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India Post Payments Bank Digital Savings Account review
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.
Zyane Tan is an associate editor at Finder. An experienced copywriter and content creator, Zyane enjoys writing on a wide array of subjects. When she’s not busy typing away, she’s reading and musing over a pint.
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.
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.
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 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.
At least 18 years old
A resident of India with an Indian residential address
Make sure you have the following details on hand when applying:
Aadhaar-linked mobile number
Here is the step-by-step guide to opening a digital savings account from the IPPB mobile app:
Download the IPPB Mobile Banking application on your smartphone (Available for both Android and iOS devices)
Launch the app and then click on ‘Open Account’
Input your PAN and Aadhaar card number
Next, you’ll receive an OTP on your linked mobile number
You’ll also be required to fill in your personal details (e.g. name, educational qualifications, address and nomination details)
Upon submission of all the required details, your account will be created and can be assessed through the app
No, there’s no option to request for a physical debit card. Instead, you’ll be issued a QR card (a digital form of a QR code or a barcode that is unique to the account holder) to conduct all transactions.
Unfortunately, the IPPB digital savings account does not come with a joint account option and can only be held only under a single person’s name.
If you need to contact support, you may speak to its bank representatives at 155299 or 1800 180 7980. Alternatively, you may also drop an email to firstname.lastname@example.org.
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