INSUBCONTINENT EXCLUSIVE:
Interest rates on all three types of savings accounts are fixed at 4 per cent per annum.India Post Payments Bank (IPPB), a state-owned
payments bank, offers different types of savings accounts - regular, digital and basic
Interest rates on all three types of savings accounts are fixed at 4 per cent per annum, according to the official website of India Post
Payments Bank - ippbonline.com
IPPB also offers a range of services such as money transfer, direct benefit transfers, bill and utility payments, and enterprise and
merchant payments along with RTGS (Real time gross settlement), IMPS (Immediate Payment Service) and NEFT (National Electronic Fund
Transfer) services for transfer of funds.How to open accountRegular and basic savings accounts can be opened by either visiting an access
point of the payments bank or by applying for the doorstep service
The digital savings account, on the other hand, can be opened by using the payments bank's mobile app
The app is available on Google's Android platform, according to IPPB's website.Balance requirementAll the three types of IPPB savings
accounts - regular savings account, basic savings account and digital savings account - can be opened and operated with zero balance
The payments bank does not require the customer to maintain any particular balance.Cash withdrawal limitIn the regular and digital savings
accounts, IPPB permits the customer to make any number of withdrawals in a month without any charges
Savings Account (POSA)IPPB's regular and basic savings accounts can be linked to Post Office savings accounts (POSA)
A Post Office Savings Account is one of the nine savings schemes offered by India Post
In case the customer subscribes to the POSA service, any end-of-day balance above Rs 1 lakh in the IPPB regular and basic savings accounts
is transferred to the savings scheme account
The Digital Savings account of IPPB can also be linked to a POSA after completion of KYC (Know Your Customer) within 12 months.Free
quarterly statementIPPB provides one account statement to the customer per quarter free of cost under certain conditions with its all three
types of savings accounts
