India Post Payments Bank (IPPB) Services by Postman & GDS

Do you think the once-ubiquitous postman has been reduced to an anachronism in the age of the internet? Think again. Now postmen will be bringing digital banking to the doorsteps of crores of people with the launch of India Post Payments Bank (IPPB).

The government is planning to launch IPPB at a grand function in Delhi’s Talkatora stadium on August 21. Set up us a 100% government-owned public limited company under the Department of Posts, IPPB is aimed at making banking easy for ordinary citizens. It will go live with 650 branches in addition to 3,250 access points co-located at post offices and around 11,000 postmen both in rural and urban area will provide doorstep banking services. It has permission to link around 17 crore postal savings bank accounts. The government plans to link all the 1.55 lakh post office branches with IPPB services by the end of this year. Earlier this year, IPPB had launched its pilot operations in Raipur and Ranchi.

What is a payments bank?

A payments bank is like any other bank, but operating on a smaller scale without involving any credit risk. In simple words, it can carry out most banking operations but can’t advance loans or issue credit cards. It can accept demand deposits (up to Rs 1 lakh) and offer remittance services, mobile payments/transfers/purchases and other banking services like ATM/debit cards, net banking and third-party fund transfers.
The objectives of setting up of payments banks is to increase financial inclusion by providing small savings accounts and payments/remittance services to migrant labourers, low-income households, small businesses and other unorganised sector entities.

Here are a few unique services offered by the India Post Payments Bank:

Doorstep banking

Doorstep banking service is one of the most distinct features of IPPB, making it very accessible. With an aim to ease access and encourage adoption of new-age banking and payment instruments, IPPB will utilise the services of postmen to offer doorstep banking in rural areas. IPPB’s doorstep banking will offer following services: account opening; cash deposits/withdrawals; money transfers; recharge and bill payments; third-party services like insurance, loans and investments; and other account-related services like updating PAN/nomination details, requesting account statement, issuing standing instructions and QR card issuance.

What you pay for doorstep banking:

Customer On-boarding: NIL
Digital Transaction (Transaction other than cash deposits and withdrawals): Rs 15 per Transaction
Cash Transaction (Cash Withdrawal, Cash Deposit): Rs. 25 per Transaction

Other than versatile managing an account, telephone saving money and SMS saving money, QR card is another administration IPPB is putting forth. With the assistance of QR card, you can get to your ledger, and influence exchanges without having to recall the record number. Every one of the exchanges will be confirmed by means of biometric check, which implies on the off chance that you lose your QR card, your cash would even now be protected. You can make exchanges utilizing your QR Card in three stages: examine the code, confirm through biometric check; finish the exchange. 

Linkage with post office savings account 

Existing India Post investment funds ledger holders will be permitted to interface their records to IPPB accounts. IPPB's customary investment account has a top on greatest end-of-day adjust of Rs 1 lakh. With the linkage include, the finish of-day adjust above Rs. 1 lakh can be cleared into the client's connected mail station bank account. IPPB's general investment account offers loan fee of 4% p.a. which is paid quarterly and does not expect clients to keep up any month to month normal adjust. Likewise, there's no limitation on the quantity of money stores and withdrawals.