Differences Between Ordinary Postal Savings a/c and IPPB Savings a/c

We all are aware of Postal Savings a/c. Being natural savers Indians tend to save in “small saving schemes” of Post Offices. Even though postal schemes remains same, now as per the technology upgrade Post Office has launched “IPPB”(India Payments Postal Bank) Savings a/c in line with the existing ordinary postal savings a/c.

What is IPPB Savings a/c and How is it differ from Ordinary Postal Savings a/c?-

As India is slowly upgrading to digital world, Postal savings a/c has been upgraded to IPPB Savings a/c. Though the ordinary savings a/c and IPPB savings a/c remains same, their features are slightly differ to each other.

The Features of IPPB Savings a/c are

  • Any Resident Individual having aadhar and Pan number can open this IPPB savings a/c
  • He must have completed 18 Years at the time of a/c opening
  • IPPB Savings a/c is enabled with “QR Code”
  • Only the customer can access the a/c with the help of their bio-metrics(finger prints, in some cases Iris(For old people)
  • No Need to remember the savings a/c number and PIN. It is completely digital. You have to apply your bio-metrics(finger prints)for cash transactions
  • Customers can transfer funds through NEFT(National Electronics Funds Transfer),RTGS(Real-Time Gross Settlement System)and IMPS
  • As IPPB savings a/c is enabled with “QR Code” all digital transactions(including funds of social-welfare schemes of the government)will be released into IPPB Savings a/c

Now it’s on you to decide which savings a/c to prefer?-Ordinary Savings a/c and IPPB Savings a/c? Do remember ordinary postal savings a/c also exists, only IPPB Savings a/c is an updated version. You have to choose either of them!

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