This is a complete guide to India Post Payment Bank(IPPB).
In this new guide you’ll learn everything there is to know about this IPPB, including:
Firstly, how to open an account,
Secondly, how to pay online various SB, SSA, RD deposits in IPPB App, etc
Thirdly, how to use the IPPB app for various DBT, AEPS payments?
Finally, How to avail door-step banking in India Post Payment Bank (IPPB)?
And many more on this topic you never heard of in an easily understandable way.
So if you want to get the most out of IPPB, this guide is for you.
Let’s jump right in.
About IPPB:
In fact, as a pilot project, India Post Payment Bank (IPPB) has been launched on 30-01-2017 at Ranchi and Raipur. Later, on 01-09-2018, IPPB has been extended to 650 branches and 136078 access points.
What is a Payment Bank?
Indeed, Payments banks are new categories of banks approved by the Reserve Bank of India (RBI) on 19-08-2015, based on the Nachiket Mor committee, where a restricted deposit limited to ₹100,000 per customer is accepted currently.
Payment Banks can open and operate savings accounts as well as current accounts. However, loans and credit cards are not allowed through these Payment Banks.
In addition, ATM/debit cards can be issued apart from providing online/ mobile banking through these Payment Banks.
Regulations and features of Payment Bank:
| Key Features and Regulations of Payment Banks | Metrics |
| 1.Minimum Capital | 100 crores |
| 2.Promoter stake for the first 5 years should be at least | 40% |
| 3.Any acquisition beyond which RBI approval is required | 5% |
| 4. Percentage of its branches in unbanked Rural areas | 25% |
| 5.voting of any shareholder is capped at | 10% |
| 6.voting of any shareholder is capped at 10% can be raised by RBI up to | 25% |
| 7.Lending | Not allowed |
| 8.Initial Deposits Maximum allowed is | 1,00,000 |
How Payment Banks differs from a Commercial Bank?
| Criteria | Payment Bank | Vs Commercial Bank |
| 1.Maximum Deposit Amount | 100000 | No Limit |
| 2.Minimum Capital | 100 crores | 500 crores |
| 3.Onboard Process | Quick because of paperless process | Slow in view of elaborated documentation |
| 4.Minimum Balance | Zero-Balance | Zero-balance recently |
| 5.Interest rate | 2.75% | 2.75% |
| 6.Credits | offers only debit cards | Offers both debit and credit cards |
| 7.Loans | Cannot give Loans | Can give Loans |
Though 11 payment banks have been permitted by the RBI/Govt out of the 41 applied, only the following 6 Payment banks are in existence/operating as of now:
1. India Post Payments Bank Limited.
2. Airtel Payments Bank Limited.
3. Fino Payments Bank Limited.
4. Paytm Payments Bank Limited.
5. NSDL Payments Bank Limited.
6. Jio Payments Bank Limited
India Post Payment Bank Interest Rate
IPPB Interest Rates Since Inception are as follows:
| SLNO | Date from | Date to | Rate of Interest on IPPB account |
| 1 | 30-11-2017 | 16-07-2018 | 5.5% |
| 2 | 16-07-2018 | 01-02-2018 | 4% |
| 3 | 01-02-2020 | 31-03-2020 | 3.5% |
| 4 | 01-04-2020 | 30-04-2020 | 3% |
| 5 | 01-05-2020 | Onwards | 2.75% |
India Post Payment Bank Application
In order to open an account in the IPPB, an India Post Payment Bank Application form is required. This can be downloaded from the website also.
What are the services offered by IPPB?
(1) Banking Services – Savings and Current Account, Loans and Deposits
(2) Mutual Funds
(3) Insurance
(4) Domestic Remittance Service
(5) Direct Benefit Transfer
(6) Doorstep Banking
IPPB Savings Account & Its Features and charges
IPPB offers the following types of accounts for you:
(1) Regular Savings Account
(2) Digital Savings Account
(3) Basic Savings Account
(4) Current Account
(5) Salary Account for GDS/Postman in Department of Posts
What are the services available in IPPB?
(1) Mobile Banking
(2)SMS Banking
(3) Missed Call Banking
(4) Phone Banking
(5)QR Card
(6) IPPB and POSA Linkage
India Post Payment Bank CSP
In case, you want to become an IPPB merchant, just you need to have a smartphone android version 5 or above and open an IPPB Current Account.
Eligibility to become an IPPB Merchant is that you have to be in one of the following categories:
(i) Kiran stores
(ii) Mobile recharge stores
(iii) Travel agency
(iv) Food kiosk
(v) Tea stall
(vi) Any other unorganized retail outlets.
India Post Payment Bank Customer-ID
What is a customer ID?
(1) Customer ID is the CIF ID printed on the first page of your Passbook normally for any bank or post office.
(2) If you have any difficulty in finding Customer ID or CIF ID you may just call the IPPB helpline number 155299.
(3) You may also correspond with the ID: contact@ippbonline.in or visit the official Website for further details.
4. Mobile Banking in IPPB:
For new customers: In the case of android mobiles, you may Download IPPB Mobile App from Google Play Store or Download IPPB Mobile App on the App Store for iPhones also & follow the screen-instructions to open an IPPB Digital account.
For the existing customers: The CIF ID or customer ID is used while opening a mobile Banking in IPPB. Firstly, you have to download the IPPB app in an android mobile through Google play store and through App store for an iOS mobile(apple/iPhones).
Of course, Link your registered mobile number with the IPPB account. Thereafter you have to enter the account number, CIF ID/ customer ID, registered mobile number in the fields prompted in the IPPB app. So, now you receive a one-time password(OTP) to your registered mobile. Then, enter OTP and set your MPIN. Then confirm it through OTP.
Utility of CIF ID or Customer ID in DoP e-Banking:
You use the CIF ID in the following circumstances:
1. Firstly, you may have to address the issue by mentioning the CIF ID/User ID to dopeBanking@indiapost.gov.in from your registered email id with the issue details
(i)when you forget security questions and answers and password.
