Key Features

• 1PPB use Aadhar Card to open accounts , while biometrics will drive authentication. Transaction and payments.
• The aim of IPPB is to exploit or take advantage on the unmatched network of post office and huge workforce of postman.
• As per the guidelines laid out by the RBI, it can accept deposits up to 1 Lakh per consumer, offer payment and remittance services, mobile payments/ purchases / transfer and other banking services like ATM / Debit Cards, Net banking and third party fund transfer.
• The Institution will operate like small scale bank, but cannot issue loans or issue credit cards.
• The Bank will offer an interest rate of 4% on saving accounts and its facilities can be accused through as many as 650 Branches and 3,250 Access point.
• To Fulfil the goal of financial inclusion around 1.3 Lakh access point will be located particularly in rural areas.
• Moreover, the deposits in any account that exceeds 1 lakh will be automatically converted into post office saving account.
• The bank is solely owned by department of posts, Government of India and offer services like counter services, micro ATM, Apps, Messages etc.,
• To Increase its competency on par with the market player’s like Airtel and Paytm Payments, the government has given to 80% Hike in spending on IPPB.