India Post Savings Account

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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).

  1. India Post Savings Account App
  2. India Post Savings Account Form
  3. India Post Savings Account Ifsc
  4. India Post Savings Account Ifsc Code

Savings Accounts in India Post Payments Bank (IPPB)

Now PPF account holders can deposit money online through India Post Payment Bank (IPPB) application. In this coronavirus time or otherwise one can deposit money online in the PPF account. Public Provident Fund is one of the most popular tax-saving instruments in India. PPF is a 15-year scheme backed by the Central Government of India. You can check your Savings Account balance through ATM, NetBanking, SMS and Passbook. DoP Internet Banking - Post Office Internet Banking. India Post also facilitates internet banking service through DoP internet banking. Application Form For Opening of Account: 477 KB: Application Form For Closure Of Account On Maturity: 327 KB: Application Form For extension of RD/TD/PPF/SCSS Account: 61 KB: Application Form For Loan/Withdrawl From RD/PPF and SSA Accounts: 405 KB: Pay in Slip SB-103 490 KB: Application Form For Pre-Mature Closure Of Account: 328 KB. You can transfer your Post Office savings account and schemes to another Post Office whenever you want. This includes Post Office savings account, time deposit, and of course, your Public Provident Fund account too. To transfer your account, you need the transfer application form. 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.

Account

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:

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.

India Post Savings Account App

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.

India Post Savings Account Form

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)

Related

Now PPF account holders can deposit money online through India Post Payment Bank (IPPB) application.

In this coronavirus time or otherwise one can deposit money online in the PPF account.

Public Provident Fund is one of the most popular tax-saving instruments in India. PPF is a 15-year scheme backed by the Central Government of India.

It is a completely safe and secured scheme which is backed by the Government of India.

  • Firstly you have to deposit money from your bank account to your IPPB account.
  • Go to the DOP service.
  • Choose the product in which you want to deposit the money like a recurring deposit, PPF account, loan against recurring deposit or other.
  • Enter your PPF account number and DOP customer ID.
  • Mention the amount that needs to be deposited and click on pay option tab.
  • the IPPB will notify you for successful payment transfer made through the mobile application.
  • You can opt for various post office investment options provided by India post and make payment through IPPB basic saving account.

How to register for IPPB mobile App

For New Clients

Open your digital savings account by following on-screen instructions.

After downloading the app, you have to give your mobile number and PAN card number.

Once you click submit it will generate an OTP.

Submit the OTP.

It will aks for AAdhar card number or otherwise you can scan QR code on Aadhard card.

Again you will get OTP. Submit the OTP and follow the on screen instructions and you will be able to open your account.

For existing customers

STEP 1 Enter the details:

  1. Account number,
  2. Customer ID (CIF) and DOB
  3. registered mobile number

2)You will receive a one-time-password (OTP) on your registered mobile number

3) Set MPIN

4) Enter the OTP

You are ready to make any number of transactions you like.

Additional resources :https://www.youtube.com/watch?v=HK_vgGQQTzw

India Post Savings Account Ifsc

Currently available services on Mobile Banking:

India Post Savings Account Ifsc Code

  • Account balance enquiry
  • Request for a statement of your account
  • Request for a cheque book (Current Account)
  • Stop payment on a cheque
  • Transfer funds within the bank
  • Transfer funds to other bank accounts
  • Pay water, electricity and utility bills
  • Recharge prepaid and DTH (direct-to-home) services
  • Manage your funds with the linked POSA (Post Office Savings Account) by using Sweep-in and Sweep-out facility