India Post Payments Bank



Indian Post Payment Bank is a bank through which efforts have been made to connect rural areas where there are no banks. Account can also be opened in India Post Bank in Urban Post Offices. This is different from the savings account of the post office. India post payment bank account can be linked to the post office saving account. It is fully owned by the Government of India. One thing that makes it different from others is that the Post office has more then three lakh postmen and post servants. They carry banking facilities to people at home with mobile phones and biometric devices. If someone needs cash, instead of going to the post office or ATM, the cash will come to their home. Banking facilities are available in Indian Post Payments Bank with Mobile Banking, SMS Banking, Missed Call Banking, Phone Banking and QR Card. Let's know some more special things related to Indian Post Payment Bank.


Post Payments Bank: Accounts and its Specialty


Three different types of Saving accounts can be opened in Indian Post Payment Bank - Regular, Digital and Basic Saving Accounts. On these three accounts, the customers will get 4% interest annually, but compounding of interest will be on quarterly basis.

Regular Saving Account:-

  • These accounts can also be opened online from Zero balance.
  • There is no provision for keeping minimum amount in this account.
  • Transaction Information will be available through SMS.
  • You can make payment through QR code. A QR Code has been given on the ATM Card received by the IPPB, which can be scanned from the mobile and paid by an OTP without a bank account and password.
  • This account can be linked to the post office savings account.
  • Up to 1 Lakh rupees can be deposited in this account. The amount of more than 1 lakh will be transferred to the savings account of the post office.
  • No debit card or cheque book is found in IPPB. Instead of an ATM Card, Customers will be given a card similar to the ATM card on which the QR code will be printed. QR Code can be scanned from mobile and payment can be made from an OTP without bank account and password.
Basic Saving Accounts:-

Most of the facilities available in digital and basic savings account are like regular account. Just a few things are different in this. Talking about Basic Savings Account, anyone over 10 years of age can open this account with KYC. The online statement received from the bank is free every quarter. A fee of Rs 50 will be charged for taking physical statement.  The first QR Code will be free. There will be a charge of Rs 25 on the second QR Code. There will be no charge for withdrawing money up to 4 times in 1 month.


Digital Savings Accounts:-

Anyone above 18 years of age can open this account for Digital Savings Account. For this you have to follow the process of KYC. However, according to the IPPB website, after the order of the Supreme Court, the bank will soon bring an option of Aadhaar. No QR card facility in this account, like Basic Savings Account, there is no charge for any kind of transaction.



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