Any idea about IPPB?

Any idea about IPPB?

 If answer is "No", then be happy to know. Here are some information put forth to make aware of those with answers "No".

1. Will IPPB District branch will have Operative and Administrative control over the our Staff?

No. IPPB District office will not have any Operative as well as Administrative control over Postal Staff.

2. Will IPPB employ or engage separate staff for IPPB operations of accounts?  No. IPPB will not engage any Operative staff to carry out Operational duties of IPPB Savings/Current Account. All operative work will be done by Postal Staff including PAs and GDS. IPPB may employ Staffs only for business procurement.

2. Should a customer open separate IPPB Savings Account? What is IPPB Savings Account?

IPPB Savings Account will be a separate Savings Account but it will have maximum balance upto Rs. 1,00,000 only. A customer opening a Savings Account in Post Office will have two accounts in the same CIF id. His initial 1,00,000 deposit will be in IPPB Savings Account and remaining amount will be in POSB Account. Account number and CIF Number for IPPB will be one and the same. After IPPB branch is opened, all POSB Accounts will have dual effect and dual accounts namely IPPB Savings Account and POSB Account with same CIF ID and Account number.

3. Will IFSC Code be allotted to each post office? 

All HOs will be allotted IFSC Code. The same IFSC Code will be used at all levels. 

4. Will IPPB have a separate building in each post office? No. IPPB will not have a separate building in each post office. A separate counter will be opened as IPPB Counter in the same post office. The work of the same will be done by our staff only.

5. What are all the equipments be provided to operate IPPB accounts? 

A mini system or tablet like machine will be provided to IPPB Counter. All Departmental and GDS Staff will be given mobile devices.

6. What are all the documents required for opening IPPB Savings Account?

Adhaar number and mobile number.

7. What will be the role of IPPB Counter PA and GDS Staff in operating of IPPB Savings Account?

IPPB Counter PAs will do all clerical/operative duties relating to IPPB Savings Account/Current Account and other operative services like deposit, withdrawals, etc. GDS and other delivery staff will mainly be used for door to door cash deposit or payments initially. They cannot open accounts themselves initially, but only in the counter.

8. What are the benefits of opening IPPB Savings Account? 

All customers can avail Mobile banking and internet banking.

9. How to transfer money from POSB to IPPB Account?

Just an SMS from registered mobile number will do. 

10. Whom are eligible to open IPPB Current Account? 

Initially current accounts can be opened only by Proprietors.

11. What are all other services of IPPB in the near future?

IPPB has tie up with 11 Ministries. All Old Age/Widow/PWD Pensions, Gas subsidies will be credited only in IPPB Account in future as per agreement.

12. What are all benefits on opening IPPB Savings account or Current Account to DOP and Staff? 

For one SB Account, Rs. 10 will be given to DOP and in which Rs.5 incentive to staff doing the work. For one current account Rs. 45 will be given to DOP in which Rs. 20 incentive to staff doing the work.

13. How funds will be shared between DOP and IPPB? How profits are shared between?

Assume Rs. 100 crores collected. Rs. 70 crores will be with DOP only. Rs. 30 crores will be available with IPPB. To this 70 crores, DOP will earn 7%, it may give interest to customers as it may deem suitable. But 30 crores will be operated by IPPB. In appropriating such 30 Crores, if IPPB gets Rs.100 profit, Rs. 75 profit will be for IPPB and Rs. 25 profit or 25% will be for DOP. In future, all Postal customers using IPPB for payment of PLI Premium/Mails booking though IPPB Account, in which DOP should pay profit to IPPB.

14. What  is DOP's plan of future?

DOP is going to apply for Post Bank on approval, there will be no difference between IPPB and DOP.