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Indian Post Payments Bank

In this article we will discuss Indian Post Payments Bank (Functions)

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.

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