(ii)To get your login rights or transaction rights enabled.
2. Further, you may have to visit the home branch PO of that account to change the customer ID/CIF ID with the e-Banking registered CIF/Customer ID when any of your Post office accounts are not visible in my login.
3. Of Course, the customer should approach the home branch where the CIF ID is attached, identify himself, and provide the account number opened online to get the passbook for RD / TD accounts opened through e-Banking.
India Post Payment Bank IFSC Code
Full form of IFSC is Indian Financial System Code.
IFSC Codes are unique codes with 11-character code used to identify bank branches contributing to online fund transfers also.
The IFSC Code of India Post Payment Bank is IPOS0000001.
This IFSC code can be used for NEFT and RTGS transactions.
Its working hours are from 10 AM to 4 PM from Monday to Saturday
2nd and 4th Saturdays are non-working days. Sundays are holidays anyway.
Contact Number: 23362148 Location: New Delhi. Pin code:110020.
Name and address with Bank Details: India Post Payment Bank Corporate office
Post office, Speed Post Centre Building,
Market Road, New Delhi,
Central Delhi, Delhi 110001, India
Remittance Services: NEFT
Mode of Payment: Cash, Cheque, DD & Net Banking.
Regular Savings Account
An IPPB Regular savings account is an account with banking services opened to deposit amount as per your wish up to a maximum of Rs1,00,000, withdraw them in cash when required, and secure your funds meanwhile. You can use this account for remittances with ease also and many more benefits. In addition, you will get the benefit of QR card, phone banking, SMS banking, free quarterly email statements, and SMS alerts.
You can either open an IPPB Regular savings account at an IPPB access point or through a postman at your doorstep.
Further, you earn interest for the amount deposited in this account. However, you are allowed with unlimited cash withdrawals in this account, provided there is balance in the account.
Eligibility:
In particular, the age of the individual who wishes to open an IPPB Regular savings account should be above10 years with valid KYC documents.
Limit on the number of accounts:
Of course, only one IPPB regular savings account can be opened in the name of an individual.
Joint Account: Moreover, a joint account cannot be opened in a regular savings account as it can be held by a single person only.
Documents required to open a regular savings account of DBT beneficiaries at counters and at Doorstep (through doorstep Banking) are:
(i) Aadhaar Card Number
(ii) PAN Card or form 60
(iii) Biometric OTP verification
(iv) Registered mobile number with Aadhaar linked
Process for customer transaction at counters and through doorstep Banking:
Indeed, all transactions at Counters and Doorstep are being authenticated using OTP being delivered to the customer’s registered mobile number at the time of transaction after showing any one of the valid OVDs like Passport, driving license, voters’ ID card, PAN card, Aadhaar letter issued by UIDAI, and Job Card issued by NREGA signed by a State Government official.
Nomination facility is available for a regular savings account
The minimum deposit amount required to open a regular savings account is zero.
In other words, you need not maintain a minimum balance in a regular savings account.
However, there is no cap on the number of deposits or withdrawals in a month provided the maximum amount held does not exceed the prescribed limit at the EOD.
The good news is that IPPB has waived the Doorstep Banking Charges for all transactions/ services of IPPB provided on the doorstep of customers, till further notice. However, earlier one used to avail Doorstep Banking services at nominal charges of Rs. 15 and Rs. 25 for digital and cash-based transactions respectively.
Charges for Doorstep Banking services:
Maximum balance limit: The maximum limit for a regular savings account in IPPB is Rs1 Lakh at the end of the day(EOD) as per the guidelines prescribed by RBI, particularly.
In case, you exceed the maximum balance limit for IPPB regular savings account, excess amount(beyond Rs1 Lakh) will be transferred to your Post office savings account(POSA). For this to happen, you need to link your POSA account IPPB.
Still, if you don’t have a POSA, you can open one with any post office and get it linked to your IPPB account. If you don’t open a POSA, the balance in IPPB regular savings account gets restricted to Rs1 Lakh at the end of the day(EOD) and the transactions beyond this maximum limit will also be rejected automatically.
No debit card will be issued to you by IPPB, instead, a QR(Quick response ) card is offered by IPPB to enable to make all transaction with ease.
In fact, a QR card offered by IPPB is the digital form of a QR code or a barcode which is used to recognize the IPPB customer with the account. However, a QR card cannot be used in an ATM as it is not a debit card.
In case of loss/theft of your QR Card, there is no risk involved even financially as a transaction with QR card is associated with OTP and production of OVD as identity proof. Just you may have to visit the nearest IPPB branch or call 155299, the toll-free number of IPPB for re-applying for a QR card especially.
Charges for re-issuing the QR card:
Re-issue fee for QR card is Rs25. However, the first QR card is free
Interest is calculated on a regular savings account based on the balance at the end of the day(EOD) also. However, the interest payment is made quarterly.
There is no chequebook facility for the regular savings account presently.
However, at the moment, the cheque-book facility is only available for individual Current Account holders. So, Currently, IPPB does not provide a demand draft facility for regular savings accounts.
Submission of physical documents to open a Regular Savings Account:
Either you can open an account through e- KYC or Non-E-KYC. In the case of a Non-eKYC account, opening the customer also needs to submit his/her proof of identity and proof of address. Non-eKYC account opening service is not provided under doorstep banking so you may have to avail at IPPB Branches only.
In order to open a Regular Savings Account with IPPB, you can call toll-free number 155299 to avail Doorstep banking services.
Key Account Features and Benefits of Regular Savings Account in IPPB:
(i) Banking at your convenience
(ii) Instant and paperless account opening using Aadhaar as per the applicable rules
(iii) Easy and convenient Non-eKYC account opening
(iv) The interest rate of 2.75 % p.a. on EOD daily balances, paid quarterly
(v) No monthly average balance required to be maintained
(vi) The account can be opened with zero balance
(vii) A free monthly e-statement
(viii) Mini statement through SMS
(ix) Simplified banking services through QR card
(x) Instant fund transfer through IMPS
(xi) Easy bill payment and recharges
(xii) Can be linked to POSA (Post Office Savings Account)
What makes IPPB different?
