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India Post Payments Bank

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Updated: 05-02-2024 05:58:29 AM

India Post Payments Bank (IPPB) is an initiative of the India Post to provide banking services even in the remotest location of the country and further the cause of financial inclusion. The primary aim of the institution is to provide banking and financial solutions to people in the rural areas by leveraging its presence throughout India in the form of 1.55 lakh India Post branches.

What is India Post Payments Bank

India Post Payments Bank is a public limited company with the government holding a 100% stake through the Department of Posts. The company incorporated on 17th August 2016 is facilitating doorstep banking. The bank has 650 branches and 3250 customer access points. The organization already manages 995 ATMs across the country.

Doorstep Banking by India Post Payments Bank
Services Offered by India Post Payments Bank
India Post Payments Bank Savings Accounts
India Post Payments Bank Current Account
Banking Services Provided by IPPB
Payments under IPPB
Feedback and Grievances
News - India Post Payments Bank

Doorstep Banking by India Post Payments Bank

Doorstep banking is the facility of providing banking and other financial services at the home of a customer. The wide network of post offices and postal employees provide banking services in the remotest locations of the country. Instead of visiting the bank for availing banking services, postal employees will visit the home of the customer to provide the service at a nominal fee. However, no fee is charged for opening a new bank account. Following services can be availed through doorstep banking:

  • Opening a bank account
  • Fund transfer
  • Cash deposit
  • Cash withdrawal
  • Recharge and bill payment

People will have to pay a nominal fee ranging from ₹ 15 to ₹ 25 on every transaction. The maximum limit for doorstep banking is set to ₹ 10,000.

Service Fee
On-boarding (Account opening) Nil
Cash Transactions (Deposit, Withdrawal) ₹ 25 per transaction
Non-cash Transactions (Apart from Deposit & Withdrawal) ₹ 15 per transaction

How to Avail Doorstep Banking by India Post Payments Bank

Follow these simple steps to avail doorstep banking provided by the India Post Payments Bank:

  • Call 155299 to book an appointment with IPPB representative.
  • A confirmation will be sent through SMS
  • When the representative receives your home, confirm the visit details.
  • Now you can carry out banking services by providing your account number, mobile number or the QR card to the doorstep representative.

Services Offered by India Post Payments Bank

Following services are offered by the India Post Payments Bank:

Services Offered by India Post Payments Bank
  • Savings Account (Balance up to ₹ 1 Lakh)
  • Current Account (Balance up to ₹ 1 Lakh)
  • Bill Payment and Recharges
  • Digital Payment – Remittance Services and Fund Transfer
  • Group Term Insurance

IPPB also provides third-party financial services such as pension, mutual funds, insurance, forex, etc. To provide these facilities, the organization has partnered with various banks and other financial institutions.

India Post Payments Bank Savings Accounts

India Post Payments Bank provides three different savings accounts to its customers to choose as per their requirements.

India Post Payments Bank Savings Accounts
Digital Savings Accounts
Regular Savings Accounts
Basic Savings Accounts

Digital Savings Account

Digital Savings Account can be opened by through the IPPB mobile app. The app can be downloaded from the play store for Android devices. The applicant has to provide his PAN and Aadhaar number to open the account. The account can be opened anytime and from anywhere. Important features of the IPPB Digital Savings Account are mentioned below:

Features of IPPB Digital Savings Account
  • Instant self on-boarding (No banking representative required)
  • The interest rate offered is 4% p.a. paid quarterly on EOD daily balance
  • No monthly average balance requirement
  • Free account statement every quarter
  • Instant fund transfer and bill payment
  • Applicant should be above 18 years of age to apply for the account
  • Full KYC has to be done within a year of account opening
  • Maximum yearly cumulative deposit allowed is ₹ 2 Lakhs
  • The account can be linked with Post Office Savings Account after complete KYC
  • If KYC is not done within a year, the account will be closed

Regular Savings Account

Regular Savings Account can be opened either by visiting the IPPB branch or through the doorstep banking. There are not many restrictions on these accounts and the bank allows unlimited withdrawals from these accounts.

Features of IPPB Regular Savings Account
  • Instant and paperless account opening (Doorstep account opening)
  • The interest rate offered is 4% p.a. paid quarterly on EOD daily balance
  • No monthly average balance requirement
  • Free mini statement every quarter
  • Instant fund transfer through IMPS
  • Simple and futuristic banking through QR card
  • Free account statement by SMS
  • Applicant should be above 18 years of age to apply for the account
  • Aadhaar and PAN is required for opening the account
  • EOD Balance above ₹ 1 Lakh is automatically swept into POSA
  • The account can be linked with Post Office Savings Account after complete KYC
  • Unlimited cash deposit and withdrawal

Basic Savings Account

The Basic Savings Account is the simplest account offered to the customers of IPPB. Unlike a regular savings account, account holders can make only four cash withdrawals in a month through these accounts. Important features of the IPPB Basic Savings Account are mentioned below:

Features of IPPB Basic Savings Account
  • Instant and paperless account opening (Doorstep account opening)
  • The interest rate offered is 4% p.a. paid quarterly on EOD daily balance
  • No monthly average balance requirement
  • Free account statement every quarter
  • Instant fund transfer through IMPS
  • Banking made simple through the QR card
  • Free mini statement by SMS
  • EOD Balance above ₹ 1 Lakh is automatically swept into POSA
  • The account can be linked with Post Office Savings Account (POSA)
  • Four cash withdrawals allowed in a month

