India Post Payments Bank IPPB has launched and will offer three distinct accounts to its customers: Safal, the regular account; Sugam, a basic savings bank deposit account (BSBDA); and Saral, BSBDA-Small.While the Safal account is packed with features, Saral is aimed at people with limited banking experience. All three bank account options will request its customers to make a Rs100 initial minimum deposit, with no minimum balance requirements. Both Safal and Sugam need KYC (know your customer) details for verification and minimum age of 10 years, but Saral can be opened by anyone above the age of 10 years without KYC.
India Post Payments Bank Interest Rates
Interest rates have been fixed as 4.5% if the quarterly average balance is up to Rs 25,000, 5% if it is between Rs 25,000 and Rs 50,000, and 5.5% if above Rs 50,000. There are no charges on cash withdrawals,
India Post Payments Bank Customer Care Number is 155299
Toll Free Customer Service Number: 155299
Email : firstname.lastname@example.org
India Post Payments Bank will send money via Aadhaar sans bank account linking Last month, the government has launched Aadhaar Pay and Aadhaar Enabled Payment System (AEPS) a new payment mechanism called Aadhaar Pay which would allow any person with his Aadhaar number linked to Bank account, can make and receive payment, with a thumb impression alone. Note that this still does require linking of a bank account.
Note that Aadhaar Pay is not the same as the Aadhaar Enabled Payment System (AEPS). The AEPS is a financial inclusion product developed by the National Payments Corporation of India (NPCI) which allows cash withdrawal, deposit and funds transfer at POS (MicroATM) through a business correspondent of any bank using the Aadhaar authentication.