IPPB offer different types of savings accounts

June 2, 2022 Finance Talk Valli Sarvani No comments

The India Post Payments Bank (IPPB) offers various types of savings accounts to its customers. They are basic, regular and digital savings accounts. Customers can utilize door-step services to operate these accounts.

Here are the features and benefits of various types of IPPB savings accounts:

The basic savings account aims to provide banking services to people at a nominal charge. The features and benefits of this account are the same as those of the regular savings account. However, this account allows only four cash withdrawals in a month. After that, 0.50% of the transaction value is charged. But the minimum charge per transaction is ₹25. There are no cash deposit charges.

The account can be opened with zero balance. There is no need to maintain a minimum balance in the account. The maximum account balance is ₹2 lakhs. The balance above ₹2 lakhs can be transferred to a linked post office savings account. A QR card and virtual debit card will be issued free of cost. There are no account closure charges. SMS alerts are sent for free.

The regular savings account can also be opened with zero balance. The minimum and maximum balance are the same as that of the basic savings account. Free cash deposits are permitted up to ₹10,000 per month, while cash withdrawals are permitted up to ₹25,000.

After that, 0.50% of the transaction value is charged. But, the minimum charge is ₹25 per transaction. A QR card is issued for free, while the virtual card is charged. Charges for the issuance of the virtual card are ₹25. ₹10 is charged quarterly for SMS alerts.

Any individual aged above 18 years can open a digital savings account with zero balance. There is no need to maintain a minimum balance in the account. The maximum account balance is ₹1 lakh.

The charges for SMS alerts and the issuance of the virtual debit card are the same as that of the regular savings account. There are no charges for cash deposits and withdrawals.

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