(IPPB) India Post Payment Bank will provide many services at ₹0/- opening cost.

Prime Minister Narendra Modi on Saturday September 1, launched the India Post Payment Bank (IPPB) at Talkatora Stadium in NEW DELHI. IPPB aims “to change the banking system in the country “. IPPB is truly “Aapka bank, aapke dwaar”.

IPPB’s moto is ‘Every customer is important, every transaction significant 
and every deposit valuable.’

IPPB (India Post Payments Bank) will focus on providing banking financial services to people in rural area. Around 11,000 postmen both in rural or urban area will provide doorstep banking services.

India Post Payment Bank will offer a rang of products three types of saving accounts- “Basic Saving Account, Digital Saving Account & Regular Saving Account” and a current account options.

You don’t need to money to open any saving account. you should have only a valid aadhaar card (18+ age). The main advantage of this account is that you don’t need to carry the minimum amount in your account (no charge required on minimum balance).

IPPB providing you 4%  interest p.a. on every saving account.

If you open a Digital Saving Account, You have to complete KYC within 12 months otherwise your account would be closed. After completed KYC, your Digital Saving Account would upgrade to Regular Saving Account.

Five free services will be available without any cost along with “Basic Saving Account” and “Regular Saving Account” (Digital Saving Account doesn’t come under this policy).

• Mobile Banking
• SMS Banking
• Missed Call Banking
• Phone Banking
• QR Card

IPPB also providing almost save as Paytm’s services like bill payment, mobile recharge, DTH recharge, electricity &water payment, broadband payment, along with it is offering a physical “QR Card”.

QR Card will only authenticate with bio-metric scan or IPPB’s app. So it is providing us security but the drawback is  we can not use it in ATM machine.

Prim Minister also said that “IPPB will also be a great help for the farmers and schemes like PMFBY (PM’s crop insurance scheme) will gain more strength from it”

How You Can Open a Digital Saving Account using IPPB Mobile App.