Post office customers will soon be able to carry out high-value transactions without hassle by linking their India Post Payments Bank (IPPB) accounts with their post office savings accounts. The facility will be available only to those holding both accounts, allowing them to make large payments at any time. To spread awareness, the postal department plans to run outreach programmes in villages across Noida, with dedicated teams formed for this purpose.
Meanwhile, the postal department is actively opening new IPPB accounts to help people access benefits under various government schemes. So far, 2,344 accounts have been opened, with many drawn by the quick three-minute account opening process using Aadhaar verification. While regular post office accounts allow transactions up to Rs 25,000, linking them with IPPB enables online transactions of up to Rs 2 lakh in a single transfer.
How to Link an IPPB Account with a Post Office Savings Account (POSA)
The IPPB savings account can be linked with a Post Office Savings Account (POSA). Once linked, any balance exceeding Rs 2 lakh in the IPPB account at the end of the day is automatically transferred to the linked POSA account.
Process
1. The customer must have an active individual POSA to link it with an IPPB savings account.
2. The POSA can be linked either at the time of opening the IPPB account or later through Doorstep Banking services or at an IPPB Access Point.
3. During the linking process, the customer must present the POSA passbook to the GDS/Postman (for Doorstep service) or to the counter staff at the Access Point.
4. After successful linkage, an SMS confirmation is sent to the customer’s registered mobile number.
Note: POSA linkage is not available for Digital Savings Accounts. However, the POSA can be linked after converting a Digital Savings Account into a regular savings account.
Benefits of Linking POSA with IPPB
1. Automatic transfer of excess funds from the IPPB account to the POSA when the balance exceeds Rs 2 lakh.
2. Instead of rejecting transactions that breach the limit, the system transfers the excess amount to the POSA.
3. The entire balance can be transferred from the IPPB account to the POSA at any time, as POSA has no maximum balance limit.
4. Customers can manage funds using the IPPB mobile banking app through sweep-in and sweep-out facilities (as per applicable timings).
5. Cash deposits and withdrawals can be conveniently carried out through the IPPB savings account.