Savings Accounts in India Post Payments Bank (IPPB)

The India Post Payments Bank (IPPB) has started its banking services from September 1, 2018 in the country. IPPB will focus on providing banking and financial services in the rural part of the country through the network of post offices. In this post, let’s take a look at the different types of Savings Accounts in India Post Payments Bank (IPPB).

Savings Accounts in India Post Payments Bank (IPPB)

India Post Payments Bank has come up with three types of savings accounts to cater to the different needs of the people. All the three Savings Accounts in India Post Payments Bank have some common features and benefits.

You can open your IPPB savings account online through IPPB Mobile App. You can also open IPPB savings account at home using IPPB’s doorstep banking facility or by visiting a post office.

India Post Payments Bank Savings Accounts

India Post Payments Bank (IPPB) is offering three types of savings accounts. Here are they:

1. Regular Savings Account

2. Digital Savings Account

3. Basic Savings Account

Regular Savings Account

The regular savings account can be opened by either at banks’s access points and by applying for IPPB’s doorstep service.

You can use this account to keep your funds secure, cash deposit and withdrawal, fund remittance services besides a host of other benefits.

You can also earn interest on the money kept in this account. Unlimited cash deposits and withdrawals are allowed in this account.

Key Features and Benefits of Regular Savings Account

1. Banking at your convenience.

2. Instant and paperless account opening.

3. No monthly average balance required to maintain the account.

4. Quarterly account statement without any extra cost.

5. Interest rate of 4% on EOD daily balances. (Frequency of payout is quarterly).

6. You can open your account with zero balance.

7. Mini account statement via SMS.

8. Simplified banking services through QR card.

9. You can link your saving account to your Post Office Savings Account.

10. Fund transfer through IMPS.

11. Easy bill payment and recharges.

Digital Savings Accounts

Digital savings account is for the people who are tech savvy and comfortable with the technology. Anyone who is above 18 years, having Aadhaar card and PAN card can open this account.

You can open this account instantly from the comfort of your home through the IPPB Mobile App.

After opening a Digital savings account, you need to complete the KYC formalities within 12 months. After KYC formalities, you can upgrade this account to a Regular Savings Account.

Key Features and Benefits of Digital Savings Account

1. This account can be opened instantly from the comfort of your home through IPPB Mobile App.

2. Interest rate of 4% per annum on EOD daily balances (Frequency of payout is quarterly).

3. Free quarterly account statement.

4. You can open your account with zero balance.

5. Instant fund transfer through IMPS.

6. Simple ans easy bill payments and recharges.

Basic Savings Accounts

Basic Savings Account is similar to Regular Savings Account except that it allows only 4 cash withdrawals in a month.

The aim of this account is to provide basic banking services at a nominal cost.

Key Features and Benefits of Basic Savings Account

1. Instant and paperless account opening at your convenience.

2. You can open your account with zero balance.

3. No monthly average balance required.

4. Free quarterly account statement.

5. Interest rate is 4% per annum paid quarterly.

6. Mini account statement via SMS.

8. Simplified banking services through QR card.

9. Instant fund transfer through IMPS.

10. Easy recharges and bill payment.

11. You can link your saving account to your POSA.

Also Read: List of Banks in India

Also Read: Best Tax Saving FD Rates: These banks are offering the highest tax saver FD rates

Final Thoughts

All the savings accounts in India Post payments Bank offer 4% interest rate and no minimum balance required to maintain the accounts.

Note that as per RBI rules you can’t hold more that 1 lakh in all your payments bank accounts.

The IPPB savings account does not come with a debit card or ATM card or a cheque book.

However, you get a QR card to avail various financial services.

Note: This post was originally published on September 30, 2018 and has been completely updated for accuracy and comprehensiveness.

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Related post: Doorstep Banking: India Post Payments Bank (IPPB)