Indian Post Payment Bank Saving Account:- Hi Readers, Today you will know-how to open Indian Post Payment Bank Saving Account. We are sharing full details with you about opening Bank Account, Charges, ATM Card, Cheque Books, Offline Banking or much more. Now we are sharing the key features too with you.
Indian Post Payment Bank Saving Account
For the people who are tech-savvy and comfortable with technology, IPPB’s Digital Savings Account is the best way to onboard yourself through the IPPB Mobile App. This app can be downloaded from the play store on your Android phone and also available on the app store for iPhone users. Anyone above the age of 18 years, having Aadhaar and PAN card, can open this account. The account can be opened instantly from the comfort of your home, which means banking anytime, anywhere.
Indian Post Payment Bank Saving Account Key Features and Benefits:-
- Banking at your convenience
- Instant self on-boarding
- An 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
- Simple and instant fund transfer through IMPS
- Easy bill payments and recharges.
Key Points to remember while opening a Digital Savings Account:-
- Individuals must be above 18 years of age
- Complete the KYC formalities within 12 months
- KYC formalities can be done by visiting any of the access points or with the help of the GDS/Postman, after which the Digital Savings Account will be upgraded to a Regular Savings Account
- A maximum yearly cumulative deposit of Rs. 2 lakhs is allowed in the account
- The account is subject to closure if the KYC is not completed within 12 months of account opening
- The Digital Savings account can be linked to a POSA (Post Office Savings Account) after completion of KYC within 12 months.
Interest Rates of Indian Post Payment Bank Saving Account –
| Interest rates | Remarks |
|---|---|
| 4.00% p.a | Quarterly |
Service Charges of Indian Post Payment Bank Saving Account-
| Eligibility | Anybody above 18 years with KYC |
| Initial Minimum Deposit | NIL |
| Minimum Account Balance | NIL |
| Maximum End of Day Balance | INR 1,00,000 |
| Nomination Facility | Available |
| Linkage of POSA Account | NO |
| Monthly Average Balance (MAB) | NIL |
| Non-maintenance charges on MAB | NA |
| Annual Interest Rate | 4.00% |
| Interest Payment | Quarterly |
| SMS Alerts | Free |
| Account Statement | Quarterly Statement Free (e-statement/ Physical statement*) Additional Physical Statement @ INR 50 |
| QR Card | NA |
| QR Card Reissuance | NA |
| The 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 |
Notes:-
- Aadhaar & PAN card is mandatory for opening Digital Savings Account.
- To avail, unrestricted banking services kindly upgrade your Digital Savings Account to Regular Savings Account within 1 year by visiting any IPPB access point.
- The total cumulative deposit permissible in the account is INR 2 Lakhs within a year.
- Please complete your full KYC within 1 year. Non-compliance of the same can result in account closure.
- *Physical Statement quarterly free, subject to minimum one customer-induced transaction in that quarter
- The above charges are subject to change. IPPB reserves the right to change the above charges as per its discretion.
- Doorstep services and services at access point/branch are available for Digital Savings Account, only when the customer has completed biometric authentication.
- All charges are exclusive of GST.
Service Charges / Fees for Remittances / Funds Transfers
Domestic Remittances /Money Transfer
First Money Transfer Free: Up to INR 500 within 90 days of account opening.
| Mode of Money Transfer | Transaction size | Charges at Access Point & Doorstep | Charges for Mobile Banking |
| Intra Bank(IPPB account to IPPB account) | Free | Free | Free |
| IMPS | Up to 2,000 | INR 10 | INR 05 |
| 2,001-5,000 | INR 20 | INR 05 | |
| Above 5,000 | INR 50 | INR 10 | |
| NEFT | Up to 10,000 | INR 2.25 | INR 2.25 |
| 10,001 to 1 Lakh | INR 4.75 | INR 4.75 | |
| 1 Lakh to 2 Lakh | INR 14.75 | INR 9.75 | |
| Above 2 Lakh | INR 24.75 | INR 19.75 | |
| RTGS | 2 Lakh to 5 Lakh | INR 24.50 | INR 24.50 |
| Above 5 Lakh | INR 49.50 | INR 49.50 | |
- The above charges are subject to change. IPPB reserves the right to change the above charges as per its discretion.
- For any services availed at doorstep, doorstep charges will be applicable.
- All charges are exclusive of GST.
Limits on Money Transfer – IPPB Mobile Banking App
|
Savings Account |
|||
| Payment System | Minimum Amount | Maximum Amount Per Transaction Limit | Per Day Limit |
| NEFT | INR 1 | INR 1,00,000 | INR 1,00,000 |
| RTGS | INR 2,00,000 | INR 5,00,000 | INR 5,00,000 |
| IMPS | INR 5 | INR 50,000 | INR 50,000 |
Payment System Timings
| Payment System | Days | Timings | Remarks |
| NEFT | Monday to Saturday (Except 2nd and 4th Saturday and bank holidays) | 8:00 AM to 7:00 PM | The Funds transfer request made after 6:30 PM will be processed on the next working day. Transaction initiated on 2nd Saturday, 4th Saturday, Sunday and on non-RTGS working days will be settled on next RTGS working day. |
| RTGS | Monday to Saturday (Except 2nd and 4th Saturday and bank holidays) | 8:00 AM to 5:45 PM | Transaction through Branches – As per Branch working Hours |
| IMPS | All Days including Sunday and Bank Holidays | 24×7 | |
| UPI(Assisted) | All Days including Sunday and Bank Holidays | 24×7 | It is meant for assisted mode only and cannot be initiated from IPPB Mobile banking. |
Bill Payments: Free of Indian Post Payment Bank Saving Account
*Only Doorstep Banking Charges will be applicable
1. For any services availed at doorstep, doorstep charges will be applicable.
2. All charges are exclusive of GST.
Final Words- Here we have posted Indian Post Payment Bank Saving Account full details, Fees Charges, Fund Transfer Fees and much more things. I Hope we have our best to tell about Indian Post Payment Bank Saving Account. Join Our Telegram channel Tell us this information about how is for you…….
