What are the benefits of Indian Postal Payments Bank?

With the payments bank of the Indian postal department witnessing an upswing in recent times, its initiative to step into the remotest parts of the country to bring greater financial inclusion deserves appreciation.

Indian Postal Payments Bank (IPPB) offers doorstep services and its branches are set up in as many as 650 IPPB branches/controlling offices. It works on a hub and spoke model and offers banking services with minimum complexities as compared to traditional banks.

But what are the primary benefits of opening an account with IPPB? 

To begin with, it is impossible to ignore the widespread physical presense of India Post that immediately sets it apart from its competitors. Apart from the doorstep facility, IPPB allows customers to open a zero balance account. This means you don’t have to worry about maintaining a minimum balance. An interest rate of 2.5% per annum is paid quarterly to the customers.

Another striking feature is its simplified banking services through QR card. Customers are provided with a unique QR code for making transactions. Any transaction made using QR code is authenticated through the biometrics of the account holder and not by the traditional 4-digit pin.

Benefits for merchants using IPPB accounts?

Merchants also get their share of benefits. It offers Merchants App that can easily be downloaded on your mobile phone. There are no charges for downloading, registering and accepting digital payments. It also helps in building a transaction history that brings positive credit score. Additionally, it enables you to access your account statements and reports at any time.