INSUBCONTINENT EXCLUSIVE:
Balance in the India Post Payments Bank savings accounts fetches interest at the rate of 4%
India
Post Payments Bank or IPPB, which started its countrywide operations in September 2018, offers three kinds of savings account at present
The payments bank offers three types of savings accounts - regular, digital and basic - and current account, according to India Post
Payments Bank's website - ippbonline.com
IPPB, which aims to leverage the network of nearly 1.55 lakh post offices, is a government-owned payments bank which caters to urban and
rural areas, with primary focus on the rural segment
Here are 10 things to know about thethree types of savings accounts you can open at IPPB (India Post Payments Bank):Interest
interest is paid on a quarterly basis.How to open account: While the regular and basic savings accounts can be opened by visiting
Currently, the mobile app is available on the Android platform.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, unlike the basic savings account
In the basic savings account, the bank permits four withdrawals a month free of cost.Balance requirement: Among other features, all three
types of IPPB savings accounts - regular savings account, basic savings account and digital savings account - can be opened and operated
with zero balance (nil balance), according to the IPPB website
The payments bank does not require the customer to maintain any particular balance to ensure operability
In other words, the customer is not charged a penalty for failing to keep any deposit in the account.Maximum balance: IPPB allows a maximum
Payments Bank gives the customer an option to link his or her Post Office Savings Accounts with the regular and basic savings accounts
This option, however, is not available with the digital savings account, according to the IPPB website
A Post Office Savings Account is one of the nine savings schemes offered by India Post, through its network of more than 1.5 lakh post
is transferred to the savings scheme account.Free quarterly statement: IPPB provides one account statement to the customer per quarter free
of cost under certain conditions
statement: For any additional bank statement, India Post Payments Bank charges a fee of Rs 50, according to its website.Money transfer: The
three savings accounts offer instant wire transfer service IMPS
savings accounts - regular, basic and digital - come with a number of facilities free of cost
