Home Interest rate Interest rate, home banking fees reviewed by this bank – Check details

Interest rate, home banking fees reviewed by this bank – Check details

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A unique feature of India Post Payments Bank savings account is its “bank with QR card”.

India Post Payments Bank account holders will now earn less on their savings account balance while paying more for home services. The IPPB has revised its home banking fees as well as its interest rate on all customer variants of Savings Accounts.

India Post Payments Bank revised their home banking charges effective August 1, 2021. Currently there are no charges applicable on home banking services as they have been removed. From August 1, 2021, IPPB Doorstep bank charges will be Rs 20 for each request per customer.

For savings accounts, the interest rate has dropped as of July 1, 2021, however, this will depend on the account balance.

Currently, the balance up to Rs 1 lakh reports 2.75%, while it has been revised to 2.5% per year from July 1, 2021. On the balance greater than Rs 1 lakh up to Rs 2 lakh, there is no change and account holders will continue to earn 2.75 percent per year. The payment frequency is quarterly for account holders.

IPPB is a payment bank and the maximum balance per customer at the end of the day has already been increased from Rs 1 lakh to Rs 2 lakh for these banks. End-of-day balance above Rs. 2 lakh can be transferred to a linked postal savings account which currently earns 4 percent per annum.

A unique feature of India Post Payments Bank savings account is its “bank with QR card”. The biggest advantage of the QR card is that there is no need to remember the account number or password to perform banking activities as authentication can be done using biometrics of the account holder. You can also take advantage of the NEFT, IMPS, RTGS fund transfer modes via the IPPB account.

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