New Delhi: The citizens will soon be provided with doorstep banking service after the inauguration of Indian Post Payment Bank (IPPB). The IPPB which was scheduled to launch on August 21 was put on hold in the wake of the seven-day national mourning to pay homage to former Prime Minister Atal Bihari Vajpayee.
IPPB offers mobile banking service through a Mobile application to access an IPPB account and to carry out transactions from the mobile phone. The customer can also make deposits such on both savings and current accounts up to the tune of Rs One Lakh.
The door-to-door banking service will be launched in 640 branches and 3250 access point across the country which will ease the customers.
The government aims to launch the IPPB with 1.55 lakh post offices at the year end. It will work as like the other banks but there will be no credit risk.
People can deposit up to Rs One lakh and can avail the benefits of mobile payment, money transfer, online shopping along with ATM facility.
IPPB will offer services through the internet and mobile banking, and prepaid instruments like mobile wallets, debit cards, ATMs, PoS and MPoS terminals etc.
The avail the facility an amount ranging between Rs.15 and Rs.35 per transaction will be deducted for the same. The maximum limit for doorstep banking would be Rs.10, 000.