Did you know you can open five kinds of savings and current accounts at the post office? While India Post - which operates a network of more than 1.5 lakh post offices and over three lakh postmen across the country - provides a savings account, known as Post Office Savings Account, as part of its small savings schemes portfolio, its payments bank arm India Post Payments Bank offers both savings and current accounts. India Post provides a range of services such as mail delivery, deposits under government-run small savings schemes and bill collection. IPPB offers savings and current accounts, money transfer and direct benefit transfer services as well as bill/utility payments.
Here's a comparison of the bank accounts, savings as well as current, you can open at the post office:
India Post savings account (Post Office Savings Account)
A Post Office Savings Account can be opened at a post office against a deposit of Rs 20, however, the account holder is required to maintain a minimum balance of Rs 50 without subscription to the institution's non-cheque facility account.
For a savings account with cheque facility, the minimum deposit required for opening the account is Rs 500 and the minimum balance required in such an account is Rs 500, according to the India Post website.
India Post Payments Bank Regular/Basic/Digital Savings Account
India Post Payments Bank, which is also operated under the Department of Posts, offers three types of savings bank accounts: regular, digital and basic, according to the payments bank's website - ippbonline.com.
Among other features, all three types of IPPB savings bank accounts do not require the account holder to maintain any particular balance, meaning the account can be operated with zero balance.
|Type of account||Interest rate||Minimum amount for opening account||Maximum balance allowed|
|Post Office Savings Account||4% per annum||Rs 20||-|
|IPPB Regular Savings Account||4% per annum||Nil||Rs 1 lakh (end of day balance)|
|IPPB Digital Savings Account||4% per annum||Nil||Rs 1 lakh (end of day balance)|
|IPPB Basic Savings Account||4% per annum||Nil||Rs 1 lakh (end of day balance)|
|IPPB Current Account||NA||Nil||Rs 1 lakh (end of day balance)|
|(Source: India Post, IPPB websites)|
India Post Payments Bank Current Account
IPPB, however, requires its current account holders to maintain a monthly average balance - the average of daily balances in a month - of Rs 1,000, according to the bank's website.