New Delhi: Prime Minister Narendra Modi on Saturday launched the India Post Payments Bank (IPPPB) that will help to further include people in the banking financial system using the infrastructure of the postal department. 

The event was held at the Talkatora Stadium in New Delhi along with launch events at 650 branches and 3,250 access points, government officials said. “IPPB has been envisioned as an accessible, affordable and trusted bank for the common man, to help speedily achieve the financial inclusion objectives of the Union government,” they said.

IPPB will offer a range of products such as savings and current accounts, money transfer, direct benefit transfers, bill and utility payments, and enterprise and merchant payments. These products and related services will be offered across multiple channels, using the bank's state-of-the-art technology platform.

India Post Payments Bank offers three types of savings accounts:

1. regular savings account

2. digital savings account

3. basic savings account

Interest rates on all three types of savings accounts are fixed at 4% per annum, stated, the official website of India Post.

With PTI inputs