IPPB – Basic Savings Account – Benefits, Interest Rates
IPPB – Basic 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)
Also Read : IPPB 2018 – Digital Savings Account – Benefits, Interest Rates
Advantages of IPPB
- 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
Also Read : IPPB 2018 – Regular Savings Account – Benefits, Interest Rates
Interest Rates
| Interest rates | Frequency of payout |
|---|---|
| 4.0% per annum | Quarterly |
Service Charges / Fees for Basic Savings Account
| Eligibility | Anybody above 10 years with KYC |
| Initial Minimum Deposit | NIL |
| Minimum Account Balance | NIL |
| Maximum End of Day Balance | INR 1,00,000 |
| Nomination Facility | Available |
| Linkage of POSA Account* | YES |
| Monthly Average Balance (MAB) | NIL |
| Non-maintenance charges on MAB | NA |
| Annual Interest Rate | 4.00% |
| Interest Payment | Quarterly |
| SMS Alerts | Free |
| Account Statement | Quarterly Statement Free (e-statement/ Physical statement**) Additional Physical Statement @ INR 50 |
| QR Card | FREE |
| QR Card Reissuance | INR 25 |
| Setting of Standing Instruction Charges | Free |
| Account Closure Charges | NIL |
| Balance certificate per Instance | INR 50 |
| Card/ KIT returned due to wrong address | INR 50 |
| Cheque Book on request | NA |
| Cheque Bounce/ Return Charges (Inward) | NA |
| Cheque Bounce/ Return Charges (Outward) | INR 50 |
| Bill Payments/ Re-charge | Free |
| Cash deposit charges | Free |
| Cash withdrawal charges | Free (Limited to 4 withdrawal in a month) |
Notes :
- *POSA (Post Office Savings Account)-In case customer have linked POSA account, amount above 1 lakh at the end of the day will be transferred to Linked POSA account.
- **Physical Statement quarterly free, subject to minimum one customer-induced transaction in that quarter.
- The above charges are subject to change. IPPB reserves the right to change the above charges as per its discretion.
- For any services availed at doorstep, doorstep banking charges will be applicable.
- All charges are exclusive of GST.
