INSUBCONTINENT EXCLUSIVE:
India Post Payments Bank or IPPB, a state-owned payments bank, currently offers four types of bank accounts to customers
Of these, three are savings accounts - regular, digital and basic - and one current account
The four kinds of bank accounts at IPPB come with different features, such as limits on withdrawals, balance requirements and charges for
non-compliance with those requirements
India Post Payments Bank - which started its countrywide operations in September 2018 - provides interest at the rate of 4 per cent on
balance in all three kinds of savings account and zero per cent in current account, according to its website - ippbonline.com.India Post
Payments Bank savings accountsInterest rate and how to open accountIndia Post Payments Bank pays a 4 per cent interest (paid quarterly) on
opened by visiting IPPB access points, the digital savings account can be opened through the bank's mobile app, called "IPPB Mobile
However, the bank allows a limited number of withdrawals free of cost in a month in case of the basic savings account
- regular, basic and digital - can be opened and operated with zero balance (nil balance), according to the IPPB website
That means the account holder is not forced to keep a particular sum in the account to ensure operability.India Post Payments Bank current
accountA current account - meant for businesses - is a non-interest bearing account, which means deposit in this type of account does not
IPPB permits any number of withdrawals a month from the current account, without any restrictions.
