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1.5 Lakh post offices to offer payments bank service soon
Posted on: 14/Sep/2017 4:21:30 PM
The central government has decided to open a new bank on a very large scale, to be second only to the State Bank of India, which is the largest Public Sector Bank in the country.
Accordingly, India Post Payment Bank is set to be started before 2018 with the 1.55 Lakhs Post Offices and the 3 Lakhs personnel employed in India Post.
Payment bank will be expanded in all the districts in India before the end of March 2018. Apart from this, the CEO of Post Payment Bank, A. P. Singh informed that the device for money transactions will be available in all the 1.55 Lakhs Post Offices, Postmen and all the personnel working in Gramantak Seva.
The Payment Banks will receive up to R. 1 Lakh as a deposit from individuals as well as small traders. Both will be treated on the same footing.
India Post Payment Bank (IPPB) will offer 4.5% interest from deposits up to Rs. 25000 and 5% interest for the deposits in the range Rs. 25000 to Rs. 50000. It will offer 5.5% interest for the deposits in the range Rs. 50000 to Rs. 100000.
In all the financial transactions done by the India Post Payment Bank, with Aadhar card taken as ID proof, a transaction charge of 1 Paisa for each transaction.
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