Ever since the RBI has conceptualized payments bank, India Post is the first Government owned entity and the third ever entity in the country to launch a payment bank. India Post’s payment bank operations are now available in limited cities starting from Ranchi and Raipur but soon will extend to whole of India.
What is a Payments bank?
A payments bank is one that is solely used for payment purposes and won’t offer loans or credit cards and will only accept deposit of up to 1 Lakh Rupees. It can be used for bill payment purposes etc and will have specialized arrangements with chosen merchants and vendors.
India Post Payments Bank Features
India Post will have different interest rates for deposits of different slabs as mentioned below.
Deposits up to Rs 25,000 – 4.5% Interest
Deposits of Rs 25,000-50,000 – 5% Interest
Deposits of Rs 50,000-1,00,000 – 5.5% Interest
Compared to AirTel Payments bank, these are lower interest rates. AirTel Payments bank offers up to 7.5% interest rates with personal accidental insurance of up to Rs. 1 Lakh.
India Post Payment Bank Account Types& Features
Minimum Deposit Requirement – Rs.100
Maximum Deposit Possible – Rs.1 Lakh
ATM/Debit Card – Free
Annual Maintenance Charges (from 2nd year) – Rs.100
Minimum Quarterly Balance – Nil
Interest Payments – Quarterly
Mobile Alerts – Free
Minimum Deposit Requirement – Rs.100
Maximum Deposit Possible – Rs.1 Lakh
ATM/Debit Card – Free
Annual Maintenance Charges – Rs.100
Minimum Quarterly Balance – Nil
Interest Payments – Quarterly
Mobile Alerts – Free
Minimum Deposit Requirement – Rs.100
Maximum Deposit Possible – Rs.50,000
ATM/Debit Card – Free
Annual Maintenance Charges – None
Minimum Quarterly Balance – Nil
Interest Payments – Quarterly
Mobile Alerts – Free
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