If you are looking to invest in savings account, India Post Payments Bank (IPBB) has several offerings based on your need. Currently, there are three kinds of savings accounts available: regular, digital and basic savings account. From easy doorstep banking to opening accounts with zero balance, India Post Payments Bank offers several new features for its customers. Take a look
Zero-balance account: One can open a regular savings account with zero balance. Moreover, there is no monthly average balance required to be maintained. There is no limit on cash withdrawal. At present, the payments bank is offering an interest of 4% on end-of-the day daily balances at every quarter. The interest is paid on a quarterly basis. Anyone above 10 years with a KYC can open an account in the India Post Payments Banks.
QR card: With the regular savings bank account, the bank provides an unique QR card. You don't need to remember your PIN/password to use this QR card. Transactions can be made by using biometric authentication through QR card. An OTP (One Time Password) will be sent to your number for authentication purpose each time you transact the card. You also need to show any valid offcial document for transaction. Several facilities like cash transactions, money transfer, bill payments, or cashless shopping can be done with this QR card. In case the card is stolen or lost, your money will be safe as each transaction is authenticated through biometrics.
Doorstep banking: India Post Payments Bank offers doorstep banking facility which means you don't need to visit the branch for opening an account. There is no extra cost charged by the bank to open a new account at your doorstep. Both cash and non-cash transactions are available. One can open a bank account, transfer funds, deposit and withdraw cash, recharge or pay bills using the unique doorstep delivery service. If you use Aadhaar card to open this account, you can easily access all the Aadhaar linked accounts through doorstep banking facility. facility. Not only from the IPBB savings account, you can also withdraw cash from other Aadhaar-related bank accounts using door-step delivery. India Post Payments Bank charge a nominal amount for doorstep banking facility. For cash withdrawal and deposit, ₹25 is charged for each transaction. For transactions other than cash withdrawal and deposit, you have to pay ₹15 for every service.
Digital savings account: Another unique feature offered by the India Post Payments Bank is their digital savings account. The digital account can be opened from IPBB mobile application. Anyone above the age of 18 years is eligible for opening a bank account. Aadhaar card and PAN card are mandatory to open a digital savings account. The total cumulative deposit permissible in the account is INR 2 Lakhs within a year. One needs to complete the full KYC verification within a year by visiting an IPBB access centre to avoid account closure.