The launch of India Post Payments Bank (IPPB) is being rescheduled in the wake of the seven-day national mourning to pay homage to former Prime Minister Atal Bihari Vajpayee, said media reports. Prime Minister Narendra Modi was supposed to launch IPPB on August 21. India Post Payments Bank (IPPB) was setup under the Department of Posts, Ministry of Communication with 100 per cent equity owned by government, on August 17, 2016. India Post Payments Bank offers three types of savings accounts- regular savings account, digital savings account and basic savings account.
Regular savings account
India Post Payments Bank’s regular savings account can be opened at the bank’s access points and doorstep. This account can be used to keep funds secure, withdraw cash, deposit money and perform easy remittances, besides a host of other benefits, said IPPB on it’s official website. In addition, interest can be earned on the money kept in this account and the cash withdrawals allowed in this account are unlimited. Interest rates on this savings account are fixed at 4 per cent per annum.
Basic savings account
IPPB’s basic savings account has all the features and benefits offered by the regular savings account, except that it allows only four cash withdrawals in a month. The aim of the basic savings account is to provide primary banking services at a very nominal charge, said IPPB. Interest rates on this savings account are fixed at 4 per cent per annum.
Digital savings account
For the people who are tech savvy and comfortable with technology, IPPB’s Digital Savings Account is the best way to onboard yourself through the IPPB Mobile App, said IPPB. This app can be downloaded from the play store on Android phone. Anyone above the age of 18 years, having Aadhaar and PAN (Permanent Account Number) card, can open this account. The account can be opened instantly from the comfort of home, which means banking anytime, anywhere. Interest rates on this savings account are fixed at 4 per cent per annum.