How To Increase IPPB Savings Account Balance Limit Online?

How To Increase IPPB Savings Account Balance Limit Online?

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Classroom oi-Vipul Das

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Customers of India Post Payments Bank (IPPB) can increase their IPPB savings account balance limit online. IPPB now permits a maximum savings account balance limit of Rs. 2 lakh, however, customers can increase it by using the sweep-in and sweep-out facility. Regular Savings Accounts, Digital Savings Accounts, and Basic Savings Accounts are the three types of savings accounts allowed under the IPPB. IPPB permits a maximum account balance of Rs 2 lakh on these accounts, however, day-end balances above Rs 2 lakh can be swept out by linking an IPPB Savings Account with a POSA (Post Office Savings Account).

This means that, by linking these two accounts, any account balance over Rs. 2 lakh at the end of the day would be transferred to the associated POSA account of the customer holding an IPPB Savings Account. Customers should note that sweep-in and the sweep-out facility is not available for Digital savings accounts, however, upon transforming from digital savings account to a regular or basic savings account, the applicant can link his or her POSA account with an IPPB account online.

Benefits of linking POSA and IPPB account

Benefits of linking POSA and IPPB account

  • Following successful linking, funds in excess of Rs. 2 lakh would be automatically transferred from IPPB to POSA.
  • The sweep-in and the sweep-out facility would immediately transfer the excess funds to POSA, instead of rejecting the transaction.
  • Customers can also transfer their entire balance from their IPPB account to their POSA account at once because of no upper limit.
  • Customers may administer their funds from the comfort of their homes via the IPPB mobile banking app, which includes the Sweep-in and Sweep-out feature. The sweep-in and sweep-out service can also be availed through channels like Doorstep Service and assisted Access Points.
  • Customers can also withdraw (no minimum limit on withdrawals) and deposit funds from their IPPB savings account by linking their POSA and IPPB accounts.
  • Sweep-in and Sweep-out facility allows for seamless automated and manual transfer of surplus money exceeding Rs. 2 lakh from IPPB savings account to a POSA account, allowing the account holder to earn more interest rates on both accounts. Currently, POSA is offering an interest rate of 4% and IPPB Savings Account offers up to a maximum interest rate of 2.75% per annum with a quarterly payout frequency.
  • No hidden or extra charges on Sweep-in or Sweep-out facility.
  • Sweep services are accessible Monday through Friday from 8:00 a.m. to 8:00 p.m., excluding the 2nd and 4th Saturdays, Sundays, and RTGS holidays.

How to link a POSA and IPPB account?

How to link a POSA and IPPB account?

To link an individual POSA account with an IPPB savings account, the customer must have an existing POSA account. Through the Doorstep service or at the IPPB Access Point, a POSA account can be linked by submitting a POSA passbook. At the time of opening an IPPB account, the linking POSA account can also be done following which the account holder will get a successful message on his or her registered mobile number. Besides this offline process, IPPB account holders can also link their POSA account online through IPPB Mobile Banking App. The steps for the same are listed below in brief.

  • Login to your IPPB Mobile Banking App and tap on ‘Service Request’.
  • Now you will get three options: ‘Account Number’, ‘Aadhaar Number’ and ‘Mobile Number’.
  • Select ‘Aadhaar Number’ from the list and enter your Aadhaar number and then tap on ‘Search’.
  • Now you will be redirected to the ‘Authenticate’ page where you will get three options: ‘Fingerprint’, ‘One Time Password’ and ‘Eye Scan’.
  • Tap on ‘One Time Password’ and then tap on ‘I confirm’.
  • Now you will get a one-time password on your registered mobile number linked with your IPPB Account, enter the OTP in the required field and tap on ‘Submit’.
  • Now you will be redirected to the next page named ‘Re-KYC completed, you will be redirected to E-sign’.
  • Tap on ‘Skip’ and select ‘Account Services’ from the available options.
  • Now select ‘Manage POSB Account’ and enter your POSB Customer ID, POSB Account Number, and then re-enter the POSB Account Number.
  • Now accept the declarations and tap on ‘Link’.
  • Now select the authentication process as ‘One Time Password’ and tap on ‘I confirm’.
  • You will now get a one-time password on your registered mobile number, enter the same and tap on ‘Submit’.
  • Now you will get a message on your mobile screen saying that ‘DOP Account Linked Successfully’.

IPPB Savings Account Interest Rates

IPPB Savings Account Interest Rates

IPPB currently offers the following interest rates payable on a quarterly basis on 3 types of savings accounts.

Regular Savings Account

Balance Interest rate per annum
Balance up to INR 1 Lakh 2.50%
Balances above INR 1 Lakh & up to INR 2 Lakh 2.75%
Source: ippbonline.com. Applicable from 1st of July 2021

Digital Savings Account

Interest rate per annum Frequency of payout
2.50% Quarterly
Source: ippbonline.com. Applicable from 1st of July 2021

Basic Savings Account

Balance Interest rate per annum
Balance up to INR 1 Lakh 2.50%
Balances above INR 1 Lakh & up to INR 2 Lakh 2.75%
Source: ippbonline.com. Applicable from 1st of July 2021

Note: Customers can experience doorstep banking services by calling 155299 (toll-free number).

Story first published: Tuesday, January 11, 2022, 10:27 [IST]

Original news source Credit: www.goodreturns.in



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