How to open Basic Savings Account with India Post Payment Bank (IPPB)

By | August 31, 2018
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(Last Updated On: September 1, 2018)

Basic Savings Account with India Post Payment Bank (IPPB)

Basic Savings Account

This savings account has all the features and benefits offered by the Regular Savings Account (except that it allows only four cash withdrawals in a month). The aim of the basic savings account is to provide primary banking services at a very nominal charge.

Key Account Features and Benefits

  • Banking at your convenience
  • Instant and paperless account opening
  • Interest rate of 4% p.a. on EOD daily balances, paid quarterly
  • No monthly average balance required to be maintained
  • The account can be opened with zero balance
  • Free quarterly account statement
  • Mini statement through SMS
  • Simplified banking services through QR card
  • Instant fund transfer through IMPS
  • Easy bill payment and recharges
  • Can be linked to a POSA (Post Office Savings Account)

What makes  different

  • Free account opening at your doorstep
  • Assisted services through the GDS, as and when required
  • Availability of funds at your doorstep, upon request
  • Bill payment facility at your doorstep
  • Simple and secure banking with QR card
  • Multilingual customer support
  • No commitment of minimum balance
  • Nominal charges
  • Day end balance above Rs. 1 lakh can be swept out to a linked POSA (Post Office Savings Account)  
  • Access to our growing merchant network through IPPB QR card
  • Four cash withdrawals allowed in a month


Interest ratesFrequency of payout
4.0% per annumQuarterly
Click here to see the detailed Schedule of charges.
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