As the world is changing for the better, the financial sphere is also changing every now and then to benefit the consumers at large. Who would have thought years before that a term payment bank would change the complexion of the banking space. Ever since the Reserve Bank of India (RBI) gave an approval to the constitution of payment banks in the country, corporate houses applied for a license for the same.
Amidst all came the announcement by the government during the 2015 Union Budget presentation that the Indian Post would run its large network for payment banks. Although it took around 3 years for India Post Payment Bank (IPPB) to start its operation, the services on offer are second to none in the payment bank space. There are both savings and current accounts to open and enjoy a wide range of services. Let’s begin the journey of IPPB bank accounts and the services they have to offer.
IPPB Savings Accounts
IPPB runs three different savings accounts for you to choose from. These are Regular Savings Account, Digital Savings Account and Basic Savings Account. And, there is one current account as well which could ensure the proper cash flow of business enterprises. Let’s check out the offers of each individually.
Regular Savings Account – You can get this account opened at India Post branches and even at your doorstep. You can deposit, withdraw, as well as get remittance facility on this account. Not only you earn an interest at the rate of 4% per annum on daily balances but also enjoy unlimited withdrawals. The interest would be paid to you on a quarterly basis. There’s no need to maintain balance in the account as it comes with a zero balance feature. The account statement can be provided to you free quarterly. You can get the mini statement via SMS, get the funds transferred instantly through IMPS and pay the bills or make the recharges.
Digital Savings Account – There’s also an IPPB Mobile App that you can download from Play Store on your Android mobile phone. So, if you are above 18 years and have an Aadhaar and PAN Card, you can get the account opened online instantly. On the point of earning, you can get an interest accumulating at 4% per annum. The interest earning, which would be based on daily balances, get paid quarterly. The zero balance, free account statement quarterly, instant fund transfer via IMPS, bill payments & recharges only enhance the degree of convenience.
Basic Savings Account – For all those who are far away from the banking services, there’s something to cheer with this basic savings account which almost mimics the services offered by the regular savings account. The same zero balance, 4% interest rate on daily balances, free quarterly account statement, mini statement via SMS and other features would be there on this account. However, the withdrawals are capped to 4 in a month, including the fund transfers and standing instruction debits, besides the normal cash withdrawals.
IPPB Account Opening has also given an impetus to the businessmen who can continue their daily routine of business activities by virtue of a current account. So, what if you are a small merchant or is an owner of Kirana stores, you can open this account to ease the function of your business greatly. Services that these businessmen can get here include zero balance facility, quarterly account statement at free of cost, mini statement via SMS, among others.