India Post Savings Account
Account Number Name of Post Office/Bank 1 2.If number of accounts is more, details of all accounts should be filled and attached as annexure duly signed. Please tick (√) the appropriate box Date:- Signature or thumb impression of Applicant(s)/Guardian 4. State Bank of India Savings Account Welcome Kit. Following approval of the bank, the customer will receive a savings account welcome kit. The kit will contain: SBI ATM debit card; The PIN will be sent in a separate post. SBI cheque book of 10 leaves. Pay-in slips; One will have to ensure that the welcome kit is sealed on arrival.
- National Savings Account Post Office
- India Post Savings Account App
- India Post Savings Account Ifsc
- India Post Savings Account Form
- India Post Savings Account Minimum Balance
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).
Savings Accounts in India Post Payments Bank (IPPB)
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.
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.
11. You can link your saving account to your POSA.
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National Savings Account Post Office
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.
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Related
The Department of Post has launched India Post Mobile Banking App for its savings account customers. This mobile banking facility will be available to all savings account customers of CBS (core banking solutions) post offices.
India Post Mobile Banking App
With the launch of this facility, using your post office savings account just became easier. You can download and install this app from the Google Play Store.
This app will help savings accounts customers to do transactions into their PPF accounts and other post office schemes online without physically visiting to post offices.
The department of Post launched the internet banking facility for its customers about a year ago. The Department announced this app launch via a circular on October 14, 2019. Click here to read the full circular.
Below are some details of how you can use the India Post Mobile Banking App.
India Post Savings Account App
Eligibility criteria for availing Mobile Banking facility
The eligibility criteria for availing India Post Mobile Banking App are as follows:
- You should have a savings account in CBS post office.
- Single or Joint “B” account type customers allowed to avail this facility.
- You should have a valid login ID and Internet banking credentials. If internet banking is not enabled, mobile should be enabled after enabling the net banking option at the CIF level by the SOL.
- Joint “A”, Minor, Lunatic, Illiterate, branch office accounts are not allowed for availing this facility.
Pre-requisites for availing this facility
You need to fulfill certain pre-requisites to avail this facility. The pre-requisites are as follows:
- You should have a valid Email ID and PAN number.
- You should have a valid unique mobile number
- CIF ID should be updated with the correct first and last name, DOB, gender, father’s name, valid identity and address proof, correct present address, PAN number, mobile number and Mother’s Maiden name.
India Post Savings Account Ifsc
How to apply for India Post Mobile Banking App?
You need to apply for this facility at any CBS head/sub-post office but not in branch offices. You need to submit a duly-filled mobile/internet banking request form available with the post office.
The KYC of the account holder should be completed.
If you have opened a savings account after migration to CBS with proper KYC documents, then there is no need to complete KYC formalities.
If you have opened a savings account before migration of the post office to CBS, then you need to submit KYC documents along with service request form.
You can submit this request form only in the CBS post office where the savings bank account stands. Your mobile number should be unique and same mobile number should not be used for any other CIF.
Once this request form submitted, you can activate this facility after 24 hours. You can download and install India Post Mobile Banking App through Google play store.
The self-explanatory steps will guide you while performing the activation process. Your CIF ID will be your user ID and the transaction password will be the same which has been already set through internet banking.
For any complaint regarding this facility
You can either dial toll-free number 1800-425-2440 or send an email at dopebanking@indiapost.gov.in. If you complain at any CBS post office, your complaint accepted and forwarded to the above email ID.
Facilities through India Post Mobile Banking App
You can avail the following facilities via this facility:
- Account balance and details – Saving, RD, LARD, PPF, Loan against PPF, TD, and NSC.
- Transaction history – Saving, RD, PPF, Loan against PPF, TD, and NSC.
- Get Mini statement – Saving and PPF accounts.
- You can transfer funds to own savings accounts and other user’s post office savings accounts.
- You can also transfer funds from your savings account to own/linked RD and own/linked LARD accounts.
- Funds transferred from your savings account to own/linked PPF (Subscription and Loan on PPF) accounts.
- Service request for RD account opening.
- You can also request for Time Deposit account opening.
- Service request for stopping cheque payment.
How to disable this facility?
If you want to disable this facility, then you need to approach your home branch post office. It will take 24 hours to disable this facility.
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India Post Savings Account Form
Final Thoughts
With this mobile banking facility, using your post office savings account just became easier. India Post Mobile Banking App will help you to do transactions into your PPF account and other post office schemes online without physically going to the post office. You can also transfer funds you’re your savings account to own/linked PPF accounts online.
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