India Post Payments Bank was established to make banking services available to every household and make every individual financially secure. The Bank was formed under the Postal Department, Government of India. It started its operations in 2017 with two branches. One in Ranchi (Jharkhand) and the other in Raipur (Chhattisgarh). At present, 649 outlets are covering a vast area and are managed by business correspondents. The bank provides a plethora of products and services which are discussed in this article.
Different Types of Products and Services Provided by India Post Payments Bank
The various products and services provided by India Post Payments Bank are:
- IPPB Deposits
- IPPB Insurance
- IPPB Banking Services
India Post Payments Bank Deposit Accounts
India Post Payments Bank provides various deposit account types for you to choose from as per your requirement.
Savings Account
A variety of Savings Account schemes are available with varied features and benefits.
Type of Account | Primary Features |
Premium Savings Account | Cashback for transactions done using digital debit cardsCan link the account to Postal Savings AccountFree Doorstep serviceUnlimited free cash deposit and withdrawalCashback for electricity bills paid through the accountCashback on opting for a digital life certificate |
Regular Savings Account | No documentationAccount opening with Aadhar card aloneNo e-KYCRuPay Virtual Debit Card will be providedBHIM UPI to send and receive moneyIMPS facilitySMS Banking facilityFree monthly e-statementCan link the account to Post Office Savings Account |
Digital Savings Account | Ideal for tech-savvy people who prefer banking from anywhere and at anytimeNo KYC is required at the time of opening the accountKYC is to be completed within 12 months Will be converted to Regular Savings Account on completion of KYCRupay Virtual Debit Card providedNo minimum balance Utility payments can be doneMaximum cumulative deposit in a year: Rs. 1.20 lacsFree monthly e-statement |
Basic Savings Account | No documentationAccount opening with Aadhar card aloneNo e-KYCRuPay Virtual Debit Card will be providedBHIM UPI to send and receive moneyIMPS facilitySMS Banking facilityFree monthly e-statementCan link the account to Post Office Savings Account |
Current Account
This account is mainly for small business owners to conduct business transactions. The features of this account are:
- No account opening charges
- No minimum balance required
- The account can be opened only with Aadhar Card
- Free monthly e-statements
- Easy funds transfers
- Pay utility bills and make recharges through the account
- Provides Merchant App for business requirements.
India Post Payment Bank Cards
India Post Payments Bank provides RuPay Virtual Debit Card to its customers. The features of the card are:
- It can be generated by the customers through IPPB mobile banking
- Payday limits can be set by the customers themselves.
- Online shopping and bill payments can be done with the card
India Post Payment Bank Investment Options
The investment option available in India Post Payment Bank is by way of:
Recurring Deposit
The bank allows investments in the name of minors and minors above 10 years can operate the account. The features of the account are:
- The investment can be made in monthly instalments maximum deposit period is 10 years.
- The customer should have an active Recurring Deposit with the Post Office to avail of this facility
- The payments to the account can be made through doorstep banking, IPPB mobile banking, or any of the branches of the bank.
India Post Payment Bank Banking Services
India Post Payment Bank provides various banking services. They are:
IPPB Mobile Banking
The bank provides a state-of-art mobile app for IPPB Mobile Banking services. You can conduct various fund-based and non-fund-based banking transactions like funds transfers, utility bills payment, account statement downloads, balance enquiry, and manage your account linked with Post Office Savings Account with the sweep-in and sweep-out facility.
Phone Banking
The phone banking service of the bank provides convenient banking from the comfort of your home. All you need to do is call the India Post Payment Bank helpline number 155299 to get information about your account.
SMS Banking
You can get the required information about your account just by sending an SMS to the India Post Payment Bank Balance Enquiry number 7738062873 from your registered number. Send SMS ‘BAL’ to the India Post Payment Balance Enquiry number and get your account balance via SMS.
Missed Call Banking
You can use the missed call banking services to inquire about your account balance and request a mini statement as well. You will have to give a missed call to the India Post Payment Bank Balance Enquiry Number 8424046556 to get your account balance. For requesting a minimum statement, you will have to give a missed call to the India Post Payment Bank helpline number 8424026886.
IPPB and POSA linking
This service will enable the sweep-in and sweep-out facility. If the IPPB accounts are linked to the Post Office Savings Account, any amount in the IPPB account over Rs. 2.00 lakhs will be automatically swept-out to the POSA account. When there is a need for balance in an IPPB account, the amount will be transferred from the POSA account to the IPPB account.
Digital Life Certificate
Central and State Government Pensioners need not visit the branches for submitting life certificates. They can now generate Digital Life Certificates using the Aadhar Enabled biometric authentication process. India Post Payment Bank through its doorstep banking services provides the facility to pensioners at their doorstep.
Domestic Money Transfer
Provides fast funds transfer facility through NEFT/RTGS/IMPS to all its customers.
CELC Service
IPPB brings you the Child Enrolment Lite Client (CELC) Services an app that can be used for child enrolment, Aadhar search, as well as for the updation of mobile numbers.
India Post Payment Bank Customer Care
You can India Post Payment Bank Customer Care through the following channels
- For queries and complaints call the India Post Payment Bank Customer Care number 155299
- For blocking a debit card or reporting unauthorised transactions in your account, call the India Post Payment Bank Customer Care Number (toll-free) at 1800 8899 860
- You send an email to them at contact@ippbonline.in or write to them at the following address
- India Post Payments Bank Ltd.Corporate Office, 2nd FloorSpeed Post CentreBhai Veer Singh MargMarket Road
- New Delhi-110001.
India Post Payments Bank FAQ’s:-
Any individual over 10 years with valid KYC documents can open a Regular Savings Account.
The Digital Savings Account targets tech-savvy individuals, offering online account openings. A branch visit is needed for KYC update within 12 months, or else the account is closed automatically. Successful update leads to Regular Savings Account upgrade with extra perks.
A virtual debit card is an online card. You will not be given a physical plastic card. You can generate a virtual Rupay Debit Card through the IPPB mobile banking services. The card can be used for various online transactions.
Yes. A nomination facility is available for IPPB Accounts.
Yes. You can open a basic savings account or a digital savings account with zero balance. Also, you can open current accounts with the bank to carry out business transactions with zero initial deposit. There is no quarterly minimum balance stipulation for this account.