India Post Payments Bank savings account can be opened with zero balance. There are no restrictions on the number of withdrawals in a month.
The launch of India Post Payments Bank or IPPB will help in bringing the unbanked into the banking system. The government aims to link over 1.5 lakh post offices with India Post Payments Bank. As mandated by the RBI, a payments bank is not allowed to issue any form of loan or credit card. India Post Payments Bank will focus on providing basic financial services, especially through savings accounts and payments services such as social security payments, utility bill payments and money transfers. India Post Payments Bank will also provide access to third-party financial services such as mutual funds, insurance, pension, and loan products.
An India Post Payments Bank savings account can be opened with zero balance. There is no requirement for maintaining any monthly average balance.
According to RBI guidelines, you can hold a maximum of ₹ 1 lakh in a savings account of a payments bank.
Funds exceeding ₹ 1 lakh in the regular savings account can be transferred to the account holder’s linked Post Office Savings Account (POSA). IPPB has collaborated with the Department of Posts for opening a POSA, which will be linked to India Post Payments Bank account.