(Last Updated On: September 1, 2018)

Digital Savings Account with India Post Payments Bank (IPPB)

Digital Savings Account

For the people who are tech savvy and comfortable with technology, IPPB’s Digital Savings Account is the best way to onboard yourself through the IPPB Mobile App. This app can be downloaded from the play store on your Android phone. Anyone above the age of 18 years, having Aadhaar and PAN card, can open this account. The account can be opened instantly from the comfort of your home, which means banking anytime, anywhere.

Key Account Features and Benefits

Banking at your convenience
Instant self on-boarding
Interest rate of 4% p.a. on EOD daily balances, paid quarterly
No monthly average balance required to be maintained
The account can be opened with zero balance
Free quarterly account statement
Simple and instant fund transfer through IMPS
Easy bill payments and recharges

What you need to open a Digital Savings Account

Individuals must be above 18 years of age
Complete the KYC formalities within 12 months
KYC formalities can be done by visiting any of the access points or with the help of the GDS/Postman, after which the Digital Savings Account will be upgraded to a Regular Savings Account
A maximum yearly cumulative deposit of Rs. 2 lakhs is allowed in the account
The account is subject to closure if the KYC is not completed within 12 months of account opening
The Digital Savings account can be linked to a POSA (Post Office Savings Account) after completion of KYC within 12 months