India Post Payments Bank Current Account

India Post Payments Bank Current Accounts can be opened by small merchants and individual businessmen. Such accounts can be opened at India Post counters or through IPPB’s GDS or postman at your doorstep. This account is very friendly for digital transactions. Features of the IPPB current account are as follows:

Features of IPPB Current Account
  • Instant account opening (Doorstep account opening available)
  • Zero balance account opening facility
  • Monthly average balance requirement – ₹ 1,000
  • Free account statement every quarter
  •  Instant fund transfer through IMPS
  • Banking made simple through the QR card
  • Bill payment facility at your doorstep
  • Chequebook facility available on request (1st 50 cheque leaves free)
  • Maximum End of the Day Balance – ₹ 1 Lakh
  • Free QR Card with the account. ₹ 25 required for reissuance
  • Free SMS Alerts
  • Unlimited cash deposits and withdrawals allowed in a month

Banking Services Provided by IPPB

India Post Payments Bank provides following services on accounts of the institution:

Banking Services Provided by IPPB
  • Mobile Banking
  • SMS Banking
  • Missed Call Banking
  • Phone Banking
  • QR Card

Mobile Banking

Account holders can avail following facilities through mobile banking:

Mobile Banking Facilities by India Post Payments Bank
  • Account balance enquiry
  • Account statement request
  • Chequebook request
  • Transferring funds
  • Utility bills payment
  • Prepaid mobile and DTH recharge
  • Managing funds with linked POSA (Post Office Savings Account)

SMS Banking

India Post Payments Bank account holders can register their mobile number with the bank and avail SMS banking facilities. In order to register the mobile number, an account holder has to send an SMS “REGISTER” to 7738062873 from the mobile number linked to the bank account. Following services can be availed through SMS banking:

Service SMS to be sent on 7738062873
Balance Enquiry BAL
Mini Statement MINI

Missed Call Banking

IPPB Account holders can avail the services of missed call banking provided by the bank round-the-clock. The Internet is not required to avail this service and no fee is also charged for availing this service. The account holder has to give a missed call to the designated number to avail the service instantly. Below mentioned are the facilities provided under missed call banking:

Service Dial-in Number
Registration 8424054994
Balance Enquiry 8424046556
Mini Statement 8424026886

Phone Banking

IPPB has made provisions for its customers to avail the facilities of phone banking from the comforts of their home. The account holder can call IPPB’s toll-free number 155299 and get assisted by IVR or a teleoperator. Following services can be easily availed through netbanking:

Phone Banking Services
  • IPPB’s products/services information
  • Last five transactions
  • Call-back function
  • Account-related information
  • Issuing of account statement
  • Doorstep banking services
  • Balance and transaction-related details
  • Cheque and clearing-related queries
  • Any other banking-related queries

QR Card

IPPB has provided a unique and secure method to perform transactions easily. The customer does not have to remember the account number or PIN. The account holder can simply provide this QR card and authenticate using the biometrics in three simple steps:

  1. Scan the QR Code
  2. Authenticate using the biometrics
  3. Perform the transaction instantly.

A number of transactions can be performed using the QR card facility:

  • Cash transaction
  • Fund transfer
  • Utility bill payment
  • Cashless shopping

The QR card is safe enough and cannot be misused. Even if the card is lost, no transaction can be carried out using this card as biometric verification is required to authenticate the request. In case of a lost card, a new card can be reissued at a nominal fee of ₹ 25.

Payments under IPPB

India Post Payments Bank allows its account holders to perform payments and fund transfer through various services.

Payment Services by India Post Payments Bank
Bill Payment and Recharges
Remittances and Fund Transfers
Direct Benefit Transfer

Bill Payment and Recharges

Account holders can make bill payments quite easily using the service provided by IPPB through any of these facilities:

Ways to Perform Bill Payment through IPPB
Post Office counters
Doorstep banking services
Mobile Banking App

An account holder can perform various bill payments for the following facilities:

Types of Billers
Mobile and DTH recharge
Mobile postpaid, landline and broadband bill payments
Electricity, water and gas bill payments
Insurance premium payments

Remittances & Fund Transfers

India Post Payments Bank account holders can transfer their funds using various payment options mentioned below:

Payment Options
NEFT
IMPS
RTGS

Direct Benefits Transfer

IPPB account holders can avail the facilities of DBT by linking their bank accounts with Aadhaar and submitting the account details for availing subsidies under various government schemes.

Feedback and Grievances

An account holder can provide his feedback or register his grievances through various channels.

  • Feedback can be provided to the bank by visiting the branch or CSPs.
  • Suggestions and complaints can also be made by calling the toll-free number 155299 of the IPPB.
  • Complaints can also be filed online by sending an email to contact@ippbonline.in.
  • Written complaints can also be made to IPPB by sending a letter to the registered address of the bank at

India Post Payments Bank Ltd.,
Corporate Office, 2nd Floor,
Speed Post Centre, Bhai Veer Singh Marg,
Market Road, New Delhi-110001.

News - India Post Payments Bank

India Post Payments Bank ties with FSS to incorporate Micro-merchants in the system
11th September 2018
India Post Payments Bank (IPPB) has tied-up with Financial Software and Systems (FSS) to create a better payment network that would include the unorganized retail sector for making payments through various modes of transactions. The system will include online payments, UPI (Unified Payments Interface), AePS (Aadhaar-enabled Payment System), QR Code or through the bank account. FSS will help small merchants to carry out transactions and settlement solutions such as on-boarding fee calculation, reconciliation, etc. FSS will create a QR-based payment network and IPPB will sign-up merchants and promote QR transactions.
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