The bank has revised its interest rate on all the customer variants of savings accounts effective from 1st February 2022.
Savings account holders of India Post Payments Bank will earn less on their balances from tomorrow. India Post Payments Bank has revised its interest rate on all the customer variants of Savings Accounts effective from 1st February 2022.
Currently, balance up to Rs 1 lakh is earning 2.50 per cent, while it has been revised to 2.25 per cent per annum from February 1, 2022. On balance above Rs 1 lakh up to Rs 2 lakh, the interest rate has been revised from the current rate of 2.75 per cent per annum to 2.5 per cent per annum. The frequency of interest payout is quarterly for the account holders, computed on daily end-of-day balance.
IPPB is a payment bank and the maximum balance per customer at the end of the day has already been hiked from Rs 1 lakh to Rs 2 lakh for these banks. The day end balance above Rs. 2 lakh can be swept into a linked Post Office Savings Account.
In addition to the regular savings account, one may open IPPB’s Digital Savings Account through the IPPB Mobile App. This app can be downloaded from the play store on Android phones and also available on app store for iPhone users. Anyone above the age of 18 years, having an Aadhaar and PAN card, can open this account.
A unique feature of India Post Payments Bank savings account is its ‘ banking with QR card’. The biggest advantage of the QR card is that one need not remember the account number or any password to undergo banking activities as the authentication can be done using the biometrics of the account holder. One can also avail funds transfer modes of NEFT, IMPS, RTGS through IPPB account.
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