India Post Payments Bank or IPPB offers two types of savings accounts at present – regular and basic. Deposit in these accounts fetches interest at the rate of 4 per cent per annum, which is paid quarterly, according to India Post Payments Bank’s website – ippbonline.com. The state-run payments bank also offers a range of services such as money transfer, direct benefit transfers, bill and utility payments, and enterprise and merchant payments. Customers can also avail RTGS, IMPS and NEFT money transfer services at IPPB.
Here are the key things to know about IPPB’s savings accounts:
Regular savings account
India Post Payments Bank’s regular savings account can be opened at the bank’s access points. The account can be used to keep funds secure, withdraw cash, deposit money and perform easy remittances, besides a host of other benefits, said IPPB on its official website. The account also allows unlimited cash withdrawals. IPPB’s regular savings account can be opened with zero balance and customers do not require to maintain a monthly average balance.
Basic savings account
The IPPB basic savings account is aimed to provide primary banking services at a very nominal charge. The account allows four cash withdrawals in a month, unlike the regular savings account which has unlimited withdrawals. The account can also be opened with zero balance and customers need not maintain a monthly average balance. Customers can also link the basic savings account to a POSA (Post Office Savings Account).