India Post Payments Bank (IPPB)
Last Updated : Nov. 10, 2020, 6:19 p.m.
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Tired of limited branch networks and long queues? India Post Payments Bank (IPPB) shatters those barriers by harnessing the power of India's expansive postal network. Banking services are available at your local post office, often conveniently located within your neighbourhood. IPPB makes banking accessible across the country, reaching even the most remote villages.
With over 8 crore customers (and counting!) and a presence in thousands of post offices, IPPB brings banking closer to you than ever before. Open an account, deposit cash, pay bills, or transfer funds – all at your friendly neighbourhood post office. No longer long commutes to distant bank branches. Manage your account on the go with the user-friendly IPPB mobile app (available in 12 languages!). Enjoy features like balance checks, money transfers, and bill payments – all at your fingertips.
For those who need extra assistance, IPPB offers doorstep banking services. A bank representative can visit you at your home for account opening or specific transactions. Whether you're a seasoned professional or just starting your financial journey, IPPB offers a convenient and secure banking experience.
IPPB Savings Account Features and Charges
Below are the features and charges for India Post Payments Bank zero balance savings account:
| Features | Regular (Safal) | Basic (Sugam) | Small (Saral) |
| Eligibility | 10+ years, KYC | 10+ years, KYC |
10+ years, Simplified KYC |
| Min. Opening Deposit | ₹100 | ₹0 | ₹0 |
| Min. Balance | ₹0 | ₹0 | ₹0 |
| Max. Balance | ₹1 Lakh | ₹1 Lakh | ₹50,000 |
| Debit Card | Free | Free | Free |
| Annual Fee (After Year 1) | ₹100 | NA | NA |
| Interest Rate | 5.50% | 5.50% | 5.50% |
| Free Monthly Transactions (Branch/CSP) | 4 | 4 | 4 |
| Free ATM Transactions (IPPB) | Unlimited | Unlimited | Unlimited |
| Free ATM Transactions (Other Banks - Metro) | 3 | 3 | 3 |
| Free ATM Transactions (Other Banks - Non-Metro) | 5 | 5 | 5 |
| Max ATM Withdrawal/Day | ₹25,000 | ₹25,000 | ₹25,000 |
IPPB Regular Savings Account (Safal)
The IPPB Regular Savings Account (Safal) is a full-featured account designed for those who want convenient banking with some added benefits. Here's a breakdown of its key features:
- Eligibility: Anyone above 10 years old with completed KYC (Know Your Customer) verification.
- Minimum Opening Deposit: ₹100
- Minimum Balance: No minimum balance required
- Maximum Balance: ₹1,00,000
- Free Debit Card: You'll receive a free RuPay debit card for making purchases and withdrawals at ATMs.
- Annual Fee (after Year 1): ₹100 (waived if KYC is not done)
- Interest Rate: Earn 5.5% annual interest on your account balance (compounded quarterly).
-
Free Transactions:
- 4 free transactions per month at branches and Customer Service Points (CSPs). This includes cash deposits, withdrawals, and mini-statements.
- Unlimited free transactions at IPPB ATMs.
- Free mobile alerts to keep you informed about your account activity.
- Free monthly account statements (including duplicates).
-
Additional Features:
- Higher transaction limits compared to Basic and Small accounts (e.g., ATM withdrawals).
- Doorstep banking services available for a fee (cash deposits, withdrawals, remittances).
- Nomination facility to designate a beneficiary for your account.
- Free account status change (inactive to active and dormant to active).
Who should consider a Regular Savings Account (Safal):
- Individuals who want a full-service savings account with a debit card.
- Those who plan to keep a higher balance in their account to earn interest.
- People who may occasionally need to use doorstep banking services.
Remember: To unlock all features and avoid account closure, complete your KYC verification within 12 months of opening your account.
IPPB Basic Savings Account (Sugam)
The IPPB Basic Savings Account (Sugam) is a great option for those seeking a no-frills account for basic banking needs. Here's a closer look:
- Eligibility: Anyone above 10 years old with completed KYC (Know Your Customer) verification.
- Minimum Opening Deposit: No minimum deposit required
- Minimum Balance: No minimum balance required
- Maximum Balance: ₹1,00,000
- Free Debit Card: No debit card issued with this account.
- Annual Fee: No annual fees
- Interest Rate: Earn 5.5% annual interest on your account balance (compounded quarterly).
-
Free Transactions:
- 4 free transactions per month at branches and Customer Service Points (CSPs). This includes cash deposits, withdrawals, and mini-statements.
- Unlimited free transactions at IPPB ATMs.
- Free mobile alerts to keep you informed about your account activity.
- Free monthly account statements (including duplicates).
Who should consider a Basic Savings Account (Sugam):
- Individuals who prioritize a simple savings account with no annual charges.
- Those who primarily conduct transactions through branches or CSPs and don't need a debit card.
- People who plan to maintain a balance to earn interest but may not require high transaction limits.
Things to Consider:
- Without a debit card, online transactions and ATM withdrawals outside IPPB ATMs will incur charges.
- Doorstep banking services are available for a fee, similar to the Regular account.
Overall, the Sugam account is a convenient and low-maintenance option for managing your savings with basic banking functionalities.
IPPB Small Savings Account (Saral)
The IPPB Small Savings Account (Saral) caters to those who are new to banking or prefer a very basic savings option. Here's what you need to know:
- Eligibility: Anyone above 10 years old with simplified KYC verification. (This is a less stringent KYC process compared to the full KYC required for Regular and Basic accounts.)
- Minimum Opening Deposit: No minimum deposit required
- Minimum Balance: No minimum balance required
- Maximum Balance: ₹50,000
- Free Debit Card: No debit card issued with this account.
- Annual Fee: No annual fees
- Interest Rate: Earn 5.5% annual interest on your account balance (compounded quarterly).
-
Free Transactions:
- 4 free transactions per month at branches and Customer Service Points (CSPs). This includes cash deposits, withdrawals, and mini-statements.
- Unlimited free transactions at IPPB ATMs.
- Free mobile alerts to keep you informed about your account activity.
- Free monthly account statements (including duplicates).
Who should consider a Small Savings Account (Saral):
- First-time account holders who want to get comfortable with basic banking.
- Individuals who primarily manage their finances through cash and make infrequent transactions.
- People with a lower balance threshold who still want to earn interest.
Things to Consider:
- The simplified KYC may have limitations on certain transactions until upgraded to full KYC.
- A lower maximum balance limit compared to Regular and Basic accounts.
- No debit card, so online transactions and withdrawals outside IPPB ATMs will incur charges.
- Doorstep banking services are available for a fee, similar to other account types.
The Saral account is a practical option for those seeking a basic savings account with simplified KYC and no annual fees. Remember, upgrading to full KYC unlocks more features and removes limitations.
