IPPB meaning or full form is India Post Payment Bank.
India Post Payment Bank is fully a Government of India bank.
It is operated by the Department of Post which comes under the Ministry of Communication.
The purpose of creating an Indian Post Payment Bank is to make banking services accessible to all people.
As you know, there are more than 155000 post offices working in India, and when modern banking facilities are available in all these post offices, then common people will be able to connect with it easily and take advantage of banking services.
On 1st September 2018, 650 India Post Payment Bank branch opened in the first phase.
This bank has been planned in such a way that it will provide all the banking services to the people, but will not provide the loan facility by itself.
Post payment through the bank, if anyone wants a loan, it will be completed by the third party. In this way, there will be no credit risk on the bank.
Opening this bank is very beneficial for both government and common people
The government does not need to set up any new infrastructure to open this bank, and it can operate from the old post office only.
Very few new employees are required to hire, and old employees are trained and they are being used for banking.
History of IPPB
On 19 August 2015, the Indian Post Payment Bank was granted a banking license by the Reserve Bank.
The India Post Payment Bank started on 30 January 2017 in Ranchi and Raipur, and today its branches are expanding every day.
Services available at IPPB
Almost all modern banking facilities are being provided at the branches of India Post Payment Bank, it is being tried to bring the latest banking technology to the common people, such as mobile banking, net banking etc.
some famous services available at IPPb are-
DEPOSITS– – Savings Account
– Current Account
THIRD-PARTY PRODUCTS– – Loans
– Post Office Savings schemes
MONEY TRANSFER– – Simple & Secure
BILL & UTILITY PAYMENTS– – Mobile and DTH recharge
– Electricity, water & gas bills
– Donations & insurance premiums
DIRECT BENEFITS TRANSFERS– – MGNREGA
– Social welfare benefits and other Government subsidies
Any Indian citizen with a ₹ 100000 limit can easily open their savings or current account with the India Post Payment Bank as per their convenience.
IPPB has three types of savings account, regular saving account, digital saving account and basic saving account.
This three-way savings account has been created keeping in mind that there are different types of people from the village and the city.
Their needs are different, and their level of education is different, then these three savings account will be able to meet the needs of all people.
You can also avail various types of banking services through ATM cum debit card provided by IPPB.
Door Step Banking is a unique initiative of IPPB, under which many facilities of banking such as account opening, cash deposit and withdrawal, money transfer, insurance, loan, investment etc. are provided directly by the Indian Post Bank Employees at your doorstep.
The good thing is that all these banking facilities are given to your home with very little charge and this charge is not being charged by the India Post Payment Bank right now.
IPPB contact details-
customer care details-
155299 OR 1800-180-7980
How do I open an account with IPPB?
You can reach your nearest post office to open a bank account with IPPB.
You must have your KYC documents like Aadhar card, PAN card, Voter ID etc.
You can open a savings or current account according to your requirement, and the song required for this is also available on the official website of the Indian Post Payment Bank, which you can download.
Or if your Aadhaar is linked to your mobile number, then you can open an instant account of IPPB from your mobile immediately.
Similar full forms-
Ajay Kumar is an Electrical Engineer who has been working in the field of education for more than a decade. His education and technology related website and YouTube channel have been well-liked by the people. He is famous for explaining technical terms in easy language.
How did you like this article?
If you have any suggestions or questions, then please comment. Follow the Author on social media.