October 9 is celebrated as the World Post Day. The day also marks the beginning of the National Postal Week, which will be celebrated until October 15. India Post, which runs postal services in the country, wished its followers on the occasion. The government also sent greetings to its employees on World Post Day. India Post, which has a network of 1, 55,015 post offices, also started the India Post Payments Bank (IPPB) this year. The IPPB has 650 branches and 3,250 access points, India Post said on Twitter.
Given below are details on the three types of accounts offered by India Post Payments Bank (IPPB):
India Post Payments Bank offers three types of savings accounts: regular savings account, digital savings account, and basic savings bank deposit account.
India Post Payments Bank regular savings account
This regular savings account of IPPB allows for unlimited cash deposits and withdrawals.
This zero balance account offers an interest rate of 4 per cent per annum on end of day balances. The interest is paid on a quarterly basis.
This zero balance savings account of India Post Payments Bank does not require any monthly average balance. It can be opened with a zero balance. The maximum end of day balance that can be maintained is Rs. 1,00,000.
India Post Payments Bank digital savings account
IPPB’s mobile app allows customers to open this account on their own. The account can be opened instantly. A maximum end of day balance of Rs. 1 lakh is allowed in the account. A maximum yearly cumulative deposit of Rs. 2 lakhs is allowed in the account.
This zero balance account is subject to closure if know your customer (KYC) verification is not completed within 12 months of opening of the account. KYC helps banks verify their customers’ identities. Aadhaar and PAN cards are mandatory for opening digital savings account of IPPB.
India Post Payments Bank basic savings bank deposit account
This savings account has all the features and benefits offered by the Regular Savings Account (except that it allows only four cash withdrawals in a month).
This account also does not require maintenance of any monthly average balance.
This zero balance account of IPPB does not require any monthly average balance. It can be opened with a zero balance. It offers an interest rate of 4 per cent per annum. The interest is paid quarterly.
India Post Payments Bank, which was launched last month, offers the facilities of deposits, money transfers, direct benefit transfers, and bills and utility payments, among other things.