(i) A free account opening at your doorstep
(ii) Assisted services through the GDS, as and when required
(iii)Availability of funds at your doorstep, upon request
(iv) Bill payment facility at your doorstep
(v) Simple and secure banking with QR card
(vi) Multilingual customer support
(vii) No commitment of minimum balance
(viii) Nominal charges
(ix) Any balance beyond Rs1 Lakh at the EOD(end of the day) can be swept to the POSA that is linked to the IPPB account.
(x) Access to our growing merchant network
(xi) Unlimited cash deposits and withdrawals
(i)Phone Banking(ii)SMS Banking
Digital Savings Account in IPPB
Indeed, in this world of technology, one can open a Digital savings account through IPPB mobile app at the comfort of your home. Specifically, it provides for instantaneous opening of an account enabling the true version of anywhere, anytime banking.
The digital savings account provides for easy, quick, and also secure opening of account by means of self-onboarding. Self-onboarding is nothing but opening your account on your own digitally through the mobile banking app. It gives you digital access to all banking facilities such as instant transfers and remittances right at your fingertips.
The prime benefit of a digital savings account is that you can open an account in a convenient, paperless, protected, and swift way than ever in a digital platform. So, you reap the benefits of SMS Banking, Phone Banking, SMS alerts that help to track every transaction you make and a quarterly free e-statement that helps you reckon the deposits and withdrawals made.
This app can be downloaded from the play store on your Android phone and also available on the app store for iPhone users.
Eligibility: A digital savings account in IPPB can be opened whose age is beyond 18 years and has a PAN and Aadhaar card also.
Key Account Features and Benefits of Digital Savings Account
Banking at your convenience
Instant self on-boarding
The interest rate of 2.75 % p.a. on EOD daily balances, paid quarterly
No monthly average balance required to be maintained
The account can be opened with zero balance
A free monthly e-statement
Simple and instant fund transfer through IMPS
Easy bill payments and recharges
Things to remember when you open a Digital Savings Account:
Individuals must be above 18 years of age
Complete the KYC formalities within 12 months
This time, KYC formalities can be done by visiting any of the access points or with the help of the GDS/Postman, after which the Digital Savings Account will be upgraded to a Regular Savings Account
A maximum yearly cumulative deposit of Rs. 2 lakhs are allowed in the account.
The account is subject to closure if the KYC is not completed within 12 months of account opening
The Digital Savings account can be linked to a POSA (Post Office Savings Account) after completion of KYC within 12 months.
Multilingual customer support
No commitment of minimum balance
Nominal charges
Conversion of digital savings account to a regular savings account:
Indeed, you can convert your digital savings account to full-fledged regular savings account within a year’s time by visiting the nearest IPPB access point or through Doorstep Banking Services with the help of a postman/GDS.
Your account would be closed if you don’t even convert your digital savings account to a regular savings account.
You cannot have more than one digital savings account.
Documents are required to open a digital savings account:
The following documents are required to open a digital savings account:
(i) PAN card details. It is mandatory.
(ii) Aadhaar Card Number
(iii) OTP (one-time-password) sent to your registered mobile number.
So, OTP based Aadhaar authentication is a must to open digital savings account online.
However, you will need to do your biometric Aadhaar authentication within twelve months of opening a digital savings account to get it converted into a regular savings account.
Of course, the deadline to complete your KYC is 12 months from the date of opening a digital savings account including the up-dating of Aadhaar.
You need not have a minimum balance to maintain a digital savings account also.
Minimum Deposit: There is no minimum deposit to open a digital savings account.
Maximum balance limit: The balance in your account should not exceed Rs1 Lakh and so you are allowed to deposit an aggregate amount of maximum Rs.2 lakhs within one year of opening of the account.
Similarly, Interest is calculated on a regular savings account based on the balance at the end of the day(EOD). However, the interest payment is made quarterly.
Basic Savings Account in IPPB
Firstly, Basic Savings Account is one that has all the benefits and features of Regular savings account except that only 4 cash withdrawals are allowed in a month.
Truly, the primary objective of a basic savings account is to offer primary banking services at a very minimal charge.
Basic Savings Account
A basic savings account offers primary banking services to keep your funds safe, withdraw cash, and also make easy remittances.
Eligibility: Firstly, an individual whose age is beyond 10 years having Aadhaar number is eligible to open such an account.
Importantly, to receive DBT, you can open basic savings account with IPPB by providing your Aadhaar number, mobile number, and PAN card / Form 60.
Process for customer transaction at counters and through doorstep Banking:
Upon showing any of the valid OVDs and on authentication through OTP of registered mobile of a customer, the transactions at counters and also doorstep banking are being done.
You cannot have more than one basic savings account
So, you cannot open a joint basic savings account
Benefits of basic savings account:
You can avail of services such as easy remittances, bill payments, doorstep banking, etc. In addition to these, you will also get the benefit of QR card, phone banking, SMS banking, quarterly e-statements, mini statements on your mobile phone, and SMS alerts.
No initial deposit is required to open this account
Of course, you need not have a minimum balance to maintain a basic savings account.
You can also avail of 4 cash withdrawals in a basic savings account in a month.
No: of Deposits: You can also make unlimited deposits in a month. However, there will be certain limits applied to the amount based on the access points and cash availability with GDS.
Maximum balance limit: Likewise, a Maximum balance of Rs.1 lakh can hold by you in your account at the end of the day.
Key Account Features and Benefits of Basic Savings account in IPPB
(1)Banking at your convenience.
(2) Instant and paperless account opening using Aadhaar as per the applicable rules.
(3) Easy and convenient Non-eKYC account opening.
