India Post Payments Bank: IPPB was set up under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India, on 17th August 2016. IPPB started its operations on 30th January 2017 by opening two pilot branches, one at Raipur and the other at Ranchi. IPPB proposes to open 650 branches to cover almost all the districts of the country. Recruitment for various positions in IPPB has started and about 3,500 personnel shall be recruited across the country in the next few months. Shri Suresh Sethi has been appointed as MD & CEO of IPPB.
India Post Payments Bank – IPPB Bank Regular Savings Account Features, Benefits, Rates & Charges
Regular Savings Account
The Regular Savings Account can be opened at the bank’s access points and your doorstep. This account can be used to keep funds secure, withdraw cash, deposit money and perform easy remittances, besides a host of other benefits. In addition, interest can be earned on the money kept in this account and the cash withdrawals allowed in this account are unlimited.
Key Account Features and Benefits
- Banking at your convenience
- Instant and paperless account opening
- Interest rate of 4% p.a. on EOD daily balances, paid quarterly
- No monthly average balance required to be maintained
- The account can be opened with zero balance
- Free quarterly account statement
- Mini statement through SMS
- Simplified banking services through QR card or Android APP
- Instant fund transfer through IMPS
- Easy bill payment and recharges
- Can be linked to POSA (Post Office Savings Account)
What makes us different
- Free account opening at your doorstep
- Assisted services through the GDS, as and when required
- Availability of funds at your doorstep, upon request
- Bill payment facility at your doorstep
- Simple and secure banking with QR card
- Multilingual customer support
- No commitment of minimum balance
- Nominal charges
- Day end balance above Rs. 1 lakh can be swept into linked POSA (Post Office Savings Account)
- Access to our growing merchant network
- Unlimited cash deposits and withdrawals
Service Charges / Fees for Regular Savings Account
|Eligibility||Anybody above 10 years with KYC|
|Initial Minimum Deposit||NIL|
|Minimum Account Balance||NIL|
|Maximum End of Day Balance||INR 1,00,000|
|Linkage of POSA Account*||YES|
|Monthly Average Balance (MAB)||NIL|
|Non-maintenance charges on MAB||NA|
|Annual Interest Rate||4.00%|
|Account Statement||Quarterly Statement Free (e-statement/ Physical statement**)|
Additional Physical Statement @ INR 50
|QR Card Reissuance||INR 25|
|Setting of Standing Instruction Charges||Free|
|Account Closure Charges||NIL|
|Balance certificate per Instance||INR 50|
|Card/ KIT returned due to wrong address||INR 50|
|Cheque Book on request||NA|
|Cheque Bounce/ Return Charges (Inward)||NA|
|Cheque Bounce/ Return Charges (Outward)||INR 50|
|Bill Payments/ Re-charge||Free|
|Cash deposit charges||Free|
|Cash withdrawal charges||Free|
1. *POSA (Post Office Savings Account)-In case customer have linked POSA account, amount above 1 lakh at the end of the day will be transferred to Linked POSA account.
2. **Physical Statement quarterly free, subject to minimum one customer-induced transaction in that quarter.
3. The above charges are subject to change. IPPB reserves the right to change the above charges as per its discretion.
4. For any services availed at doorstep, doorstep charges will be applicable.
5. All charges are exclusive of GST.