FAQs - Digital Savings Account

Q. What is a digital savings account?

A. A digital savings account is a quick, easy and secure way of self-onboarding.

Q. What is the meaning of self-onboarding?

A. Self-onboarding means opening your account digitally on your own through our mobile banking app.

Q. How do I benefit from a digital savings account?

A. IPPB’s digital savings account is a paperless, fast, convenient and secure way to open an account on a digital platform. It gives you digital access to all banking facilities such as instant transfers and remittances right at your fingertips. You will also gain from other benefits such as phone banking, SMS banking, free quarterly e-statements and SMS alerts.

Q. Can I convert my digital savings account to a regular savings account?

A. Yes. You can convert your digital savings account to a full-fledged regular savings account within a year's time by visiting the nearest IPPB access point or through Doorstep Banking Services with the help of a postman/GDS.

Q. What would happen if I don’t convert my digital savings account to a regular savings account?

A. As per bank’s guidelines, you account would be subjected to closure if you don’t convert your digital savings account to a regular savings account.

Q. Can I have more than one digital savings account?

A. No. You are allowed to hold only one account under a particular product category.

Q. What documents are required to open a digital savings account?

A. PAN card details are mandatory to open a digital savings account. Other documents needed are your Aadhaar number and the OTP (one-time password) that will be sent to your registered mobile number.

Q. Do I need biometric Aadhaar verification for this account?

A. Yes, an OTP based Aadhaar authentication is required to open digital savings account online. However, you will need to do your biometric Aadhaar authentication within twelve months of opening a digital savings account to get it converted into regular savings account.

Q. What is the deadline to complete my KYC?

A. KYC must be completed within 12 months of opening a digital savings account including updating Aadhaar.

Q. What is the minimum deposit amount required to open this account

A. No minimum deposit is required to open a digital savings account.

Q. Do I need to have a minimum balance to maintain a digital savings account?

A. No. You don't need to maintain a minimum balance to use your digital savings account.

Q. Is there a maximum balance limit for this account?

A. Your account balance cannot exceed Rs.1 lakh and you can deposit aggregate amount of maximum Rs. 1.2 lakhs within one year of account opening.

Q. How is the interest calculated on the digital savings account?

A. Interest is accrued at the EOD (end-of-day) balance and the payment is quarterly.

Q. Will I get a debit card with my account?

A. Yes, RuPay Virtual Debit card is available in this account and this card can be generated using IPPB mobile application. Please visit (Virtual Debit Card section) for more information.