India Post Payments Bank launch: Prime Minister Narendra Modi will launch the India Post Payments Bank (IPPB) on August 21. IPPB aims to provide financial services to people in underserved areas by taking banking to the doorsteps of people living in rural areas. 

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Launching the operations of IPPB last year, Secretary, Department of Posts, Shri B.V.Sudhakar had said, "IPPB is widely expected to be a game changer for financial inclusion in the country as the USP of this initiative is doorstep banking, particularly in the rural areas."

On Wednesday,  IANS quoted Minister of State for Communications Manoj Sinha as telling reporters: "The Department of Posts reaches every nook and corner of the country including rural and remote areas. With the upcoming nation-wide launch of IPPB, the trusted postman will now become a banker to millions of unbanked and under-banked Indians who have so far had no access to financial services,"

The IPPB provides these products and services to individuals: 

Products
 

Saving Accounts: Provides 4% interest per annum, the payout is made quarterly. 

- Regular Saving Account can be opened at the bank's access points and at your doorstep. Unlimited cash withdrawals are allowed. IPPB says this account can be used to keep funds "secure, withdraw cash, deposit money and perform easy remittances, besides a host of other benefits."
Customers can avail funds at their doorstep upon request and do unlimited cash deposits and withdrawals. 

-Digital Savings Account can be opened through IPPB Mobile App with zero balance. The app provides multilingual customer support and the users do not have to commit any minimum balance. The account can be linked to a Post Office Savings Account after completion of KYC within 12 months. 

- Basic Savings Account offers all features of regular Savings Accounts, but only four withdrawals in a month, with an aim to provide primary banking services at a very nominal charge. 
Current Account: Small merchants and Kirana stores, as well as individual businessmen, can open a current account with IPPB. 

Services

-Mobile Banking - For this secure an easy-to-use service, customers need to download the IPPB app on the android phone from the app store

-SMS Banking - By sending an SMS to IPPB's SMS Banking Number 7738062873, customers can quickly access account details on their mobile phones.

-Missed Call Banking: This service is compatible with all mobile handsets. Customers need to register your mobile number for IPPB’s missed call banking service and start availing the benefits. 

-Phone Banking: To use this service, call IPPB's toll-free number 155299. It allows users to access bank account from wherever they want, and save time and money by avoiding visits to the bank. 

-QR Card provides users a "unique, secure and convenient" way to access their account without the hassle of remembering the account number, PIN/Password as it allows transactions through biometric authentication. 

Doorstep Banking: One of the most significant services offered by IPPB is doorstep banking facility. Services offered under Doorstep Banking include account opening, cash deposits/withdrawals, 
money transfers, recharge and bill payments, additional services including updating PAN/nomination details, requesting account statement, issuing standing instructions, QR card issuance etc.  
Payments

- Bill Payments and recharge - IPPB provides multiple channels for easy, safe and quick payment of bills - Post Office counters, Doorstep banking services, Mobile Banking App. 
Customers can pay various bills including - Mobile and DTH recharge, Mobile postpaid, landline and broadband bill payments, Electricity, water and gas bill payments, Insurance premium.

- Remittances and Transfers

IPPB provides several payment options to transfer money to their family and relatives, including Immediate Payment Service(IMPS), National Electronic Fund Transfer (NEFT), and Real Time Gross Settlement (RTGS).

- Direct benefit transfers (DBT): To get DBT benefits directly in their accounts, customers need to link their Aadhaar number with IPPB savings account.

Group Term Insurance: This facility is expected to come soon. 

IPPB was set up under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India, on 17th August 2016. It started operations on 30th January 2017 by opening two pilot branches, one at Raipur and the other at Ranchi.