FAQs - Digital Savings Account
Q. What is a DigiSmart Savings account?
A. DigiSmart Savings Bank account is a digital account which customers can open through IPPB mobile application & enjoy transactions like Bill pay, DOP products payment and e-com transaction through IPPB Virtual debit card, post biometric verification at Post office/IPPB Banking outlet customers get access to all services like Fund transfer/UPI/POSA linkage etc.
Q. What transactions are allowed in DigiSmart Savings account before biometric verification at IPPB banking outlet?
A. • Ecom payments upto Rs 10,000 • Virtual Debit Card led transaction on Ecom upto Rs 10,000 • DoP product like PPF, Sukanya upto Rs 10,0000
Q. How do I benefit from a DigiSmart Savings account?
A. IPPB's DigiSmart Savings account is a paperless, fast, convenient and secure way to open an account on a digital platform. It gives you digital access to banking facilities such as Bill Pay, Virtual Debit card and DoP product payments at your fingertips. You will also gain other benefits such as Phone Banking, SMS Banking, free quarterly e-statements and SMS alerts.
Q. Can I convert my DigiSmart Savings account to a full KYC savings account?
A. Yes, you can convert your DigiSmart Savings account to a full-fledged Premium Savings account by completing Bio-metric authentication within 12-months of account opening. You can visit your nearest IPPB Banking Outlet/Post Office.
Q. What would happen if I don't complete biometric verification within 12 months of account opening?
A. As per Bank's guidelines, your account would be subjected to closure if you don't convert your IPPB DigiSmart Savings account. Charges of Rs. 150 will be applicable as closure charges.
Q. Can I have more than one DigiSmart Savings account?
A. No, you are allowed to hold only one OTP based Digital savings account across all Banks (IPPB/ Other Banks)
Q. What documents are required to open DigiSmart Savings account?
A. Individuals aged 18 or above with a valid Aadhaar, PAN card can open this account only with Mobile no linked to Aadhaar