India Post Payment Bank (IPPB) incorporated as a Public Sector Bank under the Department of Posts with 100% GOI equity, IPPB has launched ...
India Post Payment Bank (IPPB) incorporated as a Public Sector Bank under the Department of Posts with 100% GOI equity, IPPB has launched on January 30th, 2017 in Ranchi and Raipur with the objective of being present in all corners of India by the end of the year.
For now, IPPB is offering Savings account upto a balance of Rs 1 Lakh, along with digitally enabled payments and remittance services of all kinds between individuals. In due course, IPPB will also provide current accounts and access to third party financial services like insurance, mutual funds, pension, credit products, forex, and more.
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- 3 Type of Bank Accounts
- IPPB offers 3 distinct accounts(Banking Services for Everybody)Safal :Regular Account – (packed with features)Sugam :Basic Savings Bank Deposit Account (BSBDA)Saral :BSBDA Small - ( aimed at people with limited banking experience)
- Domestic Remittance Services
- IPPB will provide an inexpensive and secure medium to transfer funds via its domestic remittance offering. All customers of IPPB would be eligible to avail a host of different modes of domestic remittance subject to the stipulated constraints – NEFT, IMPS, AEPS, UPI and *99#
- Direct Benefit Transfer (DBT)
- DBT program aims to transfer subsidies directly to the people through their bank accounts, which will in turn reduce leakages, delays and other similar challenges.Funds from the disbursing agency are automatically credited into the beneficiary accounts through NACH/APBS instead of cash disbursal. IPPB will provide cash out of the subsidies at the customer's doorstep by combining this service with Doorstep Banking.
- Doorstep Banking:
- We look forward to extending our relationship with banking at your doorstep. Doorstep banking allows a customer for a nominal fee to request and avail banking and related services at their door. The services currently offered are as follows:Cash deposit -Cash withdrawal -Balance enquiry -Aadhaar to Aadhaar funds transfer With “Aapka bank, aapke dwaar”, what you see is what you get.
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Account feature
|
Safal
Account
|
Sugam
Account
|
Saral
Account
|
Account
opening
|
|||
Eligibility
|
Age
10 years and above
|
||
KYC
|
Yes
|
Yes
|
No
|
Initial minimum deposit
|
INR
100
|
INR
100
|
INR
100
|
Minimum account balance
|
Nil
|
Nil
|
Nil
|
Maximum balance
|
INR
1,00,000
|
INR
1,00,000
|
INR
50,000
|
Nomination facility
|
Available
|
Available
|
Available
|
ATM/ Debit Card
|
Free
|
Free
|
Free
|
Subsequent cards
|
INR
100
|
INR
100
|
INR
100
|
AMC (from 2nd Year)
|
INR
100
|
NA
|
NA
|
PIN regeneration(mailers)
|
INR
50
|
INR
50
|
INR
50
|
Account feature
|
Safal
Account
|
Sugam
Account
|
Saral
Account
|
Servicing
/ Transactions
|
|||
Minimum Qtly Avg Bal (QAB)
|
Nil
|
Nil
|
Nil
|
Annual
Interest Rate
|
|||
QAB upto INR 25,000
|
4.50%
|
4.50%
|
4.50%
|
QAB INR 25,001-50,000
|
5.00%
|
5.00%
|
5.00%
|
If QAB above INR 50,000
|
5.50%
|
5.50%
|
5.50%
|
Qtly Non mainte charges
|
NA
|
NA
|
NA
|
Interest payment
|
Quarterly
|
Quarterly
|
Quarterly
|
Mobile Alerts
|
Free
|
Free
|
Free
|
A/C statement (incl duplicate)
|
Free
|
Free
|
Free
|
Doorstep banking
|
INR
15-35
|
INR
15-35
|
INR
15-35
|
Interbank remitt charges
|
2
remittances free
per month |
See
Remittances charges
|
See
Remittances charges
|
Account feature
|
Safal
Account
|
Sugam
Account
|
Saral
Account
|
Branch
banking
|
|||
Free monthly customer
induced transactions. |
4
Free (after @ INR 20 per transaction)
|
4
Free (after @ INR 20 per transaction)
|
4
Free (after @ INR 20 per transaction)
|
Charge frequency
|
Monthly
|
Monthly
|
Monthly
|
ATM monthly transactions
|
|||
At IndiaPost ATMs
|
All
free
|
All
free
|
All
free
|
At PNB ATMs
|
All
free
|
All
free
|
All
free
|
At other bank's ATMs: Metro
|
3
txns.free
|
3
txns.free
|
3
txns.free
|
At other bank's ATMs: Non-
Metro |
5
txns.free
|
5
txns.free
|
5
txns.free
|
Additional transactions at
Other Bank's ATMs |
Financial:
INR 20
|
Financial:
INR 20
|
Financial:
INR 20
|
Non-financial:
INR 8
|
Non-financial:
INR 8
|
Non-financial:
INR 8
|
|
Maxi ATM withdrawal per
transaction
|
INR
10,000
|
INR
10,000
|
INR
10,000
|
Maximum ATM withdrawal
per day |
INR
25,000
|
INR
25,000
|
INR
25,000
|
Maximum cumulative spend at POS
outlets and ecommerce sites per day
|
INR
65,000
|
INR
65,000
|
INR
65,000
|
Account feature
|
Safal
Account
|
Sugam
Account
|
Saral
Account
|
Miscellaneous
|
|||
Standing Instruction Charges
(IPPB to IPPB) |
Free
|
Free
|
Free
|
Account status change
(Inactive to active and dormant to active) |
Free
|
Free
|
Free
|
Account Closure Charges
within 14 days of Account Opening |
Free
|
Free
|
Free
|
Account Closure within 6 months –
Customer induced
|
INR
250
|
INR
250
|
INR
250
|
Balance certificate per
Instance |
Free
|
Free
|
Free
|
ATM card/ KIT returned due to
wrong address
|
INR
100
|
INR
100
|
INR
100
|
Charges to be recovered from
IPPB customer in case of cheque bounce |
100%
of clearing charges
|
100%
of clearing charges
|
100%
of clearing charges
|
- The above charges are in addition to the transaction charges (e.g. charges for AEPS are not included above). Please refer to the respective sections for transaction charges
- The higher of financial and non-financial transaction charges for doorstep banking will be levied in case a customer avails both the facilities in a single visit (e.g. If a customer avails cash deposit of INR 10,000 and balance enquiry in a single doorstep visit, the customer will be charged INR 20 for that visit)
- Only three transactions are allowed per visit. Fourth transaction would be treated as another visit, and charges would apply accordingly.
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- ##fa-arrow-right##Convenience at your fingertips:
- IPPB promise to make banking a simple, affordable and convenient experience for Indians across the nation to make sure that citizens across the nation get seamless access to government benefits directly from their respective IPPB bank accounts and make the most of the financial opportunities available to them.
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- ##fa-arrow-right##Pioneer in inclusive banking
- IPPB encourage smart saving and investment habits with our easily accessible banking services.Its vision is to extend banking facilities to the remotest corner of the nation. Its services transcend geographical borders. That’s how we aim to simplify banking and bring prosperity to every doorstep.
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- ##fa-arrow-right##Efficiency of banking network
- IPPB provides the most effective, accessible and readily available banking network across the nation. IPPB will soon offer banking services through digital channels like mobile, UPI, debit cards which can be used at ATMs, PoS and mobile-PoS. This facilitates all-round connectivity with your bank and helps you access your account details instantly.
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