(4) The interest rate of 2.75 % p.a. on EOD daily balances, paid quarterly.
(5) No monthly average balance required to be maintained
(6) The account can be opened with zero balance
(7) A free monthly e-statement
(8) Mini statement through SMS
(9) Simplified banking services through QR card
(10) Instant fund transfer through IMPS
(11) Easy bill payment and recharges
(12) Can be linked to a POSA (Post Office Savings Account)
What makes IPPB different in opening a Basic savings account?
(i) A free account opening at your doorstep
(ii) Assisted services through the GDS, as and when required
(iii) Availability of funds at your doorstep, upon request
(iv) Bill payment facility at your doorstep
(v) Simple and secure banking with QR card
(vi) Multilingual customer support
(vii) No commitment of minimum balance
(viii) Nominal charges
(ix) Any balance beyond Rs1 Lakh at the EOD(end of the day) can be swept to the POSA that is linked to the IPPB account.
(x) Access to our growing merchant network through IPPB QR card
(xi) Four cash withdrawals allowed in a month Current Account
Opening a Digital savings account (new customer)
1. Download the IPPB app on your android phone from the google play store when you want to activate banking services on the go.
2. Open your digital savings account by following on-screen instructions.
For Existing customers:
The process to register for IPPB’s mobile banking (existing customers)
You can reap the benefits of mobile banking facility when you link your registered mobile number with IPPB account which can be opened at any post office or at your doorstep through GDS/Postman.
You may have to just follow these simple steps:
Step 1: Download the IPPB app on your android mobile from google play store or from the app store for an Apple mobile phone also.
Step 2: Enter the following details:
(i) Account number
(ii) Customer ID (CIF) and DOB
(iii) Registered mobile number
Step 3: You get a one-time-password (OTP) on your registered mobile number
4th step: Set MPIN
Step 5: Enter the OTP
IPPB’s mobile banking services Benefits & facilities:
Mobile banking services are hosted a modern, secure, and convenient platform. The following are currently available services on Mobile Banking :
(i) Account balance inquiry
(ii) Request for a statement of your account
(iii) Request for a cheque-book (Current Account)
(iv) Stop payment on a cheque
(v)Transfer funds within the bank
(vi) Transfer funds to other bank accounts
(vii) Pay water, electricity and utility bills
(viii)Recharge prepaid and DTH (direct-to-home) services
(ix) Manage your funds with the linked POSA (Post Office Savings Account) by using Sweep-in and Sweep-out facility
Current Account in IPPB
Current Account
IPPB facilitates the small merchant like Kirana stores, medium-sized individual businesses, and also even large businesses to transact by collecting and saving funds from daily trade in their business through this current account. In other words, Current accounts are business accounts allowed to transact through.
Basically, the Current account is a precondition for running and growing business.
Current Account in IPPB lets you be on a digital platform and also make digital transactions in your business with ease. Further, IPPB provides for a Merchant App to encounter the business necessities. You can open a Current account either at your doorstep through postman/GDS or you may prefer to open across the post office counter.
You should get a current account because it allows for digital financial and non-financial transactions with ease. The current account helps to build a record in banks with a transactional history that entails loans in Banks to further the business.
Benefits of current account:
A Current account allows you to self-service by easy payment of the bill, Doorstep Banking services, instant money transfer through IMPS, and also other remittance services.
Further, you can avail of QR card benefits, easy phone banking, free quarterly email statements, precocious/vigilant SMS alerts, and cheque-book on request.
You cannot have more than one current account
Documents to open a current account:
As IPPB promotes paperless banking, you have e-KYC and also Non-eKYC options available with you. In case of a non-eKYC current account, opening you need to submit your proof of identity and proof of address.
Document to open a current account of DBT beneficiaries at counters and at Doorstep (through doorstep Banking):
(i)Aadhaar card number,
(ii)PAN card, or form 60
(iii)Biometric validation details
(iv)Registered mobile number with Aadhaar(you need to carry your phone for OTP purposes) are required to open a current account at IPPB.
Process for customer transaction at counters and through doorstep Banking:
Indeed, all transactions at Counters and Doorstep are being authenticated using OTP being delivered to the customer’s registered mobile number at the time of transaction after showing any one of the valid OVDs like Passport, driving license, voters’ ID card, PAN card, Aadhaar letter issued by UIDAI, and Job Card issued by NREGA signed by a State Government official.
Nomination facility is available for a Current account
However, you need to maintain a monthly average balance of Rs1000 and a charge of Rs100 is levied for non-maintenance of MAB.
In addition, there is no cap on the number of deposits or withdrawals in a month provided the maximum amount held does not exceed the prescribed limit at the EOD.
Charges for Doorstep Banking services in IPPB
The good news is that IPPB has waived the Doorstep Banking Charges for all transactions/ services of IPPB provided on the doorstep of customers, till further notice. However, earlier one used to avail Doorstep Banking services at nominal charges of Rs15 and Rs25 for digital and cash-based transactions respectively.
Maximum balance limit for Current Account in IPPB
The maximum limit for a Current account in IPPB is Rs1 Lakh at the end of the day(EOD) as per the guidelines prescribed by RBI.
In case, you exceed the maximum balance limit for IPPB regular savings account, excess amount(beyond Rs1 Lakh) will be transferred to your Post office savings account(POSA). Of course, for this to happen, you need to link your POSA account IPPB.
If you don’t have a POSA, you can open one with any post office and also get it linked to your IPPB account. If you don’t open a POSA, the balance in IPPB Current account gets restricted to Rs1 Lakh at the end of the day(EOD) and the transactions beyond this maximum limit, particularly, will be rejected automatically.
No debit card will be issued to you by IPPB, instead, a QR(Quick response ) card is offered by IPPB to enable to make all transaction with ease.
QR card offered by IPPB is the digital form of a QR code or a barcode which is used to recognize the IPPB customer with the account specifically. However, a QR card cannot be used in an ATM as it is not a debit card.
