Because it reaches the most isolated areas of India, where banking services are few, POSA plays a crucial role in encouraging savings. One of a POSA's primary characteristics is that it may only be opened with cash and a minimum initial investment of Rs. 500. It allows for simple account transfers across post offices without a lock-in or maturity requirement. POSA provides an annual interest rate of 4%.
How to link IPPB with POSA?
Customers can connect their IPPB savings account to their POSA. Any account balance that is more than Rs. 2 lakh at the completion of the day, if the customer chooses to link their accounts, is remitted to the attached POSA account.Process:
To link a customer's individual POSA account with their IPPB savings account, the account must be operational.
When opening an IPPB account, as well as afterwards through the Door - to - door facility or through the IPPB Access Point, POSA accounts can be linked.
Customers must present their POSA passbooks to the desk clerk at Access Point or GDS/Postman in the event of doorstep service while linking their POSA accounts.
Following a successful POSA account link, an SMS notice will be delivered to the customer's registered cellphone number.
It should be noted that while POSA linking is not possible with digital savings accounts, applicants may do so after converting their digital savings accounts to regular savings accounts.
Benefits of Linking the POSA and IPPB
Funds are automatically transferred from IPPB to POSA when they reach the Rs. 2 lakh limit.
Instead of rejecting the transaction if the day-end balance is more than the limit, the system will send the extra money to POSA.
Since the POSA account has no maximum balance cap, the entire money can be transferred there at once.
Through the IPPB mobile banking app, customers can manage their money with the Sweep-in and Sweep-out features.
Cash can be withdrawn or deposited using the IPPB savings account.
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How to Link POSA to IPPB?
Ranjith
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September 21, 2022
2022-09-21T20:53:54+00:00 2022-09-21T20:53:58+00:00Comment
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