AI SummaryIndia Post Payments Bank (IPPB) is the payments bank run by the Department of Posts under the central government. It brings banking services to every village through the postal network, which now covers around 1.65 lakh post offices and a large team of postmen and Grameen Dak Sevaks. People can open a savings account online at the official website ippbonline.bank.in and get doorstep banking, money transfer, bill payment and DBT payment services.
IPPB was launched by Prime Minister Narendra Modi on 1 September 2018 at Talkatora Stadium in New Delhi. It is a public sector company under the Department of Posts with 100% government equity, and it is governed by the Reserve Bank of India (RBI). The bank works to bring easy and affordable banking to people who live far from regular bank branches.
India Post Payments Bank (IPPB) - Complete Details
IPPB is built on the postal network, which is one of the largest in the world. Postmen and Grameen Dak Sevaks are being given smartphones and digital devices so they can deliver banking services at the doorstep of every home. This helps farmers, small businesses and families in rural areas get access to safe banking without travelling long distances.
The bank supports digital transactions and helps people get the benefits of government schemes such as Pradhan Mantri Fasal Bima Yojana for farmers. IPPB also enables Aadhaar based Direct Benefit Transfer (DBT), so subsidies and scheme payments reach the right people in a fast and clear way.
IPPB has grown into one of the largest banking networks in the country. It now offers several savings account options, a current account for small merchants, doorstep banking, and digital payment services. The official website has moved to ippbonline.bank.in, and the older address ippbonline.com now redirects to this new portal.
IPPB Savings Account Interest Rate and Types
IPPB offers several savings account options to suit different needs. The Regular Savings Account can be opened at the bank's access points or at the doorstep, and it allows unlimited cash withdrawals. The DigiSmart Savings Account is opened fully through the IPPB mobile app for people aged 18 and above who have Aadhaar and PAN. There is also a Basic Savings Account, a Premium Savings Account, and a special Self Help Group (SHG) Savings Account for rural micro-entrepreneurs.
The interest rate on the Regular Savings Account is 2.00% per annum on the balance up to ₹1 lakh, and 2.25% per annum on the balance above ₹1 lakh and up to ₹2 lakh. The DigiSmart Savings Account earns 2.00% per annum. Interest is paid quarterly. The Current Account earns no interest.
| Detail | Information |
|---|---|
| Scheme Name | India Post Payments Bank (IPPB) |
| Launched By | Prime Minister Narendra Modi |
| Launch Date | 1 September 2018 |
| Beneficiaries | People in rural and remote areas, farmers, small businesses |
| Savings Interest Rate | 2.00% to 2.25% per annum (paid quarterly) |
| Application Mode | Online and doorstep banking |
| Official Website | ippbonline.bank.in |
How to Open a Savings Account in IPPB
Opening a savings account in IPPB is simple. The main aim of the bank is that every customer is important, every transaction significant and every deposit valuable. People can open an account online, at a post office counter, or at the doorstep through a postman.
STEP 1 - Visit the official website at ippbonline.bank.in. On the homepage, go to the "Products" section and click on "Savings Account" to see the different account options.
STEP 2 - Choose the account type that suits your needs, such as the Regular Savings Account or the DigiSmart Savings Account. For the DigiSmart account, download the IPPB Mobile Banking App from the Play Store or App Store.
STEP 3 - Keep your Aadhaar number, PAN and the mobile number linked to your Aadhaar ready. The online process needs these three details to open the account.
STEP 4 - Complete the KYC process and submit the required details. The account can be opened with zero balance, and a RuPay Virtual Debit Card is issued for online transactions.
For doorstep banking, call 155299 or 033-22029000 to request a postman or Grameen Dak Sevak to visit your home and open the account. The main features of the IPPB savings account are instant account opening, Aadhaar based DBT, simple and secure banking, 24x7 money transfer, easy cash withdrawals and deposits, and a convenient way to pay bills.
IPPB Services - Boost to Banking Services
People can use many types of banking services at India Post Payments Bank. The services are designed to make banking easy for everyone, especially in rural areas where regular bank branches are far away.
- Doorstep Banking: Postmen and Grameen Dak Sevaks deliver banking services at the doorstep of every home.
- Mobile Banking: The IPPB Mobile Banking App allows account holders to manage their account from anywhere.
