In the current uncertain scenario, savings account is one of the safest option to save your money. India Post through India Post Payments Bank (IPPB) offers savings account to its customers. Currently, IPPB has three savings account. Digital Savings Account, Regular Savings Account and Basic Savings Account are the types of savings account.
In this article, we will see the different types of savings account in detail.
IPPB Digital Savings Account
IPPB’s Digital Savings Account is a digital savings account available for new customers who don’t have a savings account with the payment banks.
You can open the account easily by downloading the bank available on Playstore and on Apple Store.
Who can open IPPB Digital Savings Account?
Any Indian citizen above the age of 18, with an Aadhaar or PAN card can avail this bank account.
What are the features of the digital account?
- You can and access this digital account, anywhere and at any time, from the comforts of your home or workplace.
- This is an online zero balance account, where you do not need to worry about maintaining any minimum balance in your account.
- You can instantly recharge and pay bills online
- Transfer money to your loved ones instantly through IMPS
- You can access the app in a language of your choice as it comes with multilingual customer aid.
Things you need to keep in mind when opening this account
- You must be above 18 years of age.
- You must have an Aadhaar card and PAN Card.
- KYC formalities are required for this account. The account will be closed if the KYC formalities are not completed within a year of the account opening.
IPPB Regular Savings Account
Post’s Regular Savings Account performs primary functions like most Savings
Account i.e. it allows you to keep your money secure, withdraw money when you
need it, deposit money, as well as allow you to earn money on the balance in
your account. Its key features include:
- Convenient Banking: Banking has never been easier with IPPB’s Regular savings account. If you want to open a Post Office Saving Account, all you need to do is visit the nearest Post Office or you can also open the account at your doorstep.
- Zero Balance Account: As with other Savings Account with India Post, you need not maintain a minimum balance in your savings account. Thus, you need not worry about being penalized for maintaining a low balance in your bank account.
- Unlimited cash withdrawals: With this facility you can withdraw cash from your 0 balance saving account whenever you need it.
- Easy to recharge and pay your bills. You also receive mini statements via SMS.
- Free quarterly statement.
What makes IPPB’s Regular Savings Account different?
- It has a wide range of network and people living in remote areas can also access the payment bank.
- There is no charge if you want to open your account at your doorstep.
- Assisted services via Gramin Dak Sevakas (GDS) or postmen are available whenever required.
- The bank app is available in many languages that makes it easier for people who don’t understand English to use the app,
IPPB Basic Savings Account
IPPB’s Basic Savings Account is a basic savings account meant for individuals who don’t have a Savings Account. Customers opening this account can make cash withdrawals of up to 4 times in a month.
Here are some of the features of IPPP Basic Savings Account
- Doorstep facility: Opening your bank account is now stress and hassle- free. You need not venture out of the comforts of your home to open your saving account. Assisted services through postmen or GDS (Gramin Dak Sevakas) are always available whenever required.
- QR Card: The IPPB QR card is a unique card through which you can access your bank account. It provides a simple and secure way of fulfilling your banking needs, without you having to remember your account number or pin/ password. A QR card works through OTP (One Time Password) authentication and by showing any OVDs (Official Valid Documents).
- O Balance Saving Account: This saving account is a zero balance account, which means that you do not need to maintain a minimum balance in the account.
- Instant fund transfer via IMPS.
- Receive statements through SMS.
What makes this savings account different?
- Primary banking services are available at nominal charges.
- You can avail funds at your doorstep, upon request.
- Day end balance over Rs.1 lakh can be swept out to a POSA (Post Office Savings Account).
India Post Payment Bank operates with Department of Posts under Ministry of Communications. Government of India owns 100% of its equity.
Currently, the payments operates through 650 IPPB branches/controlling offices, working on a hub and spoke model.
The bank offers savings account, current account and third party products such as loans, insurance, investments and Post Office Savings schemes.
Balance Savings Account
Balance Account – Why You Should Go for One Instead of a Regular Savings
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