Interest rates on India Post Payments Bank savings accounts are fixed at 4% per annum Payments banks aim to further financial inclusion by providing small savings accounts and payments/remittance services to migrant labour workforce, low-income households, small businesses, other unorganised sector entities and other users.
India Post Payments Bank (IPPB) is starting its operations from August 21.
India Post Payments Bank will offer savings and current accounts, mobile banking, SMS banking, missed call banking and phone banking services.
Customers will also be able to pay their bills and recharge their phones and DTH accounts via India Post Payments Bank.
The bank, which has 650 branches, will also offer multi-lingual customer support.