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."

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

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.

https://www.ippbonline.com/ for more details