• India Post Savings Account
• India Post Savings Account Form
• India Post Savings Account Online
• India Post Savings Account Balance Check

The India Post Payments Bank (IPPB) has started its banking services from September 1, 2018 in the country. IPPB will focus on providing banking and financial services in the rural part of the country through the network of post offices. In this post, let’s take a look at the different types of Savings Accounts in India Post Payments Bank (IPPB).

Savings Accounts in India Post Payments Bank (IPPB)

Digital Savings Account - India Post Payments Bank. Rates & Charges Personal Banking Products Digital Savings Account. It does not constitute an endorsement or an approval by the India Post Payments Bank (IPPB) for any of the products, services. India Post, Ministry of Communication & Technology. Valid Active Single or Joint 'B' Post Office Savings account. Should have opted for Internet banking. (The terms ebanking and internet banking are used interchangeably) Provide necessary KYC documents, if not already submitted. . Customer must have active Recurring Deposit account with Post Office. For the instant payment, you should have Recurring Deposit account number and customer ID. Loan Against Recurring Deposit. A customer who has a Recurring Deposit Account Post Office can easily avail loan against it.

India Post Payments Bank has come up with three types of savings accounts to cater to the different needs of the people. All the three Savings Accounts in India Post Payments Bank have some common features and benefits.

You can open your IPPB savings account online through IPPB Mobile App. You can also open IPPB savings account at home using IPPB’s doorstep banking facility or by visiting a post office.

India Post Payments Bank Savings Accounts

India Post Payments Bank (IPPB) is offering three types of savings accounts. Here are they:

India Post Savings Account

1. Regular Savings Account

2. Digital Savings Account

3. Basic Savings Account

Regular Savings Account

The regular savings account can be opened by either at banks’s access points and by applying for IPPB’s doorstep service.

You can use this account to keep your funds secure, cash deposit and withdrawal, fund remittance services besides a host of other benefits.

You can also earn interest on the money kept in this account. Unlimited cash deposits and withdrawals are allowed in this account.

Key Features and Benefits of Regular Savings Account

1. Banking at your convenience.

2. Instant and paperless account opening.

3. No monthly average balance required to maintain the account.

4. Quarterly account statement without any extra cost.

5. Interest rate of 4% on EOD daily balances. (Frequency of payout is quarterly).

6. You can open your account with zero balance.

7. Mini account statement via SMS.

8. Simplified banking services through QR card.

9. You can link your saving account to your Post Office Savings Account.

10. Fund transfer through IMPS.

11. Easy bill payment and recharges.

Digital Savings Accounts

Digital savings account is for the people who are tech savvy and comfortable with the technology. Anyone who is above 18 years, having Aadhaar card and PAN card can open this account.

You can open this account instantly from the comfort of your home through the IPPB Mobile App.

After opening a Digital savings account, you need to complete the KYC formalities within 12 months. After KYC formalities, you can upgrade this account to a Regular Savings Account.

Key Features and Benefits of Digital Savings Account

1. This account can be opened instantly from the comfort of your home through IPPB Mobile App.

2. Interest rate of 4% per annum on EOD daily balances (Frequency of payout is quarterly).

3. Free quarterly account statement.

4. You can open your account with zero balance.

5. Instant fund transfer through IMPS.

6. Simple ans easy bill payments and recharges.

Basic Savings Accounts

Basic Savings Account is similar to Regular Savings Account except that it allows only 4 cash withdrawals in a month.

The aim of this account is to provide basic banking services at a nominal cost.

Key Features and Benefits of Basic Savings Account

1. Instant and paperless account opening at your convenience.

2. You can open your account with zero balance.

3. No monthly average balance required.

4. Free quarterly account statement.

5. Interest rate is 4% per annum paid quarterly.

6. Mini account statement via SMS.

8. Simplified banking services through QR card.

9. Instant fund transfer through IMPS.

10. Easy recharges and bill payment.

11. You can link your saving account to your POSA.

Also Read: List of Banks in India

Also Read: Best Tax Saving FD Rates: These banks are offering the highest tax saver FD rates

Final Thoughts

All the savings accounts in India Post payments Bank offer 4% interest rate and no minimum balance required to maintain the accounts.

