Prashant Dev, New Delhi, Aug 31: By opening an account, Prime Minister Narendra Modi launched India Post Payments Bank (IPPB) here on Saturday to ensure speedy financial inclusion for people across the country with the leverage of a vast network of the postal department.
Sailent features of India Post Payments Bank
1. You can open account in 1 minute by downloading online App. But one will have to submit all documents at the checkpoint or post office within 12 months.
2. Your thumb will operate the account: You can operate the account without using account number as you can avail all banking services using your thumb impression
3. How yo open account: Anybody can get a account opened at post office by submitting Aadhaar card
4. Minimum balance: Rs 100 for savings account, Rs 1000 for current account
5. Door to door service: Those who cannot visit bank can make a request on your mobile using IPPB App, postal staff then will visit your home and as per request will deliver cash or deposit cash. Other banking services too will be delivered at doorstep.
The IPPB will have 650 branches and 3,250 access points across the country. "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 Central government. It will leverage the vast network of the department of posts, which covers every corner of the country with more than 300,000 postmen and Grameen Dak Sewaks. IPPB will hence significantly augment the reach of the banking sector in India," said a government statement.
All the 1.55 lakh post offices across the country will be linked to the IPPB system by December 31, 2018.
"The IPPB will offer a range of products such as savings and current accounts, money transfer, direct benefit transfers, bill and utility payments, and enterprise and merchant payments. These products, and related services, will be offered across multiple channels (counter services, micro-ATM, mobile banking app, SMS and IVR), using the bank's state-of-the-art technology platform," the statement added.