The India Post Payments Bank (IPPB) provides a digital savings account opening service through their IPPB mobile app. This account allows you to make third-party transfers, opening recurring deposits, and contribute to a PPF or Sukanya Samriddhi account at a post office. The individual must be an Indian citizen over the age of 18 and have an Aadhaar number, PAN, and an Aadhaar linked mobile number in order to open a digital savings account via the IPPB application. To maintain a digital savings account active and turn it into a regular savings account, the account holder must complete the KYC authentication process at the concerned post office branch within one year of opening it. If you want to open an IPPB account, you can download the IPPB app and follow the steps covered below.
Steps to open a digital savings account using IPPB app
To open a digital savings account, the applicant must first download the IPPB Mobile Banking application to their mobile phone and then follow the steps below.
- Open the IPPB Mobile Banking application and click on 'Open Account'.
- Now enter your PAN card and Aadhaar number.
- Now you will get an OTP on your registered mobile number which you need to enter for authentication.
- Now you must fill in personal details such as your mother's name, educational qualifications, address, and nomination specifics. Once you've submitted the details, your account will be created and you'll be able to access it via the app.
Steps to register for IPPB mobile banking services
By linking your registered mobile number to your IPPB account, which you opened at the Post Office/ via the concerned Postman/ GDS at your doorstep, you can take advantage of mobile banking services. The mobile banking services are powered with a user-friendly platform. You can now use mobile banking to perform a variety of tasks, including balance inquiry, account statement, fund transfer within the bank or to other banks, utility bill payment, mobile or DTH recharge, and managing your funds with the registered POSA (Post Office Savings Account) using the Sweep-in and Sweep-out facility. To register for the mobile banking services follow the steps listed below:
- Download and open the IPPB app on your mobile phone and enter your account number, customer ID (CIF), date of birth and registered mobile number.
- Now you will get an OTP on your registered mobile which you need to authenticate.
- Once the received OTP is successfully verified you will be asked to create a MPIN.
- Upon successfully creating a MPIN you will be able to access mobile banking services.
Features of IPPB account
The India Post Payments Bank (IPPB) was established under the Department of Post, Ministry of Communication, with the government of India owning 100% of the equity. Via a channel of 650 IPPB branches/controlling offices that operate on a core model, IPPB has extended its reach across India, covering post offices. Regular savings account, digital savings account, and basic savings account are the three forms of savings accounts offered by IPPB. The three forms of savings accounts have a fixed interest rate of 4% per year. The below are the most important information regarding the IPPB's Digital Savings Account:
- If you currently have an IPPB savings account with a KYC (know your customer) you can create an account on the app using your PAN, Aadhaar, and registered mobile number. It's important to note that there is a huge difference between an IPPB savings account and a post office savings bank (POSB) account.
- Failure to complete the KYC procedure within 12 months would result in the account being close. According to IBBP's website, ippbonline.com, KYC procedure must be completed at any of the access points or with the assistance of the GDS/postman (Gramin Dak Sevaks), following which the Digital Savings Account can be converted to a Regular Savings Account.
- After creating an IPPB account, you can use the app to transfer funds to your post office schemes, such as RD, PPF, and SSY. Under these schemes, the app only allows for transfers, not account creation.
- You can also transfer funds from your POSB account to the IPPB account.
- Select the scheme shown under the 'post office services' section of the app to transfer to the corresponding post office schemes. The app will inquire for the account number of the scheme you're invested in as well as your post office customer ID. After each effective money transfer, the IPPB app will issue a notification.
- Customers of post offices are also to lend against some schemes, such as RD and PPF, subject to some restrictions. In the case of loans taken out against your deposit, the IPPB app allows you to make loan repayments.
IPPB account current deposit and withdrawal rules
You are eligible for four charge-free transactions if you have an IPPB "basic savings account." Then there will be a charge of Rs 25 per transaction (only withdrawals) or 0.50 percent of the total withdrawal amount. There will be no additional fees for depositing any amount. You can withdraw up to Rs 25,000 a month if you have a savings account other than the "basic savings account." Any subsequent withdrawals will be charged Rs 25 per account, or 0.50 percent of the overall transaction amount. You can deposit up to Rs 10,000 a month into this account without incurring any additional fees. After that, you will need to pay Rs 25 or 0.50 percent of the total amount. You are entitled for three free transactions if you have a non-IPPB account. Deposits, withdrawals, and mini statements are examples of these transactions. After you've used up your free transactions, you'll have to pay Rs 20 per withdrawal. To get a statement, you must pay Rs 5. You will be charged fees for fund transfers also. All must also maintain a minimum balance of Rs 500, as mandated by the IPPB. If your minimum balance falls below the stated amount, Rs 100, will be charged as an additional fee.
India Post Payment Bank Helpline Number
Phone banking service of IPPB allows you to access your account anytime and from anywhere. You can find details related to your account, IPPB's products and services, and get answers to your questions. To do so, dial the toll-free number 155299 or 1800-180-7980 and ask for the phone banking service. Phone banking services will provide a blend of IVR (Interactive Voice Response) and interaction with an assisted operator, based on the type of transaction. A specialized phone banking officer can help with transactions that cannot be done by IVR. Phone banking services are currently available in 13 languages via IVR and eight languages via the agent-assisted network, which will be spread to 13 more languages in the coming future, allowing you to use IPPB's products and services right away. You can also write to India Post Payment Bank at firstname.lastname@example.org