Note that as per RBI rules you can’t hold more that 1 lakh in all your payments bank accounts.

The IPPB savings account does not come with a debit card or ATM card or a cheque book.

However, you get a QR card to avail various financial services.

Note: This post was originally published on September 30, 2018 and has been completely updated for accuracy and comprehensiveness.

Related post: India Post Payments Bank (IPPB) – All you need to know

Related post: Doorstep Banking: India Post Payments Bank (IPPB)

Savings Account is the oldest and most common form of savings. The reason behind people preferring a savings account over any other form of savings is that here the principal amount is always safe no matter how much interest is earned. It can thus be said that the convenience of keeping the money in a savings bank account and earning interest is also the simplest form of investment.

Features & Benefits of Savings Account

Even though there are so many options to save money, the charm of Savings Account is still noticeable. Zero balance savings account has also got so much attention for its advantage of having the privileges of a savings account without maintaining any minimum balance in it. The features and benefits of Savings Account are as follows

• Safe and secure way to save money
• You can earn interest up to 8% per annum
• There is no minimum balance requirement for zero balance accounts
• Any Indian resident with valid ID proof can open this account
• There are no restrictions on how many bank accounts you can have
• You get ATM withdrawal option and Netbanking
• You can open a joint account with your family member
• Debit card issued can be used for payments

What is the minimum balance for a Savings Account?

The minimum balance required to maintain a savings bank account is subject to change from one bank to another just like the rate of interest. There are mainly two types of savings account - regular savings account and zero balance savings account. Banks have a certain minimum balance limit which an account holder has to maintain else he/she has to pay the penalty.

However, with the changes in other banking products, a savings account has also seen a major shift from being minimum balance account to zero balance savings account. Many banks now offer zero balance savings account due to increased demand as compared to the age-old pattern of keeping thousands in the bank account to avoid penalties. The savings account interest rate on these accounts are also high which makes it even more appealing.

List of All Banks Savings Account Interest Rates and Minimum Balance 2021

How to Open a new Savings Account Online

The procedure for online savings account opening with zero balance is very simple through Wishfin. The portal allows paperless process with no upfront verification. There is instant approval facility available which makes account opening process the easiest thing ever. The details required to apply for online savings account are as follows:

• Full name
• Mobile number
• Email ID
• City

Once the above details are provided, the applicants can compare different banks offering a savings account with zero balance and then apply for the bank as per the choice. The complete process just takes a few minutes.

Savings Account Interest Calculator

Savings Account interest calculator can be used to calculate the estimated investment growth over time. It helps you set a goal and then save money accordingly. The calculation can be done by mentioning the annual interest, invested amount and time period. For a shorter time period, you need to invest more money and vice versa.

Difference between Savings and Current Account

Savings account and current account have some similarities as well as some differences. A current account, on one hand, is one of the important things to have for businessmen as it allows a higher number of transactions on a regular basis as compared to the savings account. There is no interest provided by a current account by most of the banks but the overdraft facility can be availed easily. The minimum account balance (MAB) required on a current account is also very high as compared to the savings account. For better understanding, have a look at some of the basic difference between savings and current account.

India Post Savings Account Form

Thus, savings account, especially online savings account, is suitable for anyone who wants to earn interest on their deposits. Current account, on the other hand, is preferred by the individuals and firms who require monetary transactions on a day-to-day basis. Also, the highest savings account interest rate can be earned on a zero balance account and not on a regular bank account.

FAQs

Below are some of the queries frequently asked about a savings account.

How to check your Savings Account balance?

You can check your Savings Account balance through ATM, NetBanking, SMS and Passbook.

India Post Savings Account Online

DoP Internet Banking - Post Office Internet Banking

India Post also facilitates internet banking service through DoP internet banking. You can check your account balance or for any other banking services, you can login through its internet banking portal with the help of a username and password.

Tax Exemption on Savings Account

India Post Savings Account Balance Check

Under Income Tax Act 80TTA, interest up to INR 10,000 is exempt from tax. For senior citizens, the tax exemption on a savings account interest rate is up to INR 50,000 under Income Tax Act 80TTB.