In this article, we will discuss Indian Post Payments Bank (Functions). So, let’s get started.
Functions of IPPB
- It will accept deposits, offer remittance services, mobile banking and third-party fund transfers.
- It offers 3 types of saving account:
- Regular Account – Safal,
- Basic Savings Bank Deposit Account (BSBDA) – Sugam and
- BSBDA Small – Saral
- The maximum limit on deposits for current and savings account is Rs 1 lakh.
- The bank offers a 4 per cent interest rate on savings account.
- They can issue debit cards and ATM cards, but they cannot issue credit cards and cannot loan money.
- It will provide social security payments like MNREGA wages, direct benefit transfer and give access to third-party services insurance, mutual funds.
- IPPB account holders will be issued a QR Code based biometric card with a unique QR code.
