Product Details
Bank Name
India Post Payment Bank Limited
Account Name
Digital Savings Account
Account Type
Saving
Interest Rate
2% per annum.
Free Debit Card
No
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Account Opening Fees
0
Annual Maintenance Fees
0
Minimum Account Balance
0
Debit Card Charges
RuPay Virtual Debit Card: INR 25 annually.
NEFT Charges
Free if done through net banking/mobile banking.
IMPS Charges
INR 5
Fees and Charges
Digital Savings Account
Special Features
No monthly average balance is required to be maintained.
Free monthly e-statement.
Eligibility Criteria
Individuals must be above 18 years of age.
Complete the KYC formalities within 12 months.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
No mandatory minimum balance.
RuPay virtual debit card for online transactions.
Cons
A maximum yearly cumulative deposit of Rs. 1,20,000 is allowed in the account.
Very low interest rate.
Application Procedure
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Product Review
Account Opening and Procedure
How to open an Account?
Download the IPPB Mobile App: Download the official IPPB mobile app from your device's app store.
Register and Verify:
Register on the app using your mobile number.Verify your identity using Aadhaar-based eKYC.
Account Creation:Follow the on-screen instructions to create your Digital Savings Account.
You might need to provide basic details like your name, date of birth, and address.
Set up MPIN: Create a unique MPIN (Mobile Personal Identification Number) for accessing your account and performing transactions.