India Post Payments Bank (IPPB), a state-owned payments bank, offers different types of savings accounts - regular, digital and basic. Interest rates on all three types of savings accounts are fixed at 4 per cent per annum, according to the official website of India Post Payments Bank - ippbonline.com. IPPB also offers a range of services such as money transfer, direct benefit transfers, bill and utility payments, and enterprise and merchant payments along with RTGS (Real time gross settlement), IMPS (Immediate Payment Service) and NEFT (National Electronic Fund Transfer) services for transfer of funds.
Here are 5 things to know about India Post Payments Bank's savings account:
How to open account
Regular and basic savings accounts can be opened by either visiting an access point of the payments bank or by applying for the doorstep service. The digital savings account, on the other hand, can be opened by using the payments bank's mobile app. The app is available on Google's Android platform, according to IPPB's website.
All the three types of IPPB savings accounts - regular savings account, basic savings account and digital savings account - can be opened and operated with zero balance. The payments bank does not require the customer to maintain any particular balance.
Cash withdrawal limit
In the regular and digital savings accounts, IPPB permits the customer to make any number of withdrawals in a month without any charges. In the basic savings account, IPPB permits only four withdrawals a month free of cost, according to IPPB's website.
Link to Post Office Savings Account (POSA)
IPPB's regular and basic savings accounts can be linked to Post Office savings accounts (POSA). A Post Office Savings Account is one of the nine savings schemes offered by India Post. In case the customer subscribes to the POSA service, any end-of-day balance above Rs 1 lakh in the IPPB regular and basic savings accounts is transferred to the savings scheme account. The Digital Savings account of IPPB can also be linked to a POSA after completion of KYC (Know Your Customer) within 12 months.
Free quarterly statement
IPPB provides one account statement to the customer per quarter free of cost under certain conditions with its all three types of savings accounts. The customer is required to make a minimum of one transaction in a quarter to be eligible for the free statement for that quarter.