In case of loss/theft of your QR Card, there is no risk involved even financially as a transaction with QR card is associated with OTP and production of OVD as identity proof. Just you may have to visit the nearest IPPB branch or call 155299, the toll-free number of IPPB for re-applying for a QR card.
Charges for re-issuing the QR card:
The re-issue fee for the QR card is Rs25. However, the first QR card is free
Interest is calculated on a Current account based on the balance at the end of the day(EOD). However, the interest payment is made quarterly.
However, at the moment, the cheque-book facility is only available for individual Current Account holders. You can request for a cheque-book through the Doorstep Banking services or even by visiting the nearest access point.
However, currently, IPPB does not provide a demand draft facility for regular savings accounts.
Submission of physical documents to open a Current Account:
Either you can open an account through e- KYC or Non-E-KYC. In the case of a Non-eKYC account, opening the customer needs to submit his/her proof of identity and also proof of address. Non-eKYC account opening service is not provided under doorstep banking so you may have to avail at IPPB Branches only.
To open a Current Account with IPPB, you can call toll-free number 155299 to avail Doorstep banking services.
Key Account Features and Benefits Banking at your convenience
The current account can be opened instantaneously using Aadhaar authentication.
Nominal monthly average balance required to be maintained .
The account can be opened with zero balance
A free monthly e-statement
Mini statement through SMS Simplified banking services through QR card
Instant fund transfer through IMPS Easy bill payments and recharges.
Comparison Table of various Accounts in IPPB
| Features/fees | Regular Savings Account (Safal Account) | Digital Savings Account | Basic Savings Account (Sugam Account) | Current Account |
| Eligibility | Anybody above 10 years with KYC | Anybody above 18 years with KYC | Anybody above 10 years with KYC | Individual |
| Initial Minimum Deposit | NIL | NIL | NIL | NIL |
| Minimum Account Balance | NIL | NIL | NIL | NIL |
| Maximum End of Day Balance | INR 1,00,000 | INR 1,00,000 | INR 1,00,000 | INR 1,00,000 |
| Nomination Facility | Available | Available | Available | Available |
| Linkage of POSA Account | YES | NO | YES | NO |
| Monthly Average Balance (MAB) | NIL | NIL | NIL | INR 1,000 |
| Non-maintenance charges on MAB* | NA | NA | NA | INR 100 Per Month/Recovered Quarterly. |
| Annual Interest Rate | 2.75% | 2.75% | 2.75% | 0 |
| Interest Payment | Quarterly | Quarterly | Quarterly | NA |
| SMS Alerts | Free | Free | Free | Free |
| Account Statement | Free Monthly e-statement (Physical statement @₹50) | Free Monthly e-statement (Physical statement @₹50) | Free Monthly e-statement (Physical statement @₹50) | Free Monthly e-statement (Physical statement @₹50) |
| QR Card | Free | NA | FREE | Free |
| QR Card Reissuance | INR 25 | NA | INR 25 | INR 25 |
| Setting of Standing Instruction Charges | Free | Free | Free | Free |
| Account Closure Charges | NIL | NIL | NIL | Within 14 days of Account Opening- NIL, From 15th day of Account Opening till 6 months-INR 250, Post 6 months of Account Opening-NIL |
| Balance certificate per Instance | INR 50 | INR 50 | INR 50 | INR 50 |
| Card/ KIT returned due to wrong address | INR 50 | INR 50 | INR 50 | INR 50 |
| Cheque Book on request | NA | NA | NA | First 50 Cheque leaves free; subsequently INR 2 per leaf |
| Cheque Bounce/ Return Charges (Inward) | NA | NA | NA | INR 200 |
| Cheque Bounce/ Return Charges (Outward) | INR 50 | INR 50 | INR 50 | INR 50 |
| Bill Payments/ Re-charge | Free | Free | Free | Free |
| Cash deposit charges | Free | Free | Free | Free upto INR 15,000/ day. Above INR 15,000 – INR 1.50 per incremental INR 1000 or part. |
| Cash withdrawal charges | Free | Free | Free (Limited to 4 withdrawal in a month) | Free |
| Cheque Stop Payment per Instrument | INR 25 | |||
| Cheque Stop Payments per Series**** | INR 100 | |||
| ECS Return Charges (Financial Reason) | INR 25 | |||
| Cheque Collection (Local Clearing) | Free | |||
| Outstation Cheque Collection upto and including INR 5,000 per instrument | INR 25 | |||
| Outstation Cheque Collection above INR 5,000 & upto INR 10,000 per instrument | INR 50 | |||
| Outstation Cheque Collection above INR 10,000 & upto INR 1,00,000 per instrument | INR 100 | |||
| Outstation Cheque Collection above INR 1,00,000 per instrument | INR 200 |
What makes IPPB Different
Self on-boarding to IPPB Merchant App
You will be provided with the services of assistance of GDS whenever required.
Availability of funds at your doorstep, based on your request Bill payment facility at your doorstep.
IPPB QR cards entails you a hassle-free and safe banking as it is backed by OTP authentication apart from submission of OVD identity proofs.
Multilingual customer support
Nominal charge
Chequebook facility on request
Unlimited cash deposits and withdrawals
You may just call the IPPB toll-free number:155299 for the purpose of Doorstep banking services. This service can be used for opening a Current Account with IPPB.
SMS Banking in IPPB
IPPB offers an SMS banking facility whereby you can know the account details such as balance inquiry, a mini statement on your mobile phone by sending an SMS to IPPB SMS banking number 7738062873.
Unique features of SMS banking:
(i) Compatible with all mobile handsets
(ii) Internet not required
(iii) Accessible anywhere, 24×7
To utilize the services, just follow two simple steps:
• Register your mobile number with us for SMS banking
Send keyword “REGISTER” to 7738062873 from your mobile number, linked to your savings/ current account
Currently available Services on SMS banking:
Services SMS to be sent on 7738062873
Balance inquiry BAL
Mini statement MINI Missed Call Banking
Another way of getting access to your account information easily is through missed call banking.
