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Common and Uncommon Features of 3 Types of Savings Accounts of India Post Payments Bank
By Anupama Deshpande | May 8, 2019

The only state-owned payment bank India Post Payments Bank (IPPB) offers people 3 types of Savings Accounts to deposit their savings in a safe instrument which also offers an attractive interest. These 3 different types of savings accounts are:

  1. Basic Savings Account
  2. Regular Savings Account
  3. Digital Savings Account

There are some common and uncommon features of 3 types of Savings Accounts of India Post Payments Bank which are listed below for your ready reference:


Related Topic Payments Bank Vs Commercial Bank

Common Features of 3 Types of Savings Accounts of India Post Payments Bank

  • All 3 IPPB Savings Accounts offer 4% interest rate on deposits which is paid on quarterly basis
  • There is no requirement to maintain any average monthly balance
  • You are not allowed to hold more than Rs 1 lakh in any of 3 IPPB Savings Accounts
  • You can not open a joint account in any of 3 Types of IPPB Savings Accounts
  • You also get access to mobile banking and QR card
  • They offer SMS alerts, standing instruction and bill payment services without any charges
  • You can make unlimited deposits with some restrictions on gross amount
  • There is no requirement of any initial deposit
  • You can open and operate all these 3 accounts with zero balance (nil balance)
  • One account statement is provided to the customer per quarter free of cost
  • You can transfer the money online through IMPS (Immediate Payment Service) in all the 3 accounts

Suggested reading Small Finance Bank Vs Payments Bank

Uncommon Features of 3 Types of Savings Accounts of India Post Payments Bank

  • You cannot open Basic and Regular savings Account digitally whereas you can open Digital savings account digitally through mobile app called IPPB Mobile App and Basic and Regular savings accounts can only be opened by visiting IPPB access points
  • You cannot make more than 4 withdrawals from a Basic savings account. In Regular savings account and Digital savings account, there is no cap on withdrawal
  • Digital savings account is valid only for 12 months and within these 12 months, you are required to complete biometric authentication for the account after which this account will be converted into a Regular savings account
  • Your gross deposit cannot cross Rs. 2 lakhs in a year in Digital savings account. In Regular savings account and Basic savings account, there is no cap on deposit till the maximum balance doesn't cross the limit of Rs. 1 lakh
  • Minors cannot open Digital savings account
  • Regular savings account and Basic savings account can be linked to Post Office savings account but Digital savings account can be linked to Post Office savings account only after completion of KYC (Know Your Customer) within 12 months
About Anupama Deshpande
Anupama is a Co-Founder of CodeForBanks.com. She is an MBA (Finance) and Chartered Financial Analyst (CFA). She also carries a Fellowship degree in Life Insurance Sector and is a Master of Computer Application (MCA). She is an expert in Finance Field with an experience of over 18 years on different managerial positions in finance industry including Stock Market, Depository and Mutual Fund Sectors. Apart from that she has remained for few years in the field of marketing as well. Her suggestions and advice for investments have been very useful to many people.
Her vast interest & expertise in the field of finance have encouraged her to write the articles so that others can also get benefitted out of them. She never loses any opportunity to learn and be creative. She is a valuable asset for CodeForBanks.com & important resource to all those around her.

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