FAQs for IPPB - Savings Account
FAQs for Regular Savings Account
Q. What is a regular savings account?
A. A regular savings account is a demand deposit account providing banking services that allow you to deposit and withdraw money and keep the funds safe at the same time.
Q. What are the benefits I will receive from my regular savings account?
A. You can avail yourself of services such as easy bill payments, Doorstep banking services, instant money transfers through IMPS and other remittance services. In addition, you will also get the benefit of QR card, phone banking, SMS banking, free quarterly email statements and SMS alerts.
Q. Who is eligible to open a regular savings account?
A. Any individual above 10 years of age with valid KYC documents is eligible to open a regular savings account.
Q. Can I have more than one regular savings account?
A. No. You are allowed to hold only one account under a particular product category.
Q. Can I open a joint regular savings account?
A. No. You cannot open a joint regular savings account since the account can be held only under a single person’s name.
Q. What document are required to open a regular savings account?
A. Your Aadhaar number, PAN card or form 60 and biometric validation (fingerprint verification) details would suffice to open a regular savings account at IPPB.
Q. Is the nomination facility available for a regular savings account?
A. Yes. The nomination facility is available for a regular savings account.
Q. What is the minimum deposit amount required to open this account?
A. A regular savings account can be opened with zero minimum deposit amount.
Q. Do I need to have a minimum balance to maintain a regular savings account?
A. No. You don't need to maintain a minimum balance to use your regular savings account.
Q. How many cash withdrawals can I avail myself of in a month?
A. There is no cap on the number of withdrawals in a month.
Q. How many deposits can I make in a month?
A. You can make unlimited deposits in a month. However, there will be certain limits applied on the amount.
Q. What are the charges for Doorstep banking services?
A. You can use Doorstep banking services at a nominal charge of Rs. 15 and Rs. 25, for digital and cash-based transactions respectively.
Q. Is there a maximum balance limit for this account?
A. As per RBI guidelines, you can only hold a maximum of Rs.1 lakh in your regular savings account at the end of the day.
Q. What happens if I exceed the maximum balance limit for this account?
A. IPPB has collaborated with the DoP (Department of Posts) for opening a Post Office Savings Account (POSA) which will be linked to your IPPB account. Funds exceeding Rs. 1 lakh in the regular savings account can be transferred to your linked POSA.
Q. What is POSA?
A. POSA is the Post Office Savings Account.
Q. What if I don't have a POSA?
A. If you don't have a POSA, IPPB can help you open a new POSA and link it with your regular savings account. If you do not wish to open a POSA, your regular savings account will be restricted to Rs. 1 lakh at the end of the day. Any transaction beyond this permissible limit will be rejected.
Q. Will I get a debit card with my account?
A. No. You will not get a debit card. Instead, you will be issued a QR card to make all the transactions.
Q. What is the QR card offered by IPPB?
A. The QR card is the physical form of a QR code or a barcode that is used to identify the bank account holder.
Q. Can I use the IPPB QR card in an ATM?
A. No. You cannot use the QR card in an ATM since it is not a debit card.
Q. What if I lose my QR Card?
A. In case of loss or theft of the card, there is no financial loss or risk associated with QR card. You can contact us on the toll-free number 155299 or visit our nearest bank branch office to reapply for the QR Card.
Q. What are the charges for re-issuing the QR Card?
A. QR Card re-issuance is chargeable at Rs. 25.
Q. How is the interest calculated on the regular savings account?
A. Interest is accrued at the EOD (end-of-day) balance and the payment is quarterly.
Q. Can I request for a chequebook?
A. No. Currently, we do not provide this facility for the regular savings account. At the moment, chequebook facility is only available for individual Current Account holders.
Q. Can I request for a demand draft?
A. No. Currently, we do not provide demand draft facility for regular savings accounts.
Call 155299 (toll-free number) to open a regular savings account with IPPB.