All you have do is to register your mobile number for IPPB’s missed call banking service to use this service with ease.
Unique features of the Missed call banking
(i) Compatible with all mobile handsets
(ii) Internet not required
(iii) Accessible anywhere, 24×7 To utilize the services, just follow two simple steps:
(iv) Register your mobile number for missed call banking by giving a missed call on 8424054994 from the mobile number linked to your savings/ current account.
(v) Then give a missed call on the following numbers to avail of the services as below. Services available through Missed Call Banking Services Dial- IN Numbers Balance inquiry Missed call to 8424046556 Mini statement Missed call to 8424026886
Phone Banking in IPPB
IPPB provides one more vital service to reach out to the public, in general, to deal with issues in the opening of accounts/ complaints/suggestions/queries, etc especially the rural populace with less exposure to a digital platform.
So, now you can access your account information from the comfort of your home/work or wherever you are. At the click of a phone call by you on toll-free number 155299, a Phone Banking service, all your doubts/queries relating to IPPB services & also products will be cleared over the phone.
Phone Banking operates on IVR(Interactive voice response)to the extent possible and thereon subsequent interaction with an agent/executive to assist you further.
Any transaction/query that can not be fulfilled through IVR will be transferred to the dedicated officer on banking services specifically. Thus, all your queries /complaints/certain service requests/ technical issues in operations are usually mitigated through IPPB phone banking services.
One more attractive feature is that the phone banking facility is provided in multiple languages to mitigate the language barrier in handling complaints/queries and also services. However, at present IPPB offers IVR mode services in 13 languages and 8 languages through dedicated agent channel.
This is also likely to be extended to 13 languages in the near future, giving you instant contact with IPPB’s products and services.
Benefits of IPPB’s Phone Banking
(i) 24×7 access account information
(ii) Immediate response to your queries
(iii) Save time and money by avoiding visits to the bank
(iv) Schedule Doorstep banking services through phone banking IPPB’s Phone Banking Services
(v) Information on IPPB’s products/services
(vi) Information on the last five transactions
(vii) Call-back function
(viii) Queries related to interest rates
(ix) Account-related information
(x) Issuing of account statement
(xi) Book a request for Doorstep banking services
(xii) Balance and transaction-related details
(xiii) Cheque and clearing-related queries
(xiv) Any other banking-related queries Phone banking number 155299
QR Card in IPPB
QR Card means a Quick Response Card. IPPB QR card is used so as to identify the IPPB account holder in a smart way with the help of a QR code similar to a bar code, redefining the way digital banking is done. The QR card makes it unique, secure, and also comfortable as it curtails the problem of remembering the account number.
One more thing… You need not remember the PIN number or password even. This is possible because the transactions get validated by OTP and on showing a valid OVDs (Officially Valid Document). Your money is in safe hands even though the IPPB QR card is lost. Why because every transaction made through QR card is protected by an additional safety layer of OTP from your registered mobile number apart from an OVD validation.
QR cards can be used at the time of doorstep banking also through postmen/GDS. Further, it can be used at the counters of any post offices apart from cashless payments at IPPB merchant stores through the IPPB account.
However, there are no additional charges for making transactions through IPPB QR.
You can do cash transactions, money transfers, bill payments, or cashless shopping using this card.
IPPB QR is easy to use.
Follow these 3 simple steps:
1. Scan the code
2. Authenticate through OTP verification & OVD validation
3. Complete the transaction Front view of the QR card Rear view of the QR card
Features of IPPB’s QR Card
Definite account identity
Convenience in your pockets
(i) No need to remember Account Number
(ii) Instant issuance and accepted across all IPPB counters and IPPB merchants Secure & private
(iii) OTP authentication & OVD validation
(iv) No PIN required Simple and Affordable
(v) Easy to use across IPPB mobile apps and counters
(vi) Expensive PoS infrastructure not required.
*OVDs:
Passport/ Driving License / Voter’s Identity Card / PAN Card (With Photo printed on PAN card and supported by proof of address as per bank’s policy)/ NREGA Job Cards / Letter issued by the National Population register containing Details of Name and Address / Aadhaar Card
The first QR card is free at IPPB. A charge of Rs25 is levied for re-issue of a QR card in lieu of lost one.
Just in case of loss/theft of a QR card contact toll-free number 155299 or visit the nearest IPPB branch for reapplying the QR card. However, the money will be safe even though the QR card is lost/stolen as each & every transaction is validated through biometrics.
You can`t have multiple QR cards for the same account. In other words, you can have only one card for one account.
Also, you can keep track of your every IPPB transactions as they reflect on your account statement.
Then, you can also view your past transactions on our mobile banking app.
Further, you will be issued with a QR card immediately when you open an IPPB account.
IPPB and POSA Linkage
The Post Office Savings Account (POSA)
POSA embraces a noteworthy place in the encouragement of savings as it touches the nook and corner of India where the scope of banking services is limited even.
One of the vital features is that one can open a Post office Savings Account with a minimum initial deposit of Rs500.
One can transfer POSA from one post office to another with ease.
POSA offers a 4% rate of interest per annum.
You can link the IPPB savings account with that of POSA to enable you to get any balance beyond Rs1 Lakh at the EOD to transfer to the linked POSA account.
Process of POSA Linkage:
(i) Customers must have an active individual POSA account to link it with the IPPB savings account.
(ii) POSA account can be linked at the time of opening the IPPB account or post-opening of the IPPB account through Doorstep service or at the IPPB Access Point.
(iii) At the time of linking POSA account customer needs to produce his/her POSA passbook to GDS/Postman in case of Doorstep service or to counter staff at Access Point.
