This is how India Post Payments Banks will bring banking to your door step

New Delhi: India Post Payments Bank (IPPB) kicked off its operations by rolling out pilot services in Raipur and Ranchi on February 1.

Most of the banks in the country and post offices currently offer interest of 4 percent interest on saving banks accounts. India Post's saving bank accounts will offer interest up to 5.5 percent. 

The banks will offer an interest rate of 4.5 percent on deposits up to Rs 25,000; 5 percent on deposits of Rs 25,000-50,000 and 5.5 percent on Rs 50,000-1,00,000.

India Post is planning to have around 650 branches in the country by September and at least one branch in each district of the country in the near future.

IPPBs are offering three categories of saving bank accounts: Safal, Sugam and Saral. You can keep up to Rs 50,000 in Saral accounts, and up to Rs 1,00000 in Sunam and Safal accounts.

One can open these accounts at only just Rs 100. More so, these will be zero balance accounts.

India Post will also offer home service for crediting money or for withdrawals for an additional fee ranging between Rs 15-35. The bank will take service of its network of 3 lakh postmen across the country.

One will be able to do unlimited transactions on ATM without paying any charge.You will also not have to pay any charges for receiving mobile alerts. Currently most of the banks charge up to Rs 50 for SMS alerts. India Post plans to have a network of around 1,000 ATMs in the country.