Post Office is one of the government-backed institutions offering common man various opportunities to save and earn returns on investments. Saving schemes by India Post Payments Bank (IPPB) are highly popular among people looking to plan long-term savings. One such account with the Post Office that offers customers high quality services with great benefits and value added services is the Premium Savings Account.
As per the IPPB official website, the Premium Savings Account is a variant Khata of the IPPB Savings Bank Account. It is offered to customers looking for value-added services and premium facilities.
PO Premium Savings Account - Key benefits and features
Value-added features offered by the IPPB with the Premium Savings Account are:
- Free doorstep banking facility
- Facility for free cash deposit and withdrawal
- Cashback on transactions through virtual debit card
- Cashback on payment of electricity bill
- Cashback on Digital Life Certificate/ Jeevan Pramaan Patra issuance
- PSA can be linked to POSA (Post Office Savings Account
Eligibility, requirements, pricing
The Premium Savings Account can be opened by any Post Office customer above the age of 10 with mandatory KYC. An account holder needs to maintain an average annual balance of just Rs 2,000 in PSA. The pricing for Premium Khata Account is as follows:
- Account opening charges for new customer: Rs 149
- Account opening charges for existing customer: Rs 149
- Annual subscription renewal fee for all customers: Rs 99
Note: All charges above are exclusive of GST
Interest rates
The Post Office Premium Savings account offers an interest rate of 2 percent for balance of up to Rs 1 lakh. For balance above Rs 1 lakh and up to Rs 2 lakh, the interest rate is 2.25 percent.
For detailed list of charges on services through the Premium Savings Account, pls refer to the official IPPB website.
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