Regarding strict adherence of IPPB Cash Management SOP

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India Post Payment Bank CBS Training Manual v1.7

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India Post Payments Bank interest rates, facilities in 10 points

The India Post Payments Bank (IPPB) will be like any other bank but its operations will be on a smaller scale without involving any credit risk.

A look at some of the facilities provided by the IPPB:

1. India Post Payments Bank accounts can be opened instantly through their respective mobile apps just by providing details like Aadhar number with KYC verification.

2. Doorstep banking service is one of the most distinct features of the IPPB, making it very accessible. The IPPB’s doorstep banking facility will offer the following services: account opening; cash deposits/withdrawals; money transfers; recharge and bill payments; third-party services like insurance, loans and investments; and other account-related services like updating PAN/nomination details, requesting account statement, and issuing standing instructions.

3. India Post Payments Bank doesn’t charge any fee for withdrawals made from its own ATM or any Punjab National Bank ATM.

4. India Post Payments Bank will offer 4 per cent interest rate in savings accounts.

5. India Post Payments Bank can offer forex services at charges lower than banks.

6. Most banks levy a charge in case one fails to hold a minimum balance in the account. In the case of the IPPB, there is no need to maintain a minimum quarterly average balance.

7. QR card is another service the IPPB is offering. With the help of a QR card, you can access your bank account and make transactions without having to remember the account number. All transactions will be authenticated via biometric verification.

8. India Post Payments Bank offers a free debit card with annual maintenance fee of Rs 100 from the second year.

9. India Post Payments Bank is expected to reach customers mainly through their mobile phones rather than traditional bank branches.

10. The IPPB has teamed up with financial services providers like PNB and Bajaj Allianz Life Insurance for third-party products like loans and insurance.

Prime Minister Narendra Modi on 1 September 2018 launched the payments bank of the Department of Posts that will take banking to the doorstep of every citizen through an unmatched network of post offices and almost 3 lakh postmen and ‘Grameen Dak Sewaks’.

IPPB services are now available at 650 branches and 3,250 access points and will be quickly scaled to all 1.55 lakh post offices by December 2018.

Action Points of thenVC held on the nationwide launch of IPPB

Finance Ministry Approved Linking of IPPB Accounts with POSB Accounts

Around 340 million post office savings account holders will be able to avail a full- fledged digital banking service from May as the governments has approved linking such accounts with that of India Post Payments Bank(IPPB)

''The finance ministry has approved linking of savings bank accounts at post offices with IPPB accounts. This will enable post office account holders to transfer money from their account to any bank accounts....," an official source told PTI.

The 340 million savings accounts comprise 170 million post office savings Bank accounts and rest are those  subscribed monthly income scheme, recurring deposits etc.

The move also paves the way for creating of country's largest banking network as India Post has plans to link all 155,000 post office branches with the IPPB.

India Post has started core banking service but it offers money transfer service within post office savings bank(POSB) accounts.

''IPPB is governed by Reserve Bank of India and banking service of post offices comes under the finance ministry. IPPB customers can use NEFT, RTGS and other money transfer services as  available for any banking customers. Once POSB accounts are linked with IPPB, Customers will be able to enjoy all money transfer service like other banks,"the source said.

He said that by May, India Post will give option to POSB account customer to avail this facility.

"The service will be optional. If post office account holders opt for it, their account will be linked to their IPPB account," the source said.

As per an official statement issued earlier, India Post plans to start functioning of all 650 IPPB branches from this month. All 650 branches will be connected to smaller post offices in the districts.

''IPPB branches and all the access points will be linked to postal network which has 155000 post offices in total. Out of this, 103,000 branches are in rural area," the source said.

With 155,000 branches, India Post will be able to create country's largest baking network.

" In the second phase, starting September, account holders in post office will have an option to pay for post office products from their IPPB accounts including deposit money for Sukanya Samridhi Yojana, recurring deposits, Speed Post, etc,"he said.

Also, the IPPB will start registering merchants who will accept payment from its customer with help of application. The IPPB customers will be able to make payments to various merchants like grocery store, tickets etc with help of their app, the source said.