Indian Post Payments Bank System launched in city

Visakhapatnam: Post Master General of Visakhapatnam region M Eleesha inaugurated the Indian Post Payments Bank System (IPPBS) on Friday in the city. Speaking on the occasion, he said that the IPPBS would facilitate the customers to use the system without minimum balance in the account. The service would be hassle free and no limit for withdrawals, he added.  

The department launched IPPBS services at four post offices, including MVP Colony main branch, four access points at HP Colony, Velampeta, Vidya Bhavan and Andhra University campus, Eleesha said.

People can open their postal account with Rs 100 and can enjoy the withdrawal and deposit benefits without any extra fee. There is no need to stand in long queues for financial transactions for opening the account. Those who are interested to open the account can call the nearest post office and department person would come to house and open the account, he added. 

Thereafter the customer will be offered an ATM card and pass book in which all the transactions will be linked to Aadhaar. The postal department is also offering internet banking, IVR facility, missed call banking to provide their service round-the-clock, he added.