Indian Post Payments Bank (IPPB) Offers these Saving Accounts

Indian Post Payment Bank (IPPB) finally launched in the country. Now you can open your Indian Post Payment Bank saving account online and offline.

Indian Post Payment Bank offers three types of savings account. You apply for saving account online through the mobile application, also you can open saving account at home or by visiting the nearest post office.

Here is Indian Post Payments Bank Saving Account Details:-

Indian Post Payments Bank Saving Accounts

IPPB currently offers three types of savings account with all banking facilities.

Here are the details:

(1) Regular Saving Account

The Regular Savings Account can be opened at the bank’s access points and your doorstep. You can use this account for Cash deposit and withdrawal, money transfer and available all other banking benefits. In this saving account, unlimited cash deposit and withdrawal facility available.

Key Features:

  • Instant and paperless account opening at home
  • Interest rate of 4% p.a. paid quarterly
  • No monthly average balance required to be maintained
  • The account can be opened with zero balance
  • Free quarterly account statement
  • Mini statement through SMS
  • Simplified banking services through QR card
  • Instant fund transfer through IMPS
  • Easy bill payment and recharges
  • Can be linked to POSA (Post Office Savings Account)

(2) Basic Saving Account

This is similar to Regular saving account. The difference is only that, you can withdraw cash only 4 times in a month.

You can open the Basic saving account at home. The person will visit your home and account opening process is paperless. You will get 4% interest rate and will be paid quarterly.

(3) Digital Saving Account

And this is a digital saving account which can be open online through the mobile application. Just install IPPB application on your phone and open your digital saving account instantly. This app can be downloaded from the play store on your Android phone. Anyone above the age of 18 years, having Aadhaar and PAN card, can open this account. The account can be opened instantly from the comfort of your home.

After opening a digital saving account, you need to complete KYC within a year by submitting documents to banking point. After KYC complete, your digital saving account will be converted to Regular saving account.

The  Interest rate is the same 4% paid quarterly. If you failed to complete KYC, the account can be closed.

For more details, you can visit IPPB official website here