(iv) SMS notification shall be sent to the customer’s registered mobile number post successful linkage of the POSA account. Note: POSA linkage is not available with a Digital savings account, However, the applicant can link the POSA account post-conversion from Digital savings account to a savings account. Benefits of Linking the POSA and IPPB.
(v) Automatic transfer of funds from IPPB to the POSA when it exceeds the limit of Rs. 1 lakh.
(vi) If day end balance exceeds the limit, rather than rejecting the transaction the system will transfer the excess funds to POSA.
(vii) It is possible to transfer the whole balance at a time from the IPPB account to POSA account as it does not have a maximum balance limit.
(viii) Customers can manage funds through IPPB mobile banking app with Sweep-in and Sweep-out facility. For Timings to avail of this facility please refer to the Sweep Service Timings section below.
(ix) The account holder can withdraw/deposit cash via. IPPB savings account.
Sweep-in and Sweep-out Facility
As an IPPB customer, you can conveniently manage the funds through sweep-in and sweep-out facilities. Any amount beyond Rs. 1 Lakh will be swept out into the Post office savings bank account that is linked to IPPB.
At times, our savings accounts exceed the maximum limit and stay idle with interest benefit. Sweep facility facilitates easy transfer of funds (both automatic and manually) from the account holder’s savings account to the POSA account and helps account holder to earn higher interest.
Features:
(i)No extra charges for Sweep-in or Sweep-out facility
(ii) The sweep-in and Sweep-out service can be availed through assisted channels like Doorstep Service and Access Point beside the self- service through IPPB Mobile App
(iii) Single Sign-on for both the accounts on the mobile app to check balances.
Sweep Services Timings:
(i)Sweep services are available between 8:00 AM to 8:00 PM or till the availability of funds in Sweep into account on all working days.
(ii) Sweep in services will not be available on 2nd & 4th Saturdays, Sundays, and RTGS holidays.
IPPB Doorstep Banking
From the comfort of your home, you can enjoy the facilities of banking with Doorstep banking services offered by IPPB.
In other words, you need not go out of your home to do normal repetitive banking transactions.
It is worthwhile to note that the largest network of post offices with lakhs of employees enables you to access the banking facilities from remotest areas of the country.
At a nominal charge, you can now open a bank account, deposit amount, withdraw money, pay utility bills, and much more with Doorstep banking services.
(No charge for new account opening at your doorstep.) You can also access your Aadhaar linked accounts held with other banks.
It is indeed true that your time, energy, and money for traveling to access banking services.
are saved to a much larger extent while Postman and GDS help you through Doorstep banking.
Benefits of IPPB’s Doorstep Banking
(i) Banking from the comfort of your home
(ii) Easy and convenient banking
(iii) Instant account opening
(iv) Simple, secure and hassle-free banking Services Offered by IPPB’s Doorstep Banking
Account Opening
A doorstep seamless, secure digital service
(i) Cash Deposits/Withdrawals
(ii) Money Transfers
(iii) Hassle-free and 24×7 fund transfers anywhere
(iv) Recharge and Bill Payments
(v) You may pay water, electricity bills, recharge mobile and DTH.
• Additional Services
You can update PAN, register nomination details, get a statement for your account, operate SI, QR card issuance, and many more services relating to the IPPB account.
Services Under AePS
• Ability to access your Aadhaar linked accounts held with other banks. You can opt the below services:
(i)Cash Withdrawal
(ii)Balance Enquiry
(iii) Mini Statement
• Third-party Services (i) Insurance (ii) Loans (iii) Investments o Payments facility of DoP Products Simple steps to utilize our Doorstep services.
(i) Call center @ 155299 and you can book your appointment.
(ii) Get SMS confirmation
(iii) Confirm visit details to our representative
(iv) Provide your account number/ mobile number or show your QR card to our Doorstep representative and enjoy the services Doorstep Banking Service Charges IPPB has waived the Doorstep Banking Charges for all transactions/ services of IPPB provided on the doorstep of customers, till further notice.
Bills Payments and Recharge
You can access Multiple channels at IPPB for secure, easy, and fast payment of your bills.
(i) At Post Office counters
(ii) Doorstep banking services
(iii) Mobile Banking App
You have the option to pay the following categories of utility bills of major billers with IPPB account:
(i) Mobile and DTH recharge
(ii) Mobile post-paid, landline and broadband bill payments
(iii) Electricity, water and gas bill payments
(iv) Insurance premiums payment
Direct Benefit Transfers through IPPB
As the name suggests, DBT is a scheme, launched in 2013, aiming at transferring benefits, including subsidies, directly to the beneficiary`s account, without any involvement of middlemen mechanism that is at times vulnerable to leakages.
There is saying that the Govt schemes are like transferring pieces of ice cake from one end to the other involving many middlemen makes the final piece of ice to diminish to few droplets. So, to avoid such instances, the Govt has introduced the DBT scheme. Further, IPPB made it much easier in leverage of DBT benefits to the end point.
Being a DBT beneficiary, you just need to link your Aadhaar card number with the IPPB account to get your DBT amount.
Once you link so, your DBT amount is directly credited to your IPPB account that you can access from the nearest post office.
DoP Product Payment through IPPB
1. Sukanya Samriddhi Account
Now, IPPB has come with good news to parents of the girl children. It is because the parents are provided with the option to deposit SSY account from the comfort of your home either by mobile banking or doorstep banking.
The facility can be availed through all the delivery channels :Counters,
Doorstep & Mobile Banking App: Online payment of your deposit in SSY is now possible with IPPB. You will be notified of the successful transfer of an amount from the IPPB account to SSYA through the mobile application.
Prerequisites:
You should have an SSA opened with the post office.
You should know the details of the SSA account number and Customer ID.
2. Public Provident Fund
PPF is a very popular scheme for long term investment opportunities.
It was introduced by the National Savings Organisation in 1968 to help investors mobilize small savings.
Deposits made under this scheme reap a decent return apart from the EEE tax benefits it offers.
