India Post Payments Bank (IPPB), which is operated by Department of Posts, offers two types of zero balance savings accounts at present: regular and basic. A zero balance savings account doesn't require customers to maintain any particular minimum average balance. Deposits in these accounts fetch interest at the rate of 4 per cent per annum, which is paid on a quarterly basis, according to the payments bank's website, ippbonline.com. (Also read: Post office saving scheme: interest rates, minimum investment, premature closure)
Here are some key things to know about IPPB's savings accounts:
Regular savings account
India Post Payments Bank's regular savings account can be opened at the bank's access points. The account can be used to withdraw cash, deposit money and perform remittances, according to IPPB's portal. The account also allows unlimited cash withdrawals. IPPB's regular savings account can be opened with zero balance and customers do not require to maintain a monthly average balance. A person can can link the account to a post office savings 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 a monthly average balance. The facility of linking the basic savings account to a post office savings account is also available.
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