Product Details
Bank Name
India Post Payment Bank Limited
Account Name
IPPB Digital Savings Account
Account Type
Saving
Interest Rate
2% per annum.
Free Debit Card
No
.png)
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
IPPB 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.
IPPB Digital Savings Account
The account comes with low interest rate and offers average value add features.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
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.