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Digital Savings Accounts: SBI Vs India Post Payments Bank Vs Axis Bank

12 September, 2018 8:12 AM
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Digital Savings Accounts: SBI Vs India Post Payments Bank Vs Axis Bank

Zero Balance Digital Accounts: If you want to open a new bank account within minutes, you may consider opening instant digital accounts with banks.

If you want to open a new bank account within minutes, you may consider opening instant digital accounts with leading banks. Many banks, these days, offer the facility of instant digital accounts. Usually, these digital accounts do not have any minimum balance requirements. So customers are free to maintain a zero balance in these instant digital accounts. Some of these accounts also offer higher interest rates than usual savings accounts. SBI or State Bank of India offers two savings accounts that can be opened via its app, the YONO app: digital savings account and instant savings account. Axis Bank offers the facility of opening an Axis ASAP zero balance savings account. India Post Payments Bank or IPPB, which recently started its operations, also offers a digital savings account.

SBI's digital savings account and instant savings account both offer the facility of zero balance till March 31, 2019, according to the website of the YONO app.

This SBI account offers a free Rupay debit card, according to sbiyono.sbi.

Interest rate on both these instant digital savings account is the same as that on regular SBI savings account. On saving deposits balance up to Rs 1 crore, SBI pays 3.5 per cent per annum. On saving deposits balance above Rs. 1 crore, SBI pays interest rate of 4 per cent per annum.

No monthly average balance is required to be maintained in India Post Payments Bank digital savings account. The account can be opened with zero balance.

Customers get a free quarterly account statement, can do instant fund transfers through IMPS and initiate bill payments and recharges via this digital savings account of IPPB.

IPPB digital savings account offers an interest rate of 4 per cent per annum on a quarterly basis.

The interest rate offered by Axis Bank on Axis ASAP account is up to 7.25 per cent, much higher than SBI and IPPB.

Source: ndtv.com

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