Post Payments of India Bank has revised its interest rate on all the customer variants of Savings Accounts effective from 1st February 2022.
Account-holders that are the saving account holders of India Post Payments Bank will earn less on their balances from tomorrow.
The balance above Rs 1 lakh up to Rs 2 lakh, the interest rate has been revised from the current rate of 2.75 percent per annum to 2.5 percent per annum.
Currently, a balance needs to be up to Rs 1 lakh is earning 2.50 percent, while that has been revised to 2.25 percent per annum from February 1, 2022.
The frequency of interest payout is quarterly for the account holders, computed on a daily end-of-day balance. Anyone above the age of 18 years, having an Aadhaar and PAN card, can open this account.
One can also avail of funds transfer modes of NEFT, IMPS, and RTGS through an IPPB account. In a regular savings account, one may open IPPB’s Digital Savings Account through the IPPB mobile app.
The introduced app can be downloaded from the play store on Android phones and is also available on the app store for iPhone users.
A unique feature that is in the India Post Payments Bank savings account is its ‘banking with QR card’.
The greatest advantage of the QR card is that one need not remember the account number or any password to undergo banking activities as the authentication can be done using the biometrics of the account holder.
Interest in the quarterly term will be paid to the customers which are computed on the daily EOD balance.
The notification accordingly, is to inform all the concerned that India Post Payments Bank has revised its interest rate on all the customer variants of Savings Accounts as 1st February 2022.
Asset per Liability Committee approved policy effective from, as per below table. Most recently, for instance, Punjab National Bank (PNB) recently lowered interest rates on domestic also NRI savings accounts.
Just like fixed deposit (FD) investors, account customers that are the saving account holders have been lamenting about the low, low-interest rates on savings have been earning.
For the past few years, banks have been cutting interest rates on savings accounts.
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