OPEN APP
Home / Industry / Banking /  India Post Payments Bank revises doorstep banking charges, interest rates

NEW DELHI: If you have a savings account in India Post Payments Bank and want to avail of doorstep services, you will now have to pay additional charges.

India Post Payments Bank (IPPB) has revised its doorstep banking charges, effective 1 August 2021, and will charge Rs20 and applicable GST for each request per customer. As of now, there is no charge on doorstep banking (DSB.

Further, there will no limit on the number of transactions during a DSB visit for one customer. However, if in the same visit, the DSB serves another customer, it will be considered as separate DSB delivery and will be chargeable.

With the doorstep banking services, the IPPB allows their customers to enjoy banking facilities at their homes. That means you won’t have to leave the comfort of your home for your routine banking transactions.

The services offered by IPPB’s doorstep banking are opening an account, cash deposits and withdrawals, 24x7 money transfers, and recharge and bill payments. The account-related services include linkage of IPPB and post office account, updating PAN, nomination details, requesting account statement, issuing standing instructions, QR card issuance, among others.

Besides, customers will also earn less interest in their savings account balance as the IPPB has revised its interest rate on all customer variants of savings accounts as per the asset-liability committee approved policy. These rates are applicable from 1 July 2021 onwards.

For a balance up to 1 lakh, the current interest rate applicable will be 2.5% per annum. Earlier, it was 2.75% p.a. The rates remain unchanged if the balance is between 1 lakh and 2 lakh. The interest rate stands at 2.75% p.a, and the customers will continue to earn the same on their savings. The interest is typically paid on a quarterly basis to its customer.

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Recommended For You

×
Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout