Bank services at house doorsteps
Posted on: 25/Aug/2018 3:03:12 PM
The Indian Postal Department made the sensational decision to start the banking services - India Post Payments Bank (IPPB). This new banking service is scheduled to be inaugurated by the Prime Minister Narendra Modi at Delhi on 1st September for the India Postal Banking Service to commence throughout the country.
There are 1.55 Lakhs Post Offices throughout the country and 11745 Post Offices in the state of Tamil Nadu. In the 1st Phase of this project, 650 branches of IPPB will commence functioning throughout India.
At the ratio of 5 Approach centres for each Post Office Branch, Approach Centres will be set up in 3250 Post Offices. In this regarding, as for the state of Tamil Nadu, 37 Post Office Branches will start functioning with 185 Approach Centres. This will be expanded gradually and by the end of this calendar year, all Post offices will have the IPPB link.
This scheme of IPPB is an entirely different kind of banking service. For opening an account in this scheme, no deposits, reference or introductory person, or documents would be needed. Just Aadhar card will be sufficient.
Once the banking services commence, the Mobile App and other related websites will also start functioning. The mobile App will facilitate calling the IPPB to visit the residence to open an IPPB savings account.
The postman/postwoman acquainted already wit th customer will help opening an account. There are no service charges to open an account. There is no minimum to be kept in the savings account as well.
Once the Aadhar Card is shown, the postman/postwoman will open the IPPB savings account. Subsequently, whenever money is to be deposited or withdrawn, information must be given a day in advance about this through the website or the Mobile App.
Once the postman/postwoman receives the message, he will bring the money requested for withdrawal. The postman/postwoman will keep some specific amount of cash always. If it is a savings account, the customer can deposit or withdraw up to Rs. 4000 in a day. If it is current savings accounts, the customer can deposit/withdraw up to Rs. 20000 in a day.
A customer can deposit up to a maximum of Rs. 1 Lakh in IPPB savings account. This is as per the limits set as a regulation by the Reserve Bank of India. There is no minimum amount fixed for deposits.
If the customer already has savings account in the Post Office, in case of deposits over Rs. 1 Lakh, the excess amount exceeding Rs. 1 Lakh will be kept as a credit in the savings account.
IPPB savings provides a 4% interest. This is more than what is offered by the banks. As the home-service is provided with the Postal Staff, a fee of Rs. 25 will be charged. There will be a separate counter for this service in the Post Office. However, there is no provision for the customers to do transactions.
Even those who do not possess smartphones can access this service through the available cell phone. 2000 new personnel have been appointed throughout India to work in the IPPB services and 37 new personnel have been recruited for this purpose in Tamil Nadu.
Other services such as NEFT, IMPS, RTGS, and other transactions modes and net banking services and mobile banking services are a available with IPPB as well. Services can be sought by giving SMS or missed call.
Both savings account and the current account can be opened in IPPB. The other services offered by the IPPB include:
- Mahatma Gandhi National Rural Employment offer scheme,
- Social Security Scheme financial assistance
- Government subsidised assistance amounts
- Receipt of money sent from broad
- Insurance Payment and other loan payments services
- DTH recharge
- Electricity Bill
- Water bill
- LPG cooking gas cylinder payment bills
IPPB customers have to get their QR cards for electronic financial transactions mode. This QR card can be used for the grocery bills from the shops who have registered in IPPB.
There is no need to remember the account number or the password. The customer can use his fingerprint as an identity.
IPPB does not have the facility to offer loans. However, all classes of people, including senior citizens, housewives, small traders, and students can easily access and utilize IPPB services.
Once the inauguration is done on 1st September, with IPPB services being opened, the customers can give a missed call or SMS by using the contact numbers given for these services. The number to be used for the ‘missed call’ service or by sending SMS is 8424054994. To know the balance in the account, the contact numbers are 8424046556 OR 8424026886/ For opening an account through SMS – 7738062873. For the balance – 7738062873.
For further information, please contact email ID - contact@ippbonline.in OR visit the website - www.ippbonline.com
