Here's Why India Posts Stopped Opening Digital Savings Accounts; Check Details Here

The India Post Payments Bank (IPPB) has currently stopped the opening of the New Digital Savings Bank Account via all its channels. Though customers can still open other savings accounts from IPPB which are basic savings account, regular savings account and premium savings account.

“This is to inform all concerned that India Post Payments Bank has temporarily stopped the opening of New Digital Savings Account, through all channels w.e.f May 18, 2023. Please Note: existing account holders will not be impacted and will continue to avail existing services,” a IPPB press release reads. The reason behind the closure has not been revealed yet.

Details on Digital Savings Account

The Digital Savings Account can be opened via the IPPB Mobile App. The app can be downloaded from Play Store on any Android phone as well as on App Store for iPhone users. It can be opened instantly from the comfort of your home – meaning banking anytime, anywhere. Customers who are above the age of 18 years and hold an Aadhaar and PAN card can open an account. The account also comes with a QR card that can be used for financial transactions, making it easy for customers to make payments and withdrawals.

New Digital Savings Account: Key Features and Benefits

-Instant and paperless self on-boarding.

-Offers RuPay Virtual Debit Card for any online transactions.

-Banking service at your convenience.

-Customers will receive free monthly e-statement.

-There will be easy bill payments and recharge facilities.

-No average balance required per month.

-The digital saving account can be opened with zero balance.

New Digital Savings Account: Things To Keep In Mind While Opening Account

1. Individuals opening an account should be above 18 years of age.

2. Account can be closed if the Know Your Customer (KYC) is not completed within 12 months of opening. So, it is advisable to complete the KYC formalities within 12 months.

3. Also, after the completion of KYC within 12 months, the Digital Savings account can be linked to a Post Office Savings Account (POSA).

4. A maximum cumulative yearly deposit of Rs 1,20,000 is permitted in the account.

5. KYC formalities can be completed by visiting any of the access points or with the help of the Gramin Dak Sevak (GDS)/Postman. Following this, the new Digital Savings Account will be upgraded to a Regular Savings Account.

6. There will be an overall transaction value cap on per month basis.

It is advisable to visit the official India Post Payments Bank website or contact their customer support for the most up-to-date and accurate information regarding the IPPB Digital Savings Account.