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India Post Payments Bank digital savings account

India Post Payments Bank (IPPB) digital savings account is a digital savings account that individuals can open online by downloading the bank app.

Digital savings accounts that can be opened online have made it easier for countless people to open savings bank accounts from the comforts of their home. There are many bank digital savings account such as Kotak 811, Axis ASAP, digisavings,etc. that new customers can open. The IPPB digital savings account is an online savings account introduced by India Post Payments Bank.

IPPB digital savings account
Source: India Post Payments Bank

Who can open IPPB account?

  • Indian citizens above 18 years can open IPPB digital savings account.
  • Aadhaar card and PAN card is required to open the account

How to open India post payment bank account online?

Opening India post payment bank account online is easy. Just follow these steps to open the digital savings account online.

  1. Download the mobile app to open the digital savings account.  If you are on your mobile, you can click here to download the app.

  2. Click on Open Account now

  3. Add your mobile number and PAN number. You will receive an OTP on your mobile number for verification.

  4. Enter OTP

  5. Enter Aadhaar number. You can also scan the QR code present on your Aadhaar. Confirm your Aadhaar number.

  6. Add the OTP number received on your Aadhaar registered mobile number to verify your Aadhaar number. 

  7. Add your personal information such as mother’s maiden name, education qualification etc.

  8. Enter your address details. You can add your communication address if your communication address differs from Aadhaar address. 

  9. Fill the nominee details. It is important to give your nominee details. You can skip it and add it later.

  10. Check your account information. If the details are okay, you can click on confirm.

Your account is created and you will receive your account details. You can use these details to log in the mobile banking app.

What are the features of IPPB instant savings account?

Open Account Instantly: You can open the account online instantly within minutes from your home.

No minimum average balance: IPPB digital savings account is a zero balance account. Hence, there is no need to maintain any monthly average balance.

Read: You Don’t Have to Keep the Minimum Balance Daily

Easy banking: Access the digital account from anywhere.

Transfer money easily and bill payment: You can transfer funds to your family and friends instantly through IMPS. Pay your utility bills and instantly recharge your phone directly from the app.

Multilingual customer support: The app supports multiple languages so that customers can carry out banking easily.

KYC procedure of the digital savings account

The digital savings account is valid for 12 months. To continue using the account, complete the KYC procedure within a year.

Visit any of the access points or with the help of the GDS/Postman to complete the KYC formalities. The limitations on your digital savings account will be lifted and bank will upgrade the account to a regular savings account.

Read: Why you should complete the KYC process of your online savings account?

FAQs on IPPB Digital Account

What is IPPB digital savings account?

IPPB digital savings account is a digital account that you can open online by downloading the IPPB mobile banking app.

What are the advantages of the digital savings account?

Here are some advantages of IPPB’s digital savings account:
• Paperless and online account opening process
• No minimum average balance
• Multilingual customer support

How can I convert my digital savings account to a regular savings account?

You can convert your digital savings account to a full-fledged regular savings account within 12 months by completing the KYC process by visiting the nearest IPPB access point or through Doorstep Banking Services with the help of a postman/GDS.

Can I continue with my digital account without completing the KYC process?

Sorry. According to RBI’s guidelines, your account will be closed within 12 months if you don’t complete the KYC procedure.

Why do I need to complete the KYC process?

According to RBI guidelines, customers need to complete the KYC process to continue using the account.
Once the KYC process is completed, there are no restrictions on transactions limits. Limited KYC customers can only keep Rs.1 lakh in their account at any point.

Is there any minimum deposit amount or monthly minimum average balance?

There is no minimum deposit or any minimum average balance to open IPPB digital savings account.

Is there a maximum balance limit for this account?

There is no maximum balance limit on KYC compliant account. However, before you complete the KYC process, your account balance cannot exceed Rs.1 lakh and you can carry out maximum transactions (deposits +spends) of Rs.2 lakhs within one year of account opening.



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