KNOW ALL ABOUT POST OFFICE PAYMENT BANK (IPPB)

 RAJA BABU Tuesday, January 31, 2017

Changes In Public Provident Fund Scheme (PPF) scheme amendment rules 2014

Date of Clearance of cheque shall be date of Deposit in Post office RD account

E payment-ATM-E transfers allowed in CBS Branches of Post offices

Post Office Time Deposit Accounts to be renewed automatically ,Interest to paid if withdrawn before one year

PPF & SR CITIZENS SAVING SCHEME INTEREST RATES WEF 01.04.2014 NOTIFICATION

India Post Payment Bank (IPPB) incorporated as a Public Sector Bank under the Department of Posts with 100% GOI equity, IPPB has launched on January 30th, 2017 in Ranchi and Raipur with the objective of being present in all corners of India by the end of the year.

For now, IPPB is offering Savings account upto a balance of Rs 1 Lakh, along with digitally enabled payments and remittance services of all kinds between individuals. In due course, IPPB will also provide current accounts and access to third party financial services like insurance, mutual funds, pension, credit products, forex, and more.

• 3 Type of Bank Accounts 
• Domestic Remittance Services
• Direct Benefit Transfer (DBT)
• Doorstep Banking:

IPPB offers 3 distinct accounts(Banking Services for Everybody)

Safal    :Regular Account – (packed with features)

Sugam :Basic Savings Bank Deposit Account (BSBDA) 

Saral    :BSBDA Small -  ( aimed at people with limited banking experience)

Account feature	Safal Account	Sugam Account	Saral Account
Account opening
Eligibility	Age 10 years and above
KYC	Yes	Yes	No
Initial minimum deposit	INR 100	INR 100	INR 100
Minimum account balance	Nil	Nil	Nil
Maximum balance	INR 1,00,000	INR 1,00,000	INR 50,000
Nomination facility	Available	Available	Available
ATM/ Debit Card	Free	Free	Free
Subsequent cards	INR 100	INR 100	INR 100
AMC (from 2nd Year)	INR 100	NA	NA
PIN regeneration(mailers)	INR 50	INR 50	INR 50
Account feature	Safal Account	Sugam Account	Saral Account
Servicing / Transactions
Minimum Qtly Avg Bal (QAB)	Nil	Nil	Nil
Annual Interest Rate
QAB upto INR 25,000	4.50%	4.50%	4.50%
QAB INR 25,001-50,000	5.00%	5.00%	5.00%
If QAB above INR 50,000	5.50%	5.50%	5.50%
Qtly Non mainte charges	NA	NA	NA
Interest payment	Quarterly	Quarterly	Quarterly
Mobile Alerts	Free	Free	Free
A/C statement (incl duplicate)	Free	Free	Free
Doorstep banking	INR 15-35	INR 15-35	INR 15-35
Interbank remitt charges	2 remittances free per month	See Remittances charges	See Remittances charges
Account feature	Safal Account	Sugam Account	Saral Account
Branch banking
Free monthly customer induced transactions.	4 Free (after @ INR 20 per transaction)	4 Free (after @ INR 20 per transaction)	4 Free (after @ INR 20 per transaction)
Charge frequency	Monthly	Monthly	Monthly
ATM monthly transactions
At IndiaPost ATMs	All free	All free	All free
At PNB ATMs	All free	All free	All free
At other bank's ATMs: Metro	3 txns.free	3 txns.free	3 txns.free
At other bank's ATMs: Non- Metro	5 txns.free	5 txns.free	5 txns.free
Additional transactions at Other Bank's ATMs	Financial: INR 20	Financial: INR 20	Financial: INR 20
	Non-financial: INR 8	Non-financial: INR 8	Non-financial: INR 8
Maxi ATM withdrawal per transaction	INR 10,000	INR 10,000	INR 10,000
Maximum ATM withdrawal per day	INR 25,000	INR 25,000	INR 25,000
Maximum cumulative spend at POS outlets and ecommerce sites per day	INR 65,000	INR 65,000	INR 65,000
Account feature	Safal Account	Sugam Account	Saral Account
Miscellaneous
Standing Instruction Charges (IPPB to IPPB)	Free	Free	Free
Account status change (Inactive to active and dormant to active)	Free	Free	Free
Account Closure Charges within 14 days of Account Opening	Free	Free	Free
Account Closure within 6 months – Customer induced	INR 250	INR 250	INR 250
Balance certificate per Instance	Free	Free	Free
ATM card/ KIT returned due to wrong address	INR 100	INR 100	INR 100
Charges to be recovered from IPPB customer in case of cheque bounce	100% of clearing charges	100% of clearing charges	100% of clearing charges

Notes:

1. The above charges are in addition to the transaction charges (e.g. charges for AEPS are not included above). Please refer to the respective sections for transaction charges
2. The higher of financial and non-financial transaction charges for doorstep banking will be levied in case a customer avails both the facilities in a single visit (e.g. If a customer avails cash deposit of INR 10,000 and balance enquiry in a single doorstep visit, the customer will be charged INR 20 for that visit) 
3. Only three transactions are allowed per visit. Fourth transaction would be treated as another visit, and charges would apply accordingly.

Convenience at your fingertips: 

IPPB promise to make banking a simple, affordable and convenient experience for Indians across the nation to make sure that citizens across the nation get seamless access to government benefits directly from their respective IPPB bank accounts and make the most of the financial opportunities available to them.

Pioneer in inclusive banking

IPPB  encourage smart saving and investment habits with our easily accessible banking services.Its vision is to extend banking facilities to the remotest corner of the nation. Its services transcend geographical borders. That’s how we aim to simplify banking and bring prosperity to every doorstep.

Efficiency of banking network

IPPB provides the most effective, accessible and readily available banking network across the nation. IPPB will soon offer banking services through digital channels like mobile, UPI, debit cards which can be used at ATMs, PoS and mobile-PoS. This facilitates all-round connectivity with your bank and helps you access your account details instantly.

Read more: http://www.simpletaxindia.net/2017/01/india-post-payment-bank-ippb.html#ixzz4XJcyFVDt