IPPB 2018 – Digital Savings Account – Benefits, Interest Rates

IPPB 2018 – Digital Savings Account – Benefits, Interest Rates

For the people who are tech savvy and comfortable with technology, IPPB’s Digital Savings Account is the best way to onboard yourself through the IPPB Mobile App. This app can be downloaded from the play store on your Android phone. Anyone above the age of 18 years, having Aadhaar and PAN card, can open this account. The account can be opened instantly from the comfort of your home, which means banking anytime, anywhere.

Key Account Features and Benefits

• Banking at your convenience
• Instant self on-boarding
• Interest rate of 4% p.a. on EOD daily balances, paid quarterly
• No monthly average balance required to be maintained
• The account can be opened with zero balance
• Free quarterly account statement
• Simple and instant fund transfer through IMPS
• Easy bill payments and recharges

Eligibility to open a Digital Savings Account

• Individuals must be above 18 years of age
• Complete the KYC formalities within 12 months
• KYC formalities can be done by visiting any of the access points or with the help of the GDS/Postman, after which the Digital Savings Account will be upgraded to a Regular Savings Account
• A maximum yearly cumulative deposit of Rs. 2 lakhs is allowed in the account
• The account is subject to closure if the KYC is not completed within 12 months of account opening
• The Digital Savings account can be linked to a POSA (Post Office Savings Account) after completion of KYC within 12 months

Advantages of IPPB

• Multilingual customer support
• No commitment of minimum balance
• Nominal charges

Notes :

• Aadhaar & PAN card is mandatory for opening Digital Savings Account.
• To avail unrestricted banking services kindly upgrade your Digital Savings Account to Regular Savings Account within 1 year by visiting any IPPB access point.
• The total cumulative credit permissible in the account is INR 2 Lakhs within a year.
• Please complete your full KYC within 1 year. Non-compliance of the same can result in account closure.
• *POSA (Post Office Savings Account)-In case customer have linked POSA account, amount above 1 lakh at the end of the day will be transferred to Linked POSA account.
• **Physical Statement quarterly free, subject to minimum one customer-induced transaction in that quarter
• The above charges are subject to change. IPPB reserves the right to change the above charges as per its discretion.
• For any services availed at doorstep, doorstep charges will be applicable.
• All charges are exclusive of GST.