India Post Payments Bank or IPPB is a public sector bank under the Department of Posts and Ministry of Communications, Government of India, in which it has a 100% stake. IPPB is currently offering a 2.75 percent interest rate on savings accounts. According to the guidelines of RBI, this bank cannot lend directly to anyone. The special thing is that India Post Payments Bank is an accessible and affordable bank for the common man as it gets the benefit of the vast network of the Department of Posts.
Important things to open Digital Saving Account in IPPB
1. Your age should be at least 18 years.
2. The KYC process has to be completed within 12 months. For this, you have to submit your documents to the post office or checkpoint.
3. After the KYC process is completed, your digital Saving Account gets upgraded to Regular Saving Account.
Online Procedure to Open Bank Account in India Post Payments Bank IPPB
1. Download IPPB App from Google Play Store or App Store
2. After that Click on Open Your Account Now
3. After that Enter Mobile Number
4. Now you have PAN Number And the Aadhar number will be required.
5. Enter all the information following the instructions.
Existing Customers HOW TO USE IPPB APP
1. Existing IPPB account holders need to enter their Account Number, Customer ID, and Date of Birth, and Registered Mobile Number in the IPPB APP.
2. An OTP will be received on the registered mobile number.
3. After this, OTP will have to be entered by setting an MPIN. In this way, the registration process of existing customers will be completed.
Features of IPPB Mobile App
India Post Payment Bank account holders can easily complete various transactions through the IPPB app. Through this, you can check your balance, transfer funds, and do other financial transactions.
1. Account balance information
2. Request for bank statement
3. Request for checkbook
4. Request to stop payment of a check
5. Fund transfer within bank network
6. Fund transfer to other bank accounts
7. Electricity, water, and payment of utility bills
8. Mobile and DTH recharge