INSUBCONTINENT EXCLUSIVE:
IPPB's Digital Savings Account can be opened with zero balance.Prime Minister Narendra Modi on Saturday launched the payments bank of
Indian postal department - IPPB
and enterprise and merchant payments
India Post Payments Bank will also offer RTGS, IMPS and NEFT services for transfer of funds.The three types of savings accounts IPPB offers
are - regular savings account, digital savings account and basic savings account
Interest rates on all three types of savings accounts are fixed at 4 per cent per annum.Here are the key things to know about IPPB's
Digital Savings Account:1
For people who are tech savvy and comfortable with technology, IPPB's Digital Savings Account is the best way to on-board yourself through
the IPPB Mobile App, said IPPB
One needs to complete the KYC formalities within 12 months or the account could be closed if one fails to do so
KYC formalities can be done by visiting any of the access points or with the help of the GDS/postman (Grameen Dak Sewaks), after which the
Digital Savings Account will be upgraded to a Regular Savings Account, according to IBBP's website -- ippbonline.com.3
Customers are allowed a maximum yearly cumulative deposit of Rs 2 lakhs in the account, which offers an interest rate of 4 per cent p.a
on EOD daily balances, which is paid quarterly.4
IPPB's Digital Savings Account can be opened with zero balance and customers need not maintain monthly average balance.5
The Digital Savings account can be linked to a POSA (Post Office Savings Account) after completion of KYC within 12 months.
