India Post Payments Bank: If you are looking to earn a higher interest on your savings bank account balance or on your fixed deposits, the post office small savings schemes can work as an alternative. Currently, most post office investments such as Time Deposits, NSC, PPF, KVP are offering a higher rate of interest than other safe products such as bank fixed deposits. And, whats more, post office savings bank (POSB) account also offers internet banking using which you can not only transfer funds but also invest sitting in your home or office. The Post Office Internet Banking has several features that may help you in keeping your banking needs under control as mobile banking has also started in the post offices.

Key Account Features and Benefits

  • Banking at your convenience
  • Instant self on-boarding
  • No monthly average balance required to be maintained
  • The account can be opened with zero balance
  • Free monthly e-statement
  • Easy bill payments and recharges.

How to register for post office Internet Banking

To get post office Internet Banking, one needs to visit the post office branch once with the filled up post office Internet Banking form and submit it along with required documents. You will receive an SMS alert in the mobile after post office Internet Banking gets activated.

Online Procedure to Open Bank Account in India Post Payments Bank IPPB

1. Download IPPB App from Google Play Store or App Store
2. After that Click on Open Your Account Now
3. After that Enter Mobile Number
4. Now you have PAN Number And the Aadhar number will be required.
5. Enter all the information following the instructions.

Existing Customers HOW TO USE IPPB APP

1. Existing IPPB account holders need to enter their Account Number, Customer ID, and Date of Birth, and Registered Mobile Number in the IPPB APP.
2. An OTP will be received on the registered mobile number.
3. After this, OTP will have to be entered by setting an MPIN. In this way, the registration process of existing customers will be completed.

Key Points to remember while opening 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