How to open an account in India Post Payments Bank and its benefits Indian Post has also started its Payments Bank . As you know India Post has lakhs of branches across the country. India Post can make an important contribution in making India digital . Reserve Bank of India has also approved this payment bank . India Post is already offering post office savings account facility to its customers. With the commencement of the payment bank, people will also benefit from this.
What is India Post Payments Bank ?
India Post Payments Bank is a digital savings account. You can open this bank account by sitting at home through online IPPB Mobile App . To open an account in India Post Payments Bank, you will need two things, one aadhaar card and another pan card.
Advantages of India Post Payments Bank –
Any person can open an account in India Post ‘s Payment Bank . In this, except for some services in the account, you get the same facilities which are available in the savings bank account. In this you get the facility of debit card from which you can withdraw money from any ATM. You also get interest on the amount deposited in this bank. You can send and receive money to anyone through this bank.
- ￭ Online mobile account opening facility
- ￭ No need to maintain minimum balance in the account.
- ￭ This account can be opened with zero balance.
- ￭ In this, you are given 2.75% interest on the amount deposited in the account, which is paid quarterly.
- ￭ Online fund transfer facility through mobile banking
- ￭ Mobile – DTH recharge and online bill payment facility
Important information related to India Post Payment Bank –
- ￭ The minimum age limit for opening an account with India Post Payments Bank is 18 years.
- ￭ You must do KYC within one year of account opening . For this you have to go to the post office.
- ￭ In case of non-compliance of KYC within one year, your account may be closed.
Apart from the many advantages of India Post ‘s payment bank, there are also some limitations like these banks cannot give you loan and also you can keep an amount of up to 1 lakh in it. Credit card facility is also not available in this.
- You can visit your nearest post office branch for account opening or information in India Post Payment Bank .