What is the Procedure for IPPB Online Account Opening

India Post Payment Bank (IPPB) has started and it offers many banking services such as savings account and loans. The bank also facilitates services via Net Banking which is another success as there are thousands of people who are a part of India Post office. Giving the services such as savings account via an entity which is more than 100 years old shows how much people trust it.

The services are made customer-friendly keeping in mind the elderly as well as young generation. IPPB customers are both young and elders as the new generation somehow seems to follow the footsteps of their grandparents and parents. If you also want to open a savings account at IPPB, you can.

The eligibility criteria is very simple as in you only need to be more than 18 years old. The procedure to IPPB online account opening is very simple. Read this article to know these steps and also check out the interest rate offered by new payment bank.

How to Open the Post Office Savings Account?

To open a savings account at post office, follow the below steps:

• Visit your nearest or preferred post office. 
• You can either fill up savings account opening form once getting it from the nearest branch or you can download it online.
• Fill up the form property and sign it. 
• Submit the application form along with required KYC documents and 2 recent photographs
• You also have to pay minimum account amount of ₹20 to open your account. 
• You can deposit a maximum amount of ₹1,00,000(single account) and ₹2,00,000 (joint account) initially. 

IPPB Savings Account Types

Regular Account – Safal Account
Basic Savings Bank Deposit Account (BSBDA) – Sugam Account
BSBDA Small – Saral Account
Digital Savings Account

IPPB Interest Rate on Savings Account

The interest rate offered on IPPB savings account is 4% per annum. Other banks offer interest rate of 3.50%-4% per annum. Read below the details of each types of IPPB savings account.

Regular Account - Safal Account

• Anybody 10 years and above with KYC
• Minimum deposit amount- ₹100
• Minimum account balance Nil
• Maximum account balance ₹1,00,000
• Annual rate of interest              4%

Basic Savings Bank Deposit Account (BSBDA) - Sugam Account

• Anybody 10 years and above with KYC
• Minimum deposit amount- Nil
• Minimum account balance - Nil
• Maximum account balance - ₹1,00,000
• Annual rate of interest              4%

BSBDA Small - Saral Account

• Anybody 10 years and above with simplified KYC
• Minimum deposit amount- Nil 
• Minimum account balance- Nil
• Maximum account balance - ₹50,000
• Annual rate of interest              4%

Digital Savings Account

• Anybody 18 years and above with simplified KYC
• Minimum deposit amount- Nil
• Minimum account balance - Nil
• Maximum account balance - ₹2,00,000
• Annual rate of interest              4%

The above information on IPPB account opening must have been helpful to get an idea about which type of savings account would you open at the payment bank. So, follow the above steps mentioned in the article and open a zero balance IPPB savings account.