15G 15H 7th CPC Aadhaar Aadhaar Fees Aadhaar Operations Aadhaar Software Aadhaar Survey AAO ABVKY Account Account Opening Form Accountant Exam Books Accountants Accounts Officers Active Directory AD login AD Rollout Adhoc Norms Agent Creation Agent Portal Agents Air Tickes Allowance Android App APAR APS Accounts APY Arrears ATM ATM Cash Loading ATM Form Audit Para AV Rollout Bank Reconciliation Bank Transfer Biometric Device Black Money Blocking Validations BNPL BO BO Device BO Rules BO Slip BO Slip Generator BO Transactions Bonus BOOKS BPC BPM BPM Arrears Table BPM Transfer Branch Office Browser Settings Budget Bulk Bulk Booking Bulk Closure Bulk Upload Bulk Upload File Creator Business Business Hours Business Parcel Cadre Restructuring Calculator Cash & Bank Cash Handling Allowance Cash Management Casual Labour CBS CBS Commands CBS FAQ CBS-CSI CCS Rules CEA Central Government Employees Central Vigilance Commission Certificate Printing CGEGIS CGHS Check List Cheque Cheque Book Cheque Lot Creation Cheque Request Cheques Clearing Child Card Leave Children Education Allowance Circulars & Orders CIS Claim Settlement Clarification Close Account Closure COD Compare and Book Configuration Contract Creation Court News CPAO Orders Creation of CIF CRM Portal CSD CSI CSI Daily Work Flow CSI Hand Book for RMS CSI Helper Tool CSI Master Guide CSI Templates CSI Tool CSI Tools CSI Training Manual CSI Updates CSI Utility Tool CSV File Generator CSV Uploading Currency Ban Currency Exchange Customer Creation Customer Portal DA DA Freeze DA News DA Orders DARPAN Dearness Allowance Dearness Relief Death Claim Default Fee Demonetization Department Exams Department of Expenditure Department of Posts Departmental Examination Desktop Configuration Desktop Settings Despatch Despatch Schedule DEST Digital India Digital Life Certificate Digital Payment Directorate Directorate Appeal Directorate Order Disbursement Discrepancies Document Reversal DOP DOP Core Solutions DOP CSI Hand Book DOP Finacle Guide DOP IFSC Code DOP Internet Banking DOP Mobile Banking DOP News DOP Orders DOP Rulings DoPT DoPT Order DoT DPMS Drivers DSA Dte Orders Duplicate e-Banking Form e-Commerce e-Commerce Portal e-Services Earned Leave ECB Memo ECMS ECMS Settings Emergency Leave eMO eMO Workflow EMOs EMOs Procedure Employee Online Employee Portal Employee Transfer Employment News End User Enumeration EO App EOD ePay Billers ePayment ePost Epson Errors & Solutions ESS Establishment Register EWS Reservation Express Parcel Extension External Antenna F&A Family Pension FAQ Finacle Finacle Guide Finacle Guide Book Finacle Updates Financial Powers First Day on Finacle Five Day Week Fixed Stationary Charges Flow Chart Fmenu Form 60 Forms Forms & Documents Franchised Outlet FRSR FSC Gazette Notification GDS GDS Committee Report GDS New Pay Table GDS Transfer Policy GEM General General Financial Rules General Ledger Sub Head Code General News GL Accounts GL Codes GL Integration Govt Orders GPF Gratuity GST Guide Lines Guidelines HBA Rules HFINRPT Hindi HO Honorarium House Building Advance HR HR Solutions HRA Identity Card Form iMO Incentive Incentive Structure Income Tax Income Tax Saving Increment India Post India Post Mail India Post Toll Free Info Type Inspector of Posts Install Mantra Device Installation Inter SOL Interest Calculator Lite Interest Rates Interest Rates Data Interest Statement International Mail International Parcel Internet Banking Internet Explorer Settings Inventory Inventory Management Inventory Movement Inventory Status Report Inward Clearing Inward Rejection IP IP Exam Syllabus IP&ASP IPO Indent IPOs IPPB IPPB