HomeIPPBIPPB - Basic Savings Account - Benefits, Interest Rates

IPPB – Basic Savings Account – Benefits, Interest Rates

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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 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.
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