Features:
(1)You can deposit in PPF account online now through IPPB.
(2) IPPB notifies you for successful payment transfer made through IPPB mobile application.
Prerequisites:
(1) Customers must have an active PPF account with Post Office.
(2) For instant payment, you should have a PPF account number and customer ID.
3. Recurring Deposit Account
Adding more colors to the features, IPPB also offers the option to make RD deposits.
The facility can be availed through multiple channels like Doorstep services, Mobile banking, and Post Offices counters.
Features:
(1) Now, RD deposits can be made online through IPPB.
(2) IPPB notifies you for successful payment transfer made through IPPB mobile application.
Prerequisites:
(1)The customer must have an active Recurring Deposit account with Post Office.
(2) All that you need to have for instantaneous payment is RD account number and Customer ID.
4. Loan Against Recurring Deposit
You may avail loan against your RD account in a post office.
After completing one year of Recurring Deposit account, the Customer can withdraw up to 50% of the balance. Information:
Please visit our nearest Post Office to avail any of these services as they are not available through mobile application:
(i) Opening of SSA, PPF, RD, LARD
(ii) Claims/Withdrawal
(iii) View of cumulative balances
(iv) Closure of SSA, PPF, RD, LARD
Modes:
(i) Counter – you may visit your IPPB access point
(ii) At the doorstep – You can have at the service at the doorstep as well.
(iii) Self Service (Mobile banking app) – click here to download the app now Charges: Apart from doorstep charges if availed, there are no other charges.
Remittances & Fund Transfers in IPPB
There is a bouquet of options for you to choose from when you become an IPPB customer to transfer the amount to your family/relatives.
You can enjoy the pocket-friendly and easy services for sending money anytime and anywhere in India.
Immediate Payment Service or IMPS
IMPS is nothing but an electronic fund transfer of money from one person to another having a bank account in another bank.
As the name suggests, the money in the IMPS service gets immediately. Moreover, the service is offered 24×7.
Hence, customers can use this facility to receive or send money at any time, even during holidays.
You can avail of the IMPS services either at the counter by visiting access point or mobile banking or even doorstep banking services.
National Electronic Fund Transfer or NEFT
As the name suggests, NEFT provides for transfer of funds nationwide.
With NEFT using account number + IFSC, you can send money electronically through IPPB to any firm/ corporation or any individual who has other bank accounts in the country.
You have 3 options to avail of NEFT through IPPB. You can go for mobile banking or use doorstep banking or else you may prefer visiting the post office offline.
Real-Time Gross Settlement or RTGS
IPPB also offers RTGS facility for high-value transactions above Rs. 2 lakhs.
Using your account number and IFSC code, you can transfer and receive the amount through RTGS.
IPPB Mobile Banking app allows to access RTGS services.
You can avail of RTGS services in selected IPPB access points or post offices.
Assisted UPI at Doorstep and Counters
IPPB has facilitated its customers to receive and send payments by means of a unified payments interface(UPI).
IPPB has been provided with unique Micro ATM facility and CBS applications to operate UPI payments.
Even without downloading any UPI app or register through a debit card, you can transact using UPI in IPPB.
A default virtual payment address(VPA) ID is issued for every customer so that they can pay through UPI platform in IPPB.
VPA generated will be communicated through SMS on the same day of the opening of IPPB account.
Aadhaar Enabled Payment System or AePS
Through AEPS, a bank customer can make any banking transactions like balance inquiry, cash withdrawal, mini statement, remittances through a Business Correspondent. This is done by accessing the Bank account with the help of his Aadhaar Card number and his identity. Provided that his bank account is linked to Aadhaar and transactions get completed by his biometric authentication.
Terminology is used in AEPS transactions
(i)Acquirer Bank: A Bank that has deployed AEPS terminal where transactions like cash withdrawal, deposit, fund transfer, balance inquiry, and mini statement are done.
(2) Issuer Bank: A Bank where the beneficiary has the Aadhaar seeded account. The Issuing bank should be a member or sub-member of the NFS network and enabled on AEPS offered by NPCI.
(3) RRN number: It is a 12-digit transaction unique ID on record to identify the transaction made.
Solutions to some issues encountered in AEPS payments
If the customer enters an incorrect Aadhaar number/ selects an incorrect bank where he/ she does not have an Aadhaar linked bank account, the transaction will decline with an appropriate response message. Further, as a customer may link his/ her Aadhaar with multiple banks, the customer should select the correct bank, from where he wishes to perform a transaction.
If a customer is having more than one account in a particular bank, then debit/credit will be allowed to form the primary account. Further, the customer should note that he will not be able to select the bank account at the time of the transaction. Primary linking can be changed with the bank only.
If multiple accounts are linked to aadhaar of a customer across multiple banks, then the customer has the option to choose the bank name in the AEPS app.
Customers having an account with IPPB cannot use AEPS for withdrawing money from other Bank terminals?
The customer needs not to carry Aadhaar Card for transacting, but it should be linked with the bank account which is a prerequisite for processing transactions.
The status of the transaction will be available on them-ATM primarily apart from receiving the SMS form IPPB and Bank also, provided they are registered for mobile alerts.
There are no charges associated with various AEPS services offered by IPPB including door delivery as of now.
Limits on AEPS cash withdrawal, Pull money/Fund transfer: Rs10,000 on a single AEPS financial transaction.
If you have Joint Account with other banks, in case Aadhaar is linked to the joint account and where the operation condition is either or survivor, then services can be availed using any of the Aadhaar details.
AEPS is allowed for minors but it all depends on the issuer bank.
If a Customer account has got debited and he/she has received confirmation from his/her Bank but the transaction in MATM/CBS could not be completed, it is likely that transaction has failed. The amount will be refunded within 7 working days. If not, the customer may take up/ raise a dispute with the bank. The Bank will in turn raise it with the Dispute Management system of NPCI.
In case you have any query do let me know in the comments section below.