How To Open IPPB Digital Savings Account

India Post Payments Bank (IPPB) digital savings account can be opened through the mobile app. Image used for representation.

(Photo: Shruti Mathur/The Quint)

The India Post Payments Bank (IPPB) provides a facility to open savings bank account, digitally. IPPB’s digital savings account can be opened from the comfort of your home through its mobile app.

IPBS mobile application can be downloaded from Apple Store and Google Play Store.

How to Open IPPB Digital Savings Account

• Download IPPB Mobile Banking Application
• Click on ‘Open Account’
• Register using PAN and Aadhaar card details
• After this, you will get an OTP on your registered mobile number
• Enter that OTP and fill in all the relevant details
• Click on submit

Important Points to Remember

• 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 lakh is allowed in the account.
• The account is subject to closure if the KYC is not completed within 12 months of opening the account.
• The digital savings account can be linked to a POSA (post office savings account) after completion of KYC within 12 month.

IPPB Digital Savings Account Features & Benefits

• Bank at your convenience
• Instant self on-boarding
• Interest rate of 2.75% pa on EOD daily balances, paid quarterly
• No monthly average balance required to be maintained
• The account can be opened with zero balance
• Free monthly e-statement
• Easy bill payments and recharges

The IPPB Digital Savings Account has no limit of minimum balance.