Indian Post Payments Bank (IPPB) is established as public limited company under Department of Posts. It has 100% equity from Government of India. It was launched on 1st September, 2018 in New Delhi. It began its operations with 650 branches and 3250 access points. It will help realise the vision of making banking available at people’s doorsteps.
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IPPB is established with the objective to provide low cost, quality and simple financial services.
All savings accounts of IPPB are zero-balance accounts. Basically IPPB offers three types of saving accounts:
If the balance in account exceeds Rs 1 lakh then the account is automatically converted to Post Office saving account.
The current MD and CEO of IPPB is Suresh Sethi.
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