Many have been shut out of traditional banking. They just need access to basic banking services.
With nearly 60 percent of post office branches in ZIP codes where there are either one or no bank branches, postal banking could fill the void banks have left by closing branches nationwide. All you need to know about B Arch admission, cutoffYou may open an RD account either in any Post Office or in any bank, be it a nationalised bank, private sector bank or a foreign bank.US Security Advisor Robert O'Brien defends apps ban citing Chinese aggressionMotilal Oswal's 10 stock picks for September 2020Apple Store Online will launch in India on September 23 bringing full range of products and support "directly" to customersWatch video: How the new Pamban Bridge will be Indian Railways' first vertical lift sea bridge; detailsRDs help you inculcate a habit of regular investments out of your salary that generates a higher return in the long term, than keeping the money in a savings account. The inspector general estimates the USPS can generate billions of dollars in new revenues by offering these services for modest fees. This idea is a win-win: The Postal Service could offer affordable financial services for underserved families and, at the same time, shore up its own financial footing. Crypto & Blockchain. The Postal Service could partner with community banks and credit unions to help train workers and provide back-office management.A number of steps must be taken to protect people from financial tricks and traps in the marketplace and to expand families' access to lower-cost banking services. Stunning image of Jupiter and its 'Giant Red Spot' captured by Hubble Space TelescopeRakesh Jhunjhunwala believes a bull market is incoming; these sectors get his backingVistara becomes India's first airline to offer in-flight Wi-Fi internet; Check details70,000 jobs in Flipkart: E-commerce giant to go on hiring spree ahead of Big Billion Days saleKarnataka Cabinet expansion: Expect directions from BJP high command by today or tomorrow, says CM YediyurappaPost Office RD Vs Bank RD Know the pros and cons before you open a recurring deposit accountCopyright © However, there are some advantages and disadvantages in opening RD accounts either in a Post Office or in a bank, which you should know before opening an account.Govt looks to extend faceless assessment scheme to 8 more I-T proceedingsReserve Bank of India’s bond shopping could continue as banks return borrowed cashThe role of Vitamin C in fighting COVID-19 pandemicCOVID-19: India's single-day recovery more than new cases as record 95,880 recover; total cases cross 53 lakhNTA JEE Main 2020 results soon! The Big Benefits of Postal Service Banking Many families do not have access to traditional banks, and postal offices could help fill the gap. More than a quarter of all American households - about 68 million people - rely at least in part on nonbank financial services like check cashing or payday lending. Your bank may not always have a branch that’s convenient for you, so why not use the post office? Being the most accessible, approachable and conveniently located bank, IPPB is truly “Aapka bank, aapke dwaar”. 2020The Indian Express [P] Ltd. All Rights ReservedNIA arrests 9 al-Qaeda terrorists from West Bengal, KeralaHowever, a recurring deposit is only a way to make regular investments in a small amount and does not provide any other benefit like rupee cost averaging, as in case of systematic investment plan (SIP) in mutual funds, to minimise risks and earn higher return. SNL Financial documents a shift in banking, with banks opening new branches in areas where the median income is over $100,000 while simultaneously closing branches in areas where the median income is under $50,000, shutting out families of modest means.More than a quarter of all American households - about 68 million people - rely at least in part on nonbank financial services like check cashing or payday lending. ETFs & Mutual Funds. These unbanked and underbanked households pay more - a lot more - for the kinds of basic financial services the rest of us take for granted.
The Problem with Postal Banking. The USPS already provides some financial services, like international money transfers to certain countries and domestic money orders, and it used to provide small-dollar savings accounts as recently as the 1960s. U.S. News Op-Ed: The Big Benefits of Postal Service Banking.
India Post Payments Bank (IPPB) is a 100% government owned public sector bank, operating with the Department of Posts under Ministry of Communications, which aims to utilize all of India's 155,015 post offices as access points and 3 lakh postal postmen and Grameen Dak Sewaks to provide house to house banking services. Benefits of relationship banking go beyond the obvious financial savings. Starting with the launch of 3250 access points, IPPB will be spreading its footprint and leveraging the vast postal network of nearly 1.55 lakh Post Offices and 3.0 lakh postal employees in every district, town and village of the country to serve you. Banking & Insurance.
Moreover, TDS will be cut if interest exceeds Rs 10,000 in a financial year for normal investors and if it exceeds Rs 50,000 for senior citizens.Royal Enfield Art of Motorcycling: What is it and here's how to participateOpinion | No Prime Minister has done as much for India's development as PM Modi in his 6 yearsIRCTC special trains update: Indian Railways announces 40 clone trains for passengers - see full listYou may open an RD account either in any Post Office or in any bank, be it a nationalised bank, private sector bank or a foreign bank. These families aren't looking for mortgages and business loans that require more business judgment.
The Postal Service participates in the Federal Employees Health Benefits (FEHB) Program, which provides excellent coverage and flexibility with most of the cost paid by the Postal Service.