India Post Payments Bank is a public limited company, in which the government has 100% stake through the Department of Posts. The bank has 650 branches and 3250 customer access points. The organization already manages 995 ATMs across the country. In this bank, customers are given the facility of doorstep banking without any charge. You can open this account for Rs 149. Also, no guarantee is required to open this account. It can be opened only through Aadhar card. You can withdraw and deposit any amount of money in this account. No charge of any kind is levied on it. Customers can open an offline account in this bank.
Minimum Balance in Savings Account
You can open this account with zero balance. It is necessary to maintain a minimum balance of Rs 20 in the Post Office Savings Account. There is no need to maintain a minimum balance in a savings account. The age to open this account should be more than 10 years. This account can be opened with KYC. You can deposit money in this account as many times as you want. There is no restriction on withdrawing money in this account.
Bank information
This account does not offer any special facilities like debit card and cheque book. You only get the facility of cheque book with current account. Instead, a QR card is given. You do not need to keep account number and passbook for this account. All your details are available in transaction through biometric identification. In this, identification is done through fingerprint or iris of the eye. With the help of this card, you can avail facilities like transaction, money transfer, bill payment, cashless shopping. Even if the QR card is stolen or lost, your account is safe.
Bank facilities
You get many types of facilities in this bank. In this, you get facilities like loan, virtual debit card and door step. If you want to open a savings account in the post office, then you can take a loan through this. You can apply for it sitting at home. Through this account, you also get cashback on bill payment.
Minimum balance in bank
You cannot keep more than one lakh rupees in this bank. You can link this account with the Post Office Savings Account. In this way, at the end of the month, you can shift the balance of more than one lakh rupees to the linked India Post Savings Account. India Post Office Savings Account also has an upper limit. If you do business, you can also do it.
How to link accounts
To link India Post Payment Bank to savings account, customer must have an active Post Office Saving Bank account. Post Office Saving Bank account can be linked at the time of opening India Post Payment Bank savings account or thereafter through doorstep service or at IPPB access point. While linking Post Office Saving Bank account, customer needs to present his Post Office Saving Bank account passbook to GDS/Postman for doorstep service or to the counter staff at access point. After completion of this information, an SMS will be sent to customer’s phone.
Account benefits
As soon as the deposit limit in India Post Payment Bank Savings Account crosses Rs 2 lakh, the amount is automatically transferred to the Post Office Savings Account. If on the last day the balance amount exceeds the limit, instead of being rejected at the time of transaction, you can shift it to India Post Savings Account. You can transfer the entire balance amount from India Post Payment Bank Savings Account to Post Office Savings Account in one go, as there is no limit on the maximum balance amount.
For whom is the account created
The premium savings account of the post office is specially designed for those people who do a lot of digital transactions. If you transfer money from this account to any other post office account, then you will not have to pay any charge. But you have to pay a charge in other banks. Pensioners also get the facility to submit digital life certificate.
Account opening amount
To open a premier savings account of India Post Payment Bank, you will have to visit the nearest post office. You can also open this account through postman or rural postal service. In this account, you will have to pay an annual fee of Rs 99 every year. On opening the account, you will have to pay Rs 149 along with GST separately. There is no balance limit in this account.
How to open a bank account
- To open an account in India Post Payment Bank, first you have to install the India Post Payment Bank mobile application on your mobile from the Play Store.
- After that open that app and click on Open Account Now.
- The form will open in front of you. Fill in all your details in it – like identity proof, photograph, PAN card, and other required documents, have to be uploaded.
Read More: What is a Post Office Savings Account, its eligibility, facilities and how to open an account
- After that you will get a one time password on your mobile number. Enter that OTP in it.
- After submitting all the information and documents, you have to submit the application.
- Once your account is approved, you will receive account details, such as account number and login details.
Savings Account Related Questions
How much money can we keep in post office savings account?
The minimum investment that can be made in this scheme is Rs 1000 and the maximum is Rs 1,50,000 in a year. After opening the account, you will have to deposit the minimum amount every year for 15 years.
What should be the minimum balance in a savings account?
If you live in a metropolitan or a city, then it is necessary to have a minimum balance of at least Rs 3000 in your account. If you live in a small town or semi-urban area, then you will have to keep a minimum balance of at least Rs 2,000 in your savings account.
How many transactions can be done in a day in a savings account?
You can transact up to Rs 2 lakh in a day in a savings account.
What is basic savings account in post office?
This savings account has all the features and benefits offered by a regular savings account except that it allows only four free customer induced debit transactions in a month. The aim of the basic savings account is to provide basic banking services at very nominal charges.