India Post Payments Bank (IPPB), which was launched last month, 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 - 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, IMPS and NEFT services for transfer of funds.
Here are the key things to know about IPPB's Savings Account:
Regular Savings Account
India Post Payments Bank's regular savings account can be opened at the bank's access points and doorstep. This account can be used to keep funds secure, withdraw cash, deposit money and perform easy remittances, besides a host of other benefits, said IPPB on it's official website. In addition, interest can be earned on the money kept in this account and the cash withdrawals allowed in this account are unlimited. IPPB's regular savings account can be opened with zero balance and one does not require to maintain a monthly average balance.
Digital Savings Account
A digital savings account in IPPB can be opened by using the payments bank's mobile app. Anyone above the age of 18 years, having an Aadhaar and PAN (Permanent Account Number) card, can open this account. One needs to complete the KYC formalities within 12 months or the account could be closed if one fails to do so. KYC formalities can be done by visiting any of the access points or with the help of the GDS/postman (Grameen Dak Sewaks), after which the digital savings account will be upgraded to a regular savings account.
The account can be opened with zero balance and customers need not maintain monthly average balance. Customers are allowed a maximum yearly cumulative deposit of Rs. 2 lakh in the account.
Basic Savings Account
The IPPB basic savings account is aimed to provide primary banking services at a very nominal charge. The account allows four cash withdrawals in a month, unlike the regular savings account which has unlimited withdrawals. The account can also be opened with zero balance and customers need not maintain monthly average balance. Customers can also link the basic savings account to a POSA (Post Office Savings Account).