- Phone Banking: Customers can call the IVR or call center for banking services.
- Missed Call and SMS Banking: Simple ways to check balance and get mini statements.
- Post Office Counters: Banking services are available at post office counters across the country.
IPPB has also partnered with EPFO and the Department of Telecommunications to provide free Digital Life Certificates to their pensioners through IPPB access points and postmen. This makes it easier for pensioners to continue receiving their pension without visiting a bank or post office in person.
Current Account for Small Businesses
IPPB also offers a Current Account for small merchants, kirana stores and individual businessmen. This account helps them carry out and expand their business with digital transactions. It can be opened at post office counters or at the doorstep through a postman or Grameen Dak Sevak.
The Current Account comes with instant account opening using Aadhaar, no monthly average balance requirement, a RuPay Virtual Debit Card, free monthly e-statement, and instant fund transfer through IMPS. It also supports bill payments, recharges and BHIM UPI payments. However, opening of new Current Accounts has been temporarily restricted since 1 December 2021, and the service will resume once announced.
Online Banking Facility for Post Office Savings Account Holders
People who have a savings account in any post office can now use a full digital banking service. The central government has approved linking of all such accounts to the India Post Payments Bank (IPPB). Around 34 crore account holders can now transfer money from their post office account to any bank account.
Reserve Bank of India (RBI) governs IPPB while the finance ministry governs the banking service of post offices. IPPB customers can use NEFT, RTGS or other money transfer modes just like regular banking customers. After the savings account gets linked with IPPB, customers get money transfer service like other banks.
Post Office is going to become the largest banking network as India Post links all 1.55 lakh post office branches with IPPB. Previously, India Post had started core banking services such as money transfer, but it was limited to transfers within post office savings bank (POSB) accounts. Now the linking with IPPB opens up the full banking network. People can also compare all post office savings account options and other post office schemes.
RBI Role in Providing Online Banking to PO Savings Account Holders
RBI is the monitoring body for IPPB, which enables all the bank account holders to use NEFT, RTGS and other services. Banking services in post offices come under the Finance Ministry. Now the Finance Ministry has taken a step forward to provide banking like facilities to all its customers.
The Finance Ministry has given its nod to link all post office savings accounts to IPPB to benefit 34 crore POSB account holders. There are around 17 crore post office savings bank accounts, and another 17 crore people are subscribed to monthly income scheme, time deposit, national savings certificate or other post office schemes. Earlier, all post office account holders could transfer money only from one POSB account to another.
India Post will now provide an option to POSB account holders to avail the benefits of this new facility. However, this service remains optional and not required. Only if a person opts for it, then only their POSB account gets linked to IPPB.
Digital Banking Service Implementation
India Post is planning to implement this move through all 650 IPPB branches. All the IPPB branches along with access points get linked to the postal network. Till date, the postal network includes around 1.5 lakh branches, out of which about 1.3 lakh are in rural areas. This move of linking POSB with IPPB in 1.55 lakh branches makes India Post one of the biggest and most reliable banking networks.
In the next phase, India Post will provide an option to all POSB account holders for payment of post office products through their IPPB account. This service would include payment for Sukanya Samriddhi Yojana, Kisan Vikas Patra, PPF, Speed Post and other products.
This facility will expand the base of India Post, and new merchants will get registered. Merchants who accept payment from post office customers can register with the help of an application. Any POSB account holder can then make payment to merchants like stores, shops and ticket booking.
Source: https://pib.gov.in/PressReleseDetail.aspx?PRID=1544217
FAQ's
What is the official website of India Post Payments Bank?
The official website of IPPB is ippbonline.bank.in. The older address ippbonline.com now redirects to this official portal.
What is the interest rate on IPPB savings account?
The Regular Savings Account earns 2.00% per annum on the balance up to ₹1 lakh and 2.25% per annum on the balance above ₹1 lakh and up to ₹2 lakh. Interest is paid quarterly.
Can I open an IPPB account online?
Yes. The DigiSmart Savings Account can be opened fully online through the IPPB Mobile Banking App using Aadhaar and PAN. Other accounts can be opened at post office counters or at the doorstep through a postman.
Is the IPPB current account available now?
Opening of new Current Accounts has been temporarily restricted since 1 December 2021. The service will resume once the bank announces it.
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