Postal Banking

Postal banking to go online from January

Jamshedpur No Comments on Postal banking to go online from January 364

Jamshedpur: Soon, the Posts and telegraph department will provide services for online payments. The department’s India Post payment bank (IPPB) will start this service from January next. Work towards this end has already started at the Bistupur Main Post Office. This banking service will be known as the Payment Bank.

Net banking facilities will be provided to distant and interior villages where net banking is not available. Payment Bank will start functioning at the Bistupur Main Post Office. Later on such facilities will be extended to 77 post offices.

The postal department has made an agreement with a mobile service providing company for the purpose of Payment Bank. This mobile company has a service network of 25 thousand shops in Kolhan. Deposits in this mode will attract interest between 4.50 and 5.50 percent. Deposits up to rupees one lakh can be made via this mode.

All banking transactions except loans will be available through this system of banking.
Payment Bank facilities in all major post offices in Kolhan will commence by the end of 2018. Postmen and postal employees will be equipped with computerized machines Payment Bank transactions. Payment Bank account holders will be eligible for 5.50 percent interest on deposits.

This rate of interest is 1.50 percent more that general banks.

Senior postal superintendent of Singhbhum division, Vimal Kishor has stated that the process of the induction of Payment Bank has already started in Bistupur Post Office. Once the connection is available, the banking services will commence.

A separate team for Payment Bank will function at the head post office. This team will concentrate only on banking. A manager and other staff for the purpose have been selected. The services to be provided through Payment Bank include other banks transactions, mutual funds, recurring deposits and others. All taxes, premiums and insurance work can be transacted through this form of banking.

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