India Post Payments Bank offers banking facilities at doorstep. This includes availability of funds at doorstep upon request, free account opening and bill payment facilities at doorstep, unlimited cash deposits and withdraws (in the case of regular savings account and 4 in basic savings account) and zero-balance facility. The interest rates are at 4% p.a. on EOD daily balances that will be paid quarterly.
The first phase of the launch was scheduled for August 21 2018. However owing to the 7-day national mourning for the former Prime Minister Atal Bihari Vajpayee, the date has been rescheduled. The new launch date is not yet disclosed.
About IPPB
IPPB is a 100% equity owned by the Government of India. It was launched in August 17, 2016. On January 30 2017, the pilot projects in Ranchi and Raipur was implemented.
Objective
IPPB plans to open 650 branches (one branch in each district), 3250 Post Offices across rural and urban India to be activated as banking access points and about 10,000 postmen to provide doorstep banking facilities.
Benefits and charges
Customers can open savings account (regular, digital and basic) or current account. Services include mobile banking (via app), SMS banking, QR card, missed call banking and phone banking. For any services availed at doorstep charges will be applicable.