizens, students, homemakers, urban migrants, farmers, DBT beneficiaries, rural influencers, kirana stores and small businesses. The ambitious bank will aim to promote digital ecosystem at the micro level enabling a less-cash economy, contributing to to India’s GDP. 

Training: To implement the IPPB, around 3,00,000 Postmen and GDS will be trained to provide financial guidance to customers.

IPPB official website: Check https://www.ippbonline.com/ for more details