{"id":7516,"date":"2018-07-10T18:56:16","date_gmt":"2018-07-10T13:26:16","guid":{"rendered":"https:\/\/www.instamojo.com\/blog\/?p=7516"},"modified":"2019-11-05T15:44:52","modified_gmt":"2019-11-05T10:14:52","slug":"india-post-payments-bank","status":"publish","type":"post","link":"https:\/\/www.instamojo.com\/blog\/india-post-payments-bank\/","title":{"rendered":"10 Ways India Post Payments Bank (IPPB) Helps MSMEs Grow"},"content":{"rendered":"

Remember when you would send money orders via India Post? Payments via post are back but in a different way! Our very own India Post has a payments bank that you can open an account with.<\/p>\n

The\u00a0India Post Payments Bank<\/b>\u00a0was incorporated as a public sector company under the Department of Posts in January 2017. It is governed by the Reserve Bank of India and comes under the Ministry of Finance.<\/p>\n

India Post Payments Bank helps millions of rural MSMEs in India have a bank account. IPPB offers 3 types of distinct accounts, which are tailored to suit the requirements of its customers. They are:<\/p>\n

    \n
  1. Regular Account \u2013 Safal<\/li>\n
  2. Basic Savings Bank Deposit Account (BSBDA) – Sugam<\/li>\n
  3. BSBDA Small – Saral<\/li>\n<\/ol>\n

    With a potential target of reaching out to more than 80 million users in the next 5 years, IPPB focuses on creating a safe harbour for handling your money.<\/strong><\/p>\n

    Over INR 1450 Crores worth of investment, 650 branches and a total of 1.55 lakh post offices PAN India – India Post empowers MSMEs in just a button click now.<\/p>\n

    Everything India Post Payments Bank offers:<\/h2>\n

    1. Simple. Affordable. Efficient. Convenient:<\/h3>\n

    IPPB transactions are easy to understand, user-friendly and allow for an inclusive banking experience, defying geographical boundaries.<\/p>\n

    2. Third-party financial transactions:<\/h3>\n

    Be it insurance, mutual funds, pension, credit products or even Forex, IPPB has you covered.<\/p>\n

    3. Lucrative offerings:<\/h3>\n

    With 3 types of savings accounts which are tailored to fit the customer needs,\u00a0India Post Payments Bank also offer services such as ATM cards, debit cards, net-banking and mobile banking<\/strong>, making it one of the easiest last-mile financial inclusions in India.<\/p>\n

    4. Getting rural India into the banking system:<\/h3>\n

    India Post Payments Bank gives postmen smartphones to help customers with mobile banking. With over 90% of India’s post offices set-up in rural areas, IPPB is tapping into the vast ecosystem which is currently plagued with the technology-deficit.<\/p>\n

    5. Empowering MSMEs:<\/h3>\n

    Have a small employee base? Open salary accounts for your employees and enables a more accountable and transparent salary transaction. With good interest rates, this bank is a better option in comparison to other private and public sector banks. Simpler KYC norms, easy banking services, zero balance accounts and a low risk of fraud, makes it an ideal option for small and medium enterprises.<\/p>\n

    6. User-friendly eligibility requirements:<\/h3>\n

    Any individual who is above 10 years of age is eligible to open an account with IPPB.\u00a0 With\u00a0KYC verification<\/a>, the process also ensures for safe and secure transactions.<\/p>\n

    7. Free\/Nominally charged banking services:<\/h3>\n

    Offers also include a no-minimum balance, a nominal deposit of Rs.<\/strong> 100 to open a regular savings account and no nominal deposit for the other accounts.<\/p>\n

    8. Free\/almost free services:<\/h3>\n

    All transactions at India Post and PNB ATMs are free of cost. The first issuance of debit cards is free, and the subsequent issuance will cost you a nominal fee of Rs. 100<\/strong>.<\/p>\n

    Bank branch transactions: –<\/strong> The first four transactions are free and the subsequent transactions will cost you Rs 20 per transaction.<\/p>\n

    ATM Transactions: –<\/strong> The first 3 transactions in metro cities and first 5 transactions in non-metro cities are free of cost. Subsequent transactions will cost you Rs. 20 per transaction.<\/p>\n

    9. Easy deposits and withdrawals:<\/h3>\n

    With a maximum balance of Rs. 1 lakh at a time and withdrawals of Rs. 10,000 per transaction and Rs. 25,000 per day, this is an easy alternative to mainstream banking.<\/p>\n

    10. Services:<\/h3>\n

    IPPB primarily offers services like banking, domestic remittance services, direct transfers and doorstep banking. Remittance transfers include NEFT, IMPS, AEPS and UPI – making it an inexpensive and secure medium for digital transactions.<\/p>\n

    The India Post Payments App: How to use the IPPB app to access your savings account<\/h2>\n

    A recent ET article<\/a> stated that the India Post Payments Bank has introduced an app for its investors. The ‘IPPB mobile app’<\/strong> allows them to access their post office savings account.<\/p>\n

    How do you get the IPPB mobile app?<\/strong><\/p>\n

    You can download the app from the Google play store or App Store for all devices.<\/p>\n

      \n
    1. This app can only be used by customers who have an account in a core banking enabled post office.<\/li>\n
    2. You need to complete your KYC details and upload it before. The account should have internet banking and mobile banking services enabled.<\/li>\n
    3. If you do not have mobile and internet banking enabled, then you must fill up a form and submit it in the post office to get them enabled.<\/li>\n<\/ol>\n

      With the IPPB app, you can view your:<\/strong><\/p>\n