India Post Payments Bank Scheme was launched on September 2018. It offers banking services to customers at the doorsteps. As per RBI rules, one cannot hold more than ₹ 1 lakh in all payments bank accounts but you can open a post office bank account where any amount in excess of ₹ 1 lakh will be transferred. India Post Payment Bank provide services such as ATM card, fund transfer, bill payments, recharges, net banking etc. to the account holders.
A unique feature of India Post Payments Bank savings account is its ‘Banking with QR card’. The account holder is not provided with a cheque book or a debit card. For making a cash deposit, withdrawal or any other account related activities such as bill payment, one has to use only the QR card. India Post Payments Bank offers 3 types of zero-balance savings accounts – Regular Savings Account, Basic Savings Account and Digital Savings Account. All three savings accounts offer some common features, including 4% interest rate, no minimum balance, etc.
OPEN BANK ACCOUNT – REGULAR SAVINGS ACCOUNT
The Regular Savings Account can be opened with zero balance. There is no requirement to maintain a monthly average balance in the account. Anybody above 10 years with KYC can open this account. One can make unlimited cash deposits and withdrawals in this account. Once the account is opened you get a QR card for making payments and withdrawing cash.
The maximum balance in the account cannot exceed Rs.1 lakh. However, this account can be linked to your post office savings account and then the account balance above Rs.1 lakh can be swept into the linked post office savings account. Doorstep services are available for the opening of an account, transfer funds, deposit and withdraw cash, recharge or pay bills.
One cannot open a joint regular savings account since the account can be held only under a single person’s name. However, the nomination facility is available for a regular savings account. Currently, the savings account do not provide demand draft facility for regular savings accounts.
HOW TO OPEN A REGULAR SAVINGS ACCOUNT?
The postman from your nearest post office will visit your house to help you open a bank account. Other than that, there are two other ways as well – online account opening and offline. You can simply visit your nearest post office along with KYC documents and open regular savings account at India Post Payment Bank. The online application form to open a savings account is available on the official website of India Post Payment Bank. You can download the form and fill up details and then submit it.