India Post Payments Bank account holders will now earn significantly less on their savings account balance though paying more for doorstep services. The IPPB has revised its doorstep banking charges and also its interest price on all the client variants of Savings Accounts.
India Post Payments Bank has revised its Doorstep banking charges effective from 01st August 2021. Currently, there is no charge applicable on Doorstep banking as they had been waived off. From August 1, 2021, the IPPB Doorstep banking charges will be Rs 20 for every single request per client.
For the savings accounts, the interest price has come down from July 1, 2021, even so, it will rely on the account balance.
Currently, balance up to Rs 1 lakh is earning 2.75 per cent, though it has been revised to 2.5 per cent per annum from July 1, 2021. On balance above Rs 1 lakh up to Rs 2 lakh, there is no transform and account holders will continue to earn 2.75 per cent per annum. The frequency of payout is quarterly for the account holders.
IPPB is a payment bank and the maximum balance per client at the finish of the day has currently been hiked from Rs 1 lakh to Rs 2 lakh for these banks. The day finish balance above Rs. 2 lakh can be swept into linked Post Office Savings Account which at the moment is earning 4 per cent per annum.
A special feature of India Post Payments Bank savings account is its ‘ banking with QR card’. The greatest benefit of the QR card is that one require not recall the account quantity or any password to undergo banking activities as the authentication can be completed making use of the biometrics of the account holder. One can also avail funds transfer modes of NEFT, IMPS, RTGS via IPPB account.