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India Post Payments Bank Digital Savings Account review

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Open a digital savings account and access essential banking services anytime, anywhere.

As more fintech startups emerge in India’s banking landscape, the India Post Payments Bank (IPPB) has also embraced digital transformation to help their tech-savvy customers manage day-to-day financial needs with ease.

Learn more about the IPPB digital savings account, its features, and fees to decide if it’s suitable for you.

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Account Service

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Average Monthly Balance (AMB)

Details

Product NameIPPB Digital Savings account
Annual Account Service₹0
Average Monthly Balance₹0
How to openWebsite
Fund TransferIMPS, NEFT, RTGS
More Info

How IPPB Digital Savings account works

If you don’t have the time to open an IPPB account in person, or simply wish to open a digital savings account from the comfort of your home, the IPPB Digital Savings Account is the perfect way to get started.

This secure, self-onboarding facility allows you to open an account instantly within a few taps on the IPPB mobile app (available on both Android or iOS devices). Once you’ve successfully opened your account, you’ll gain access to a wide array of digital banking facilities, putting control of your finances right at your fingertips.

Account limitations

Do note that you’ll need to complete the KYC verification process at the nearest post office branch within 12 months of opening the digital savings account to keep it active and convert into a regular savings account. Otherwise, the account will be subject to closure.

Also, your account balance cannot exceed Rs.1 lakh at any point and the maximum cumulative deposit per annum is capped at Rs.2 lakhs.

Key features

  • Convenient on-the-go banking. With the IPPB mobile banking app, you can access most of its banking services anytime, anywhere.
  • Interest-bearing. Your balance will accrue interest at 2.75%.
  • No initial deposit requirement. You may open the IPPB Digital Savings account with zero balance.
  • No minimum balance commitment. The IPPB Digital Savings account does not require that you maintain a minimum average balance requirement.
  • Easy bill payments and balance reload. Settle your bills will ease or top-up your account balance within a few taps on the IPPB mobile banking app.
  • Virtual debit card. Transact securely with a virtual debit card that’s linked to your mobile wallet.
  • Free monthly e-statement. Keep track of your finances with paperless statements and view them directly from the IPPB mobile banking app.
  • Instant account approval. Save time with a paperless and completely digital account opening process. Once you’ve submitted the required details and complete a video KYC, you’ll receive your account number and start using it immediately.

Fees and limits

One of the main appeal of IPPB digital savings account is that most of its services are free to use, but some optional features may incur a fee:

  • Virtual debit card. The issuance of the virtual debit card will cost ₹25.
  • SMS alerts. SMS notifications for your account activity will cost INR. 10 per quarter.
  • Paper statements. While e-statements are issued for free, you may also request for physical statements at INR. 50 per copy.

The verdict

The India Post Payments Bank (IPPB) has been offline bastion for small retail customers since its inception. In order to keep up with rapidly digital onslaught in the country’s banking landscape, IPPB has recently introduced its mobile banking app and self-boarding facility. This provides anyone who meets its eligibility criteria the flexibility of opening a digital banking account anytime, anywhere without having to visit a physical bank branch.

Convenience aside, do note that the IPPB Digital Savings account does not come with as many banking features as its competitors may offer. For example, it doesn’t offer a physical debit card. This means that you’ll not be able to withdraw cash from an ATM or pay for in-store purchases through POS terminals. However, if your day-to-day financial needs typically revolve around online funds transfer or bill payments, the range of essential services offered by the IPPB mobile app may suffice.

Like all financial products, make sure to compare the IPPB digital savings account with other similar products before applying.

How to sign up

The India Post Payments Bank (IPPB) offers the convenience of opening savings accounts digitally through its IPPB mobile application. The paperless process is quick and takes only about 10 to 15 minutes. Alternatively, you may also open the account by visiting your nearest IPPB branch.

Eligibility criteria

  • At least 18 years old
  • A resident of India with an Indian residential address

Required documents

Make sure you have the following details on hand when applying:

  • PAN number
  • Aadhaar number
  • Aadhaar-linked mobile number

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