CBS MENUS IPPB FAQ IPPB Finacle Menus Issue Issue Cheque Issue Cheque Book Issue Duplicate Certificates Jan Suraksha Java Jeevan Pramaan Judgement KVP KYC LDCE Leave Leave Management Leave Rules Ledger Inquiry Legacy Document Upload Letter to Dte LGO Exam Liability Document Life Certificate Lipi Passbook Printer List Of Balance List of Holidays List of Office Accounts List of Run Commands Live Account Report Loan Loan Account Loan Account Opening Loan Repayment LTC MACP Mail Booking Mail Guard Mail Operations Marketing Marketing Executives Mass Official Transfer Material Material Balance Maternity Leave Maturity Calculation McCamish MCD MDM Meghdoot Menu List Merchant Mobile App MGNREGA Micro ATM Ministry of Finance MIS MIS Server Mobile Banking Mobile Banking Form Mobile Charges Mobile Number Mobile Wallet MPKBY MTS Name Change National Pension System New Pension Scheme New Policy Bond Formats New Services NJCA NJCA Meeting Nominal Role Nominee NPS NSC NSS Objections Official Transfer Offline Update Online Online Payment Online Registration Online Training Open Account Operations Guide OSL OT Outsource Agents Outstation Cheques Outward Cheque Status Outward Clearing Outward Rejection Overview Ownership Change Part Closure Part Withdrawal Passbook Printing Passbook Reprinting Paternity Leave Pay & Allowance Pay Commission Pay Fixation Pay Revision PAYROLL Payslip Pension Pension Upload Pensioners Pensioners News PFRDA Pincode Tool Pineapple PLI PLI Bonus PLI Terms PMJJBY PMLA PMSBY PO Finacle Guide Point of Sale POLI Rules POS POS Back Office PoS Machine POS Server POSB Post Office Post Office IFSC Code Post Office Operation Guide Post Office Workflow Postal Assistants Postal Exams Postal Manuals Postal Savings Schemes Postman Postman Examination Postman Mobile Application Postmaster Cadre Postmaster Grade-1 PPF PPF Deposit Precautions Prerequisites Prevent Frauds Print Bond Queue Printer Settings Printing Procedure Promotion Proposal Forms Pushback QR Cards Questions & Answers Quick TCB RBI RBI Order RD RD Deposit RD Loan RD Loan Account RD Services Ready Reckoner Receipt Cancellation Recruitment Recruitment Rules Register Letter Reimbursement Remuneration Pay Renewal Report Reports Reservation Retirement Reversal Reversal of Clearing Document Revised Service Request Forms Revision of Interest Rates RFMS Tcodes RICT Risk Allowance Rlist RMFS RMS CSI Guide Rotational Transfers RPLI Rule 38 Rules Rulings Rural ICT Salary Salary Account Salary Upload SAP Saving Schemes Savings Account Savings Schemes SB SB Deposit SB Orders SB Withdrawal SBCO SBI Buddy SCSS Security Tips Senior Citizen Seniority Service Desk Service Tax SETID Settings SGB Short Notes Shortcut Keys Simple CSI Assist SMS Alerts SMS Banking SO SO Slip SO Slip Generator Software Configuration Softwares SOP Sorting Assistants Sovereign Gold Bonds Speedpost Speedpost Booking Machine Split Cheque Book Sports SSA SSC CHSL 2016 Staff Scheduling System Stamp Balance Stamp Indent Stamps Standing Instruction Stenographer Step by Step CSI Guide Stock Stop Payment StopDB Strike Study Materials Super User Syllabus Symantec Sync Issues System Administrators T-Codes Tarrif Tax Slabs TCB TD TDS Teller Cash Balance Tenure Tools TPTA Training Allowance Training Application Training Manual Transfer Transfer In Transfer of Accounts Transfers & Postings Travelling Allowance Treasury Allowance Trial Close UIDAI UIDAI Circular Union Union News Updates UPSC User Guide User Manual Vault Operations Video Viewing Documents Vigilance VP Articles VP Intimation Weblink Webmail Welfare Will Windows Tips Withdrawal Workaround Workflow WUMTS

