India Post Payments Bank (IPPB), offers different types of savings accounts - regular, digital and basic. Interest rates on all three types of savings accounts are fixed at 4 per cent per annum, according to the official website of India Post - ippbonline.com. IPPB offers a range of services such as savings and current accounts, money transfer, direct benefit transfers, bill and utility payments, and enterprise and merchant payments. India Post Payments Bank also offers RTGS, IMPS and NEFT services for transfer of funds.
Here are the key things to know about IPPB's Digital Savings Account:
1. A digital savings account in IPPB can be opened by using the payments bank's mobile app. Anyone above the age of 18 years, having an Aadhaar and PAN (Permanent Account Number) card, can open this account.
2. One needs to complete the KYC formalities within 12 months or the account could be closed if one fails to do so. KYC formalities can be done by visiting any of the access points or with the help of the GDS/postman (Grameen Dak Sewaks), after which the Digital Savings Account will be upgraded to a Regular Savings Account, according to IBBP's.
3. Customers are allowed a maximum yearly cumulative deposit of Rs. 2 lakhs in the account, which offers an interest rate of 4 per cent p.a. on EOD daily balances, which is paid quarterly.
4. IPPB's Digital Savings Account can be opened with zero balance and customers need not maintain monthly average balance.
5. The Digital Savings account can be linked to a POSA (Post Office Savings Account) after completion of KYC within 12 months.
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