Ippb Vs Post Office Savings Account (sb): Check Interests and Benefits

For investors who are taking their first steps towards personal finance, opening a savings account can benefit in a variety of ways, from interest rates to security and liquidity. The first two things spring should keep in mind when opening a savings account are deposit safety and interest rates. Individuals can improve this by looking into Postal Savings Accounts (POSB) and India Post Payments Bank (IPPB) savings accounts. Because these two deposit options are regulated by the Department of Posts, a division of the Department of Communications of the Government of India, the risk of deposit safety is absolutely zero. Following the IPPB announcement of a 25 basis point interest rate cut on savings account variants yesterday, let’s compare the perks and interest rates of both the IPPB and POSB for a better understanding before open an account.

IPP Savings Account

The IPPB offers three types of savings accounts: Regular Savings Account, Digital Savings Account and Basic Savings Account, for a good alternative. A regular savings account at IPPB can be established without an initial deposit and does not require the customer to maintain an average monthly balance. This account can be connected to a POSA (Postal Savings Account), which will scan any end of day balance via Rs. 2 lakh to the linked POSA (Postal Savings Account). Customers can create a Regular Savings Account at any bank access point or at their residence and they can deposit and withdraw unlimited cash.

As the name suggests, anyone over 18 with an Aadhaar and PAN card can open a digital savings account with zero balance online through the IPPB Mobile App. Customers will get benefits such as a free RuPay Virtual Debit Card, no average monthly balance required, free monthly e-statement, and a maximum cumulative annual deposit limit of Rs. 1,20,000 by opening an account. Customers opening a Digital Savings Account with IPPB must complete KYC requirements within 12 months to keep the account active.

Basic Savings Account Customers receive the same benefits as Regular Savings Account Customers, but they can only withdraw cash four times per month. There is no requirement to maintain the average monthly amount and the account can be started without a balance. This account can be linked to a POSA (Postal Savings Account), and any amount above Rs. 20,000 at the end of the day can be transferred to the linked POSA (Postal Savings Account). The IPPB has deducted 25 basis points on interest for all the savings account variants mentioned above. The IPPB will offer the following interest rates on savings bank deposits starting June 1, 2022.

Interest rate of savings account IPPB

View all images

Interest rate of savings account IPPB (IPPB)

Postal Savings Account (POSB)

This deposit option is part of the Department of Postal Service’s Postal Savings Scheme. One adult, two adults, one guardian on behalf of a minor, one guardian on behalf of a sober person, or one minor over the age of ten can open a Postal Savings Account. electricity (SB). A minimum deposit of INR 500/- is required to start an account, there is no maximum limit. The minimum withdrawal amount is Rs. 50. Post office savings accounts currently have an interest rate of 4.0 percent annually, determined on a minimum amount basis from the 10th to the end of the month. As per the instructions of India Post, interest will be credited to the account at the end of each financial year at the rate set by the Ministry of Finance and the interest received on all savings bank accounts up to Rs. 10,000 is excluded from taxable income under section 80TTA of the Income Tax Act.

Post Office Savings Account Interest

View all images

Post Office Savings Account Interest (India Post)

Register Mint Newsletter

* Enter a valid email

* Thank you for subscribing to our newsletter.

Source link


News5s: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button