You are here

Indian Postal Bank

India Post Payments Bank

The department of posts(DOP) in India has been a pillar of the world's largest democratic nations communication system and has played an important role in the socio-economic development of the country. Apart from delivering emails, DOP also provides services like Life insurance, Bill collections, Deposit collections, Doorstep Banking and Old age pension payments. Indian posts are the most widely distributed postal network in the world with 1,55,015 offices. To further extend its footprint in providing banking services to every citizen in India with simple, diverse and growth-oriented offerings India post has launched its banking services on 30th January 2017 under the title India Post Payments Bank.

Indian Post Payment Bank

IPPB's Philosophy

India post payments bank is being operated with 3 central operating philosophies, they are

  1. Convenience at your finger tips - Promise to make banking a simple, affordable and convenience experience for Indians across the nation.
  2. Pioneer in inclusive banking - Encourage smart savings and investments habits with easily accessible banking services. Extend banking facilities to the remotest corner of the nation.
  3. Efficiency of Banking network - Most effective, accessible and readily available banking network across the nation

Products offered by Indian Post Bank

IPPB is currently offering

- Savings bank account up to a balance of Rs 1 lakh

- Direct Benefit Transfer (DBT)

- Domestic Remittance services

- Doorstep Banking

Future offerings

- Current account

- Insurance

- Mutual funds

- Pension

- Forex

- Credit products

- Mobile wallets and POS systems

India Post Payments Bank Savings accounts

IPPB is offering 3 different savings bank accounts crafted to suit the requirements of every customer

  1. Regular Account (SAFAL)
  2. Basic Savings Bank Deposit Account (BSBDA) - Sugam
  3. Basic Savings Bank Deposit Account Small (BSBDA Small) - Saral

Eligibility: Anybody 10 years and above is eligible to open a Savings account in IPPB

Initial Minimum Deposit: To open an account, an initial minimum deposit of INR 100 has to be made

Minimum account Balance: You don't need minimum account balance to maintain, you can keep the India post saving account active with zero balance

Savings account charges and features
Account feature Regular Savings Account – Safal Account Basic Savings Bank Deposit Account (BSBDA) – Sugam Account BSBDA-Small Account – Saral Account
Eligibility 10 years and above 10 years and above 10 years and above
Minimum Account Balance Nil Nil Nil
Maximum Balance INR 1,00,000 INR 1,00,000 INR 50,000
ATM/ Debit Card Free Free Free
Annual Interest Rate 5.50% 5.50% 5.50%
Interest payment Quarterly Quarterly Quarterly
Mobile Alerts Free Free Free
Monthly Statements Free Free Free
Free Monthly Customer Transactions 4 Free  4 Free 4 Free
Subsequent transaction charges after availing free  INR 20 per transaction INR 20 per transaction

INR 20 per transaction

ATM monthly transactions
At IndiaPost ATMs All free All free All free
At Punjab National Bank's ATMs All free All free All free
At other bank's ATMs: Metro 3 Free 3 Free 3 Free
At other bank's ATMs: NonMetro 5 Free 5 Free 5 Free
Additional transactions at Other Bank's ATMs Financial: INR 20
Non-financial: INR 8 
Financial: INR 20
Non-financial: INR 8 
Financial: INR 20
Non-financial: INR 8 
Maximum ATM withdrawal per transaction INR 10,000 INR 10,000 INR 10,000
Maximum ATM withdrawal per day INR 25,000 INR 25,000 INR 25,000
Maximum Online Shopping and POS spend INR 65,000  INR 65,000 INR 65,000

 Direct Benefit Transfer (DBT)

DBT program is designed to transfer Indian government subsidies directly to its customers through their bank accounts. Some of the subsidies include Old age pension schemes,  LPG subsidy etc. Funds from the disbursing agency will be automatically credited to the beneficiary accounts through NACH/APBS - Aadhaar Payment Bridge System. Where all the payments are linked to the individual Aadhaar card number provided by the Government of India. 

Domestic Remittance services

IPPB is providing an inexpensive and secure medium of transferring funds through its domestic remittance offerings. All the India Post Payments Bank customers are eligible to avail the different domestic remittance services. Below are the remittance charges for NEFT, IMPS, AEPS, UPI and *99# modes of transfers

Mode of Outward
Remittance 

Transaction size

Charges (excluding service tax) at branch and doorstep banking

Charges (excluding service tax) for mobile banking

NEFT Up to INR 10,000 INR 2.5 per transaction NA
INR 10,000 - INR 1 Lakh INR 5 per transaction NA
IMPS Upto 1 INR Lakh INR 5 per transaction INR 4 per transaction
AEPS Upto INR 10,000 (max. limit) Free NA
UPI Upto INR 1 Lakh (max. limit) NA INR 4 per transaction
*99# Upto INR 5,000 (max. limit) NA INR 4 per transaction

Doorstep Banking

Indian Post Payments Bank is looking to utilize its massive employees to cater the banking customers with personalized services like Doorstep Banking. This service is to extend the banking relationship to the customer doorstep. This facility allows the customers to request and avail banking and related services at their door with nominal service fees. The services currently offered are as follows:

  • Cash deposit
  • Cash withdrawal
  • Balance enquiry
  • Aadhaar to Aadhaar funds transfer
Doorstep banking charges
Service Charges (INR)
Doorstep Banking – On-boarding Customer Onboarding Free
Doorstep Banking – Cash based transactions Cash Deposit and Withdrawal < INR 2,001 : INR 15 per visit
INR 2001 – 5,000 : INR 25 per visit
INR 5,001 - 10,000 : INR 35 for per visit
Cash transactions above INR 10,000 will not be offered at doorstep
Doorstep Banking – Non-cash based Financial Transactions Remittance INR 10 per visit
Doorstep Banking – Non-cash based Non-Financial Transactions Balance Enquiry/
Mini Statement
Free

India Post Payments Bank Customer Service

  • Toll-Free Number: 1924  8:00 a.m. to 8:00 p.m, (excluding declared holidays & Sundays).
  • Toll-Free Customer Care Number(ATM) 1800 425 2440  (For any ATM/Debit card related grievances )

  • Toll-Free Call Centre 1800-11-2011 (For International Mails)

  • You can register your complaints in the link: Indian Post Complaints Registration

  • Track your Indian Post complaints in the link: Indian Post Complaints Tracking

Add new comment