India Post Payments Bank or IPPB, a state-owned payments bank, currently offers four types of bank accounts to customers. Of these, three are savings accounts - regular, digital and basic - and one current account. The four kinds of bank accounts at IPPB come with different features, such as limits on withdrawals, balance requirements and charges for non-compliance with those requirements. India Post Payments Bank - which started its countrywide operations in September 2018 - provides interest at the rate of 4 per cent on balance in all three kinds of savings account and zero per cent in current account, according to its website - ippbonline.com.
Here's a comparison of three types of savings accounts and current current account that you can open at IPPB or India Post Payments Bank:
India Post Payments Bank savings accounts
Interest rate and how to open account
India Post Payments Bank pays a 4 per cent interest (paid quarterly) on the balance in its regular, basic and digital savings accounts, according to its portal. While the regular and basic savings accounts can be opened by visiting IPPB access points, the digital savings account can be opened through the bank's mobile app, called "IPPB Mobile App".
In the regular and digital savings accounts, IPPB permits the customer to make unlimited withdrawals in a month without levying any charges. However, the bank allows a limited number of withdrawals free of cost in a month in case of the basic savings account. The basic savings account holder can make four withdrawals a month free of cost.
All three types of IPPB savings accounts - regular, basic and digital - can be opened and operated with zero balance (nil balance), according to the IPPB website. That means the account holder is not forced to keep a particular sum in the account to ensure operability.
India Post Payments Bank current account
A current account - meant for businesses - is a non-interest bearing account, which means deposit in this type of account does not fetch any interest. The current account can be opened through post office counters or through the postman, according to IPPB. Unlike savings bank accounts, IPPB requires the customer to maintain a monthly average balance of Rs 1,000 in the current account, it noted. Failing to meet the MAB criteria attracts a penalty charge of Rs 100, according to the India Post Payments Bank portal. IPPB permits any number of withdrawals a month from the current account, without any restrictions.