The India Post Payment Bank has been launched on 1st September 2018 and people can open current & saving account (regular saving account, basic saving account & digital saving account). The Post Office Saving Account (POSA) is basically a deposit scheme provided which is provided by the post office departments in all over India. Through this article, get the complete details on How IPPB Bank Account is different from Post office savings accounts?/ IPPB Account Vs Post Office Saving Account and much more.
IPPB Account Vs Post Office Saving Account
People can link their India Post Payment Bank Saving Account with the Post Office Saving Account (POSA). The POSA is a deposit scheme provided by the post office departments of India and provides a fixed interest rate. There are various differences between the India Post Payment Bank Account & Post Office Saving Account/ IPPB Account Vs Post Office Saving Account and to collect more details you should scroll below the article.
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IPPB Account Different From POSA
You can open an zero balance saving account at India Post Payment Bank whereas there is need to deposit Rs 20/- to open a Post Office Saving Account. People who want to open an account with cheque facility they need to deposit Rs 500/-. The India Post Payment Bank has a special feature of Doorstep Banking (with additional charges) and the Post Office Saving Account does not facilitate doorstep banking.
As per the IPPB Bank Saving Account, people cannot keep more than 1 lakh in their account and they can sweep out the balance to the linked Post Office Saving Saving Account. The Post Office Saving Account (POSA) has no maximum balance limit.
People who have a saving bank account at IPPB they do not need to maintain any minimum balance and people who have a bank account at POSA they should maintain the minimum balance of Rs 50/- per month for (for accounts without cheque facility) and Rs 500 (for the account with cheque facility).
For more details on IPPB Account Vs Post Office Saving Account CLICK HERE