India Post Payments Bank account holders will now earn less on their savings account balance while paying more for doorstep services. The IPPB has revised its doorstep banking charges and also its interest rate on all the customer 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 were waived off. From August 1, 2021, the IPPB Doorstep banking charges will be Rs 20 for each request per customer.
For the savings accounts, the interest rate has come down from July 1, 2021, however, it will depend on the account balance.
Currently, balance up to Rs 1 lakh is earning 2.75 per cent, while 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 change 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 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 linked Post Office Savings Account which currently is earning 4 per cent per annum.
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.