The reduced interest rates on India Post Payment Bank’s savings account will be applicable from February 1. Earlier, 2.50 percent interest was available on savings up to Rs 1 lakh, which has come down to 2.25 percent. Similarly, 2.75 percent interest was available on saving from 1 lakh to 2 lakh, which has been reduced to 2.50 percent.
India Post Payment Bank ( IPPB ) has reduced interest rates on savings accounts. IPPB has announced to reduce the interest rate on savings account by up to 25 basis points. The new rates will be applicable from February 1. India Post Payment Bank or IPPB is run under the post office and it comes under India Post . IPPB runs many schemes for the common people and investors. Like other banks, IPPB operates a savings account. IPPB has given information about changes in interest rates on its website . Earlier, up to 2.75 percent interest was being given on the savings account. But now it has been cut by up to .25 percent.
IPPB has said in a notice, India Post Payment Bank has changed the interest rates of the savings account. This change will be applicable to all the customers of the savings account. The interest rates have been changed as per the policy of the Asset Liability Committee. The new interest rates will be applicable from February 1, 2022.
Ippb Savings Account Interest Rate
According to IPPB, the current interest rate on a balance of Rs 1 lakh in a savings account is 2.50 per cent per annum. But now it has come down to 2.25 percent. Similarly, the current interest rate on the capital deposited in the savings account from Rs 1 lakh to Rs 2 lakh is 2.75 percent per annum, which will come down to 2.50 percent from February 1. Interest will be calculated on the basis of daily EOD balance in the account and money will be credited to the savings account every quarter. IPPB has issued a notice on its website and has told about the new interest rates. According to the notification, the interest rates have been changed under the policy of IPPB.
Post office runs these three savings accounts
India Post Payment Bank or IPPB operates three types of savings accounts. These include Regular Savings Account, Digital Savings Account and Basic Savings Account. Regular savings accounts can also be opened at home under doorstep banking facility. Many facilities are available on this account, in addition to depositing or withdrawing money, you can also do remittance. Money can be withdrawn from this account as many times as you want.
IPPB runs Digital Savings Account for those who are expert in technology, who want to avail the facility of digital banking. This account can be operated through IPPB mobile app. You can download this app from playstore. Any person who is above 18 years of age and having Aadhar and PAN card can open a digital savings account.
IPPB runs Basic Savings Account. Like the regular savings account, benefits are also given on the basic savings account. However, in a basic savings account, you can withdraw money only four times in a month. The purpose of this account is to give the benefit of banking services to the common people at a very low cost.
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