Post Office Savings Account Vs. India Post Payment Bank Regular Saving Account: Learn 5 Big Things

Post Office Savings Account Vs. India Post Payment Bank Regular Saving Account: Learn 5 Big Things

If you want to open a regular savings account in the post office, then you have two options. One is India Post Payments Bank and the other Post Office Savings Account. Prime Minister Narendra Modi launched the India Post Payments Bank on September 1. India Post's payment bank will be similar to any other bank, but it will be operated on a small scale, which will reduce the chances of risk. The bank will pay the savings account at the rate of 4 percent. In this news, we are telling you five big things related to India Post Payments Bank and Post Office Savings Account.

Interest rate on deposit: According to the IPPB website, the bank will pay interest on savings account at 4 percent rate. The India Post Savings Scheme also gives interest at the savings account at a rate of 4 per cent.

Minimum Investment: In India Post Payments Bank, no minimum balance is required to open regular savings account, while for the account opening in the India Post Savings Scheme, a minimum of 20 rupees will be required.

Maximum deposit limit: India Post Payments bank can accept deposits up to Rs. 1 lakhs. While there is no maximum limit for the India Post Savings Scheme.

Adding two accounts: India Post Payments The amount deposited more than Rs. 1 lakh in the bank account will automatically be converted into a post office savings account.

Minimum Balance: According to the IPPB website there is no need to have Monthly Minimum Balance in India Post Payments Bank. At the same time, if the customer has not availed the check facility in the India Post Savings Scheme, then the minimum 50 is to be kept in the account.

An app has also been introduced by 'India Post Payments Bank Limited' by the name of IPPB Mobile Banking. With this help you can also open your account

How to open account?

Once you install this app, you will see the login ID and User ID password option on the first page. If you do not have an account, then immediately click on Open Your Account Now. By doing this, you will go to the next page where you will be asked your mobile number, along with the name of the product that you want and your PAN details, when you fill it click on the condition.
On the next page you will be asked to enter your Aadhaar Number. After this you will be asked if you agree with the terms and conditions. After this you will be sent an OTP (One Time Password) via this app. It will be sent to your registered mobile number.

If you complete the registration process through your User ID and password then you will be able to register yourself for Mobile Banking Service. To get the registration for mobile banking, you will have to provide a lot of details like new IPPB account number, customer ID, date of birth and registered number. Once started, this app will send you another OTP, which will be sent to your registered mobile number. After this you will have to generate your own MPIN only after this will the mobile banking registration process be completed.