IPPB Savings Accounts - Features & Benefits - All you need to know

The India Post Payments Bank (IPPB) has recently started its banking operations in the country.

One can make cash transactions, money transfer,cashless shopping using this card. 

One may avail various banking services such as opening of savings and current accounts, transfer of money, direct benefit transfers (DBT), bill and utility payments, and so on.

Here, we look at the three different kinds of IPPB savings accounts - regular, digital and basic saving account.


A. REGULAR SAVINGS ACCOUNT

Minimum balance: The account can be opened with zero balance unlike a post office savings account that requires minimum of Rs 20. Further, there is no requirement to maintain a monthly average balance in the account. Anybody above 10 years with KYC can open this account. One can make unlimited cash deposits and withdrawals in this account.

1. QR card: The account does not come with a debit card or cheque book (only the current account has the cheque book facility) to avail various financial services, and instead a QR card is provided. It provides a unique, secure and convenient way to access your account without the hassle of remembering your account number. One need not remember one's password, as transactions can be initiated by using biometric authentication. The place where you want to use this card would have to be equipped with scanning machine for financial transactions and also a biometric authentication device-fingerprint reader or Iris scanner to enable the transaction.


You can make cash transactions, money transfer, bill payments, or cashless shopping using this card. In case of a lost or stolen QR card, the money will still be safe in one's account as each transaction is authenticated through biometrics. Using the QR card one can complete the transaction in two steps - scan the code (of the merchant) and authenticate through biometric verification.


2. Maximum balance: The maximum end-of-day balance in the account cannot exceed Rs 1 lakh. This account, however, can be linked to your post office savings account and then the day end balance above Rs. 1 lakh can be swept into the linked post office savings account. The latter will, however, has its own upper limit.


3. Doorstep banking: Gramin Dak Sevak (GDS) or the postman will be there to fulfil the doorstep banking of IPPB. One may ask for doorstep banking (non-cash as well as cash transactions) at their doorstep. At no cost, one may ask for the opening of the account at the doorstep. Once opened, one may even ask for these - transfer funds, deposit and withdraw cash, recharge or pay bills through the doorstep banking services, at nominal charges.


4. Steps to utilise Doorstep services
Call the contact centre @ 155299 and book appointment
Get SMS confirmation
Confirm visit details to the representative
Provide your account number/ mobile number, or show your QR card to the Doorstep representative to avail the services

5. Restrictions

One cannot open a joint regular savings account since the account can be held only under a single person’s name. The nomination facility is, however, available for a regular savings account. Currently, the savings account do not provide demand draft facility for regular savings accounts

6. Features common to payment banks:

IPPB alongwith Airtel Payments Bank, and Paytm Payments Bank have the following common features which are mandated by law:
  • Payment banks restrict activities to acceptance of demand deposits, remittance services, Internet banking and other specified services but cannot undertake lending services.
  • A payment bank can accept only savings and current deposits of up to Rs 1 lakh per customer. They can issue ATM or debit cards but not credit cards.
  • They can distribute non-risk sharing simple financial products like mutual funds and insurance products.

B. BASIC SAVINGS ACCOUNT
The second type of savings account that can be opened in IPPB is the Basic Savings Account that will be similar to the regular account. It will have all the features and benefits such as doorstep banking, using of QR Card etc offered by the regular savings account, however, it will allow only four cash withdrawals in a month

C. DIGITAL SAVINGS ACCOUNT

The third type of savings account that can be opened in IPPB is the digital savings account that can be opened from the IPPB Mobile App available on Android phone. Anyone above the age of 18 years, having Aadhaar and PAN card, can open this account. The total cumulative deposit permissible in the account is Rs 2 lakh a year. For unlimited access, one needs to undergo full KYC using biometric based Aadhaar verification to upgrade the digital savings account to regular savings account within 1 year by visiting an IPPB access point. One can make instant fund transfer through IMPS and also make bill payments and recharges through this digital savings account. There will not be any QR card in case of this account.

Source: https://economictimes.indiatimes.com/wealth/save/features-of-3-different-india-post-payments-bank-savings-accounts/articleshow/65687693.cms
Labels:

Post a Comment

[facebook]

Author Name

Contact Form

Name

Email *

Message *

Powered by Blogger.