India Post Payments Bank: Know Unique Features and Facilities
There are three kinds of savings accounts available: regular, digital and basic savings account.
If you are planning to invest in a savings account, India Post Payments Bank (IPPB) has attractive offers based on your need. As of now, there are three kinds of savings accounts available: regular, digital and basic savings account. India Post Payments Bank offers numerous new features for its customers, from easy doorstep banking to zero balance account.
Zero-balance account: You can open regular savings account with zero balance. Furthermore, you don't need to maintain any monthly average balance. There is no limit on cash withdrawal. When it comes to interest the payments bank is paying 4% interest on end-of-the-day daily balances at the end of every quarter. Anyone above ten years with a KYC can open an account in the India Post Payments Banks.
QR card: The bank provides a unique QR card, with the regular savings bank account. You need not remember your PIN/password to use this QR card. Transactions can be made by using biometric authentication through QR card. Every time you transact the card an OTP (One Time Password) will be sent to your number for authentication purpose. With this QR card, several facilities like cash transactions, money transfer, bill payments, or cashless shopping can be done. If the card is stolen or lost, your money will be safe as each transaction is authenticated through biometrics.
Doorstep banking: Doorstep banking facility is available with India Post Payments Bank, so you need not visit the branch to open an account, and nothing is charged for this facility. Both cash and non-cash transactions are available. With the help of this unique doorstep delivery service, you can open a bank account, transfer funds, deposit and withdraw cash, recharge or pay bills. If you use Aadhaar card to open this account, you can easily access all the Aadhaar linked accounts through doorstep banking facility.
India Post Payments Bank charges a nominal amount of ₹25 is charged for each transaction for doorstep banking facilities like cash withdrawal and deposit. For transactions other than cash withdrawal and deposit, you have to pay ₹15 for every service.
Digital savings account: India Post Payments Bank offer another unique feature that is a digital savings account. The digital account can be opened from the IPPB mobile application. If you are above the age of 18 years, you are eligible for opening a bank account. Aadhaar card and PAN card are compulsory to open a digital savings account. The total cumulative deposit permissible in the account is INR 2 Lakhs within a year. You need to complete the full KYC verification within a year by visiting an IPPB access centre to avoid account closure.