Q1. Are the interest rates offered by banks the most important parameter while choosing a bank to open a savings account in? – Mamta
Interest rates are one of the most discernable factors to compare banks on. While a high-interest rate is very important to ensure a steady increase in your savings, it’s not the only parameter that is important to decide the bank for your savings account.
There are various parameters to compare a bank on. While a bank might give 7% p.a., they might levy exorbitant charges as maintenance and issuance fees.
Be sure of what you need from a bank before you start comparing!
Certain parameters that you can keep in mind are as follows:
Q2. What is a Zero Balance Bank Account? – Raj
Banks require you to maintain a certain amount in your bank account but with Zero Balance Bank Accounts there are no charges on non-maintenance of minimum account balance.
Q3. How is India Post Payments bank different from normal banks? – Aditya
Coming straight to the point…
|India Post Payment Bank||Other Banks|
|– Aim: To make financial services accessible to everyone in the country||-Aim: Focus more on being profitable|
|-Only Deposit services available||-Loan and Deposit services available|
|-QR** card is given||-Credit card and Debit Card Given|
|– Network: The government plans to link IPPB with 1.55 Lakh post office||– Network: As per RBI, the total branch network of all the banks in India is 149,588|
|– Maximum end of day balance is set at a limit of INR 1 Lakh||– No maximum end of day balance|
|– Can link to POSA||– Cannot link to POSA*|
*IPPB savings account holder can link his or her account with their India Post Savings Scheme Account. If the account holder opts for this linkage then the account balance above the maximum end of day balance (Rs. 1,00,000) will be transferred to the linked POSA account.
**The QR code will be used to identify India Post Payments Bank account holders through smartphones or micro-ATMs. With the QR codes, you can just scan and pay!