INSUBCONTINENT EXCLUSIVE:
India Post Payments Bank offers three types of bank accounts: Safal, Saral and SugamDid you know India Post Payments Bank, under the
Department of Posts, offers three types of bank accounts State-run India Post Payments Bank, which was launched in January 2017, currently
permits a bank balance up to Rs 1 lakh in its savings accounts
It also offers services such as digitally-enabled payments and remittance services
One can choose from three options while opening a bank account in the bank
These are: Regular Account or 'Safal', Basic Savings Bank Deposit Account (BSBDA) or 'Sugam', and BSBDA Small or 'Saral'
While all three are zero balance accounts, meaning they do not require the bank account holder to maintain any specific balance every month,
they offer an interest rate of 5.5 per cent (payable on a quarterly basis), according to the website of India Post, which runs the network
of post offices in the country.1
Age requirement: The Saral, Safal and Sugam bank accounts can be opened in the name of anyone with a minimum age of 10 years
The applicant is required to take up a KYC (Know Your Customer) verification, according to the India Post website
There is no such requirement for the other two account types
There is no requirement for the account holder to maintain any minimum required balance in any of the three accounts
However, the Safal and Sugam accounts permit a maximum balance of Rs 1 lakh at a time
For the Saral account, this limit has been set at Rs 50,000, according to India Post.3
Free services: All three bank accounts - Safal, Saral and Sugam - come with a few facilities free of cost
These range from issuance of an ATM card or debit card, mobile alerts to printing of duplicate bank statements
Besides, transactions at India Post as well as PNB ATMs are also not chargeable, according to the India Post website.4
Debit card: While the first issuance of debit card is free in case of all three bank accounts, subsequent issuance costs the customer Rs
Transactions at bank branch: In each of the bank accounts, four transactions at the bank branch are allowed a month without any charges
Subsequently, a fee of Rs 20 per transaction is charged for any transaction at a branch or customer service point.6
ATM transactions: India Post Payments Bank allows three transactions every month at ATMs of other banks in metros, and five a month in case
of such ATMs in non-metro cities.7
Additional ATM transaction charges: Beyond the stipulated number of free transactions allowed at ATMs of other banks, the customer is
charged a fee of Rs 20 for every transaction of financial nature
For every such non-financial transaction, the bank charges Rs 8.8
ATM cash withdrawal limit: In Safal and Sugam bank accounts, IPPB currently allows ATM withdrawals up to Rs 10,000 per transaction, and up
ATM, POS (Point of Sale) Outlets and E-Commerce Transactions", India Post Payments Bank noted.9
PIN regeneration: IPPB provides a PIN regeneration facility by charging a fee of Rs 50.Mode of Outward RemittanceTransaction sizeCharges
(excluding service tax) at branch and doorstep bankingCharges (excluding service tax) for mobile bankingNEFTUp to Rs 10,000Rs 2.5 per
NEFT/IMPS charges: The bank charges a fee between Rs 2.5 and Rs 5 for NEFT and IMPS transactions from any of the three bank accounts.
