Sep 3: India Post has commenced the operation of its payment bank services with the official launch of India Post Payment Bank (IPPB) on Saturday. The IPPB, which was launched by Prime Minister Narendra Modi, offers a host of banking services including opening of current and savings account, bill payments, merchant payments, money transfer, direct benefit transfers.
Along with the regular savings account and basic savings account option, the IPPB is also offering a digital savings account that can be opened with ease by a customer. One can open the digital savings account without visiting the bank in person.
To do so, one must make use of the IPPB Mobile app through which digital savings account can be opened by anyone above the age of 18. Customers must also provide their Aadhaar and Permanent Account Number to open the digital savings account.
No initial charges are associated with the opening of digital savings bank account, and neither does it require the maintenance of any minimum average balance. IPPB’s digital savings account can be opened with zero balance.
Users can enjoy the benefit of many services with the digital savings account. However, customers should complete the KYC formalities within 12 months of account opening to continue enjoying the services of savings account. The KYC formalities can be completed by visiting a post office or with the help of postmen or grameen dak sevaks.
Cusomters should keep in mind that the account would get closed in one year if the person doesn’t complete the KYC formalities. Once the KYC is completed, users will have their digital savings bank account automatically upgraded to regular savings bank account.
Cumulative deposit of up to Rs2 lakhs can be made to the savings account, which offers an interest of 4% p.a on EOD daily balances. The savings account can also be linked to the regular Post Office Savings Account (POSA) once the KYC is completed.