MUMBAI: The post office near you is going to be a bank soon. Now you can deposit money in other banks like this. Plus this will provide you many free services against other banks.
According to a statement from the Department of Post, India Post Payment Bank (IPPB) is being expanded rapidly. By April 2018, there are plans to start its services across India. According to AP Singh, by the end of 2018, all three lakh employees will be provided this service. This will also be India's second largest bank.
The country's old bank charges money for ATMs and other Internet banking facilities. But the post office payment bank customer will not have to pay any type of charge to take the ATM. Similarly, the bank will not charge any charge for mobile alerts. Currently, most banks charge a charge of Rs 25 to 50 for SMS alerts. There is no charge for quitting the quarterly balance.
Payment banks are paying more interest in comparison to traditional banks. Currently, PATMI payment banks and fino payment banks are offering 4% interest on deposits like traditional banks. While Airtel Payment Bank is offering 7.25% and India Post Bank is paying 5.5% interest. Let us note that this payment bank is planning to launch insurance and mutual fund products by the third party soon.
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