ON saturday ,september 1 prime MInister Modi launched a
payment bank of the Department of Posts that will help to increase the rate of the bank and every citizen of india can reach to the bank very easily as we know india has world largest network of the post office in India.
The India Post Payment Bank will be like any other bank its do the same operation like other bank eg:deposit of money ,withdrawl ,transfer of money and etc but it has some it’s limitation like :The payment bank will accept deposit upto 1 lakh only and offer remittance services, mobile payments/transfers/purchases and other banking services like ATM/debit cards, net banking and third-party fund transfers and if the deposit will exceed more than 1 lakh it automatically converted to the post saving.
indian communication Minister Manoj Sinha said the post bank will be available through 650 branches all over india.
Their will be 4% interest on the saving Accounts. the post bank has link with the punjab antional bank and bajaj Allianz life insurance for the loans and insurances.
The post Bank most of the access point is the rural parts of the india and goverment want every citizen of the india should reach to the bank to save their money.