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India Post Payment Bank Account Opening Online

Indian post payment bank is the largest startup offering multiple services like Digital Saving Bank accounts, current accounts, insurance, loans, Third party transfer, etc. Tech-savvy people can easily open the Indian Post Payment Bank account easily online using the IPPB Mobile App. The Application is available to download at the Play Store and App Store. Indian citizens above 18 years of age can open an account using a PAN card and Adhar card IPPB provides your banking anytime, anywhere instantly from your home. KYC verification is mandatory to open the account.

India post payment bank account opening online is very easy and simple, You need to follow some steps. Discuss in detail.

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Steps for India post payment bank account opening online

India post payment bank account opening online is very simple. Follow the steps below:

1. Download IPPB APP

Firstly You need to download the India Post Payment Bank App. If you are an android user, you can download it from the Play Store, and iPhone users can download it from App Store.

Click on “Open Your Account” on the app. DGSBA – Digital Saving Account will be the default option.

3. Enter Mobile number

Now, enter your mobile number and PAN Card. Enter the OTP in the app for authentication that you have received on the registered mobile number.

4. Fill in your personal details

Now, Fill in your details like Name, Address, Education qualification, Nomination, etc. Once you have entered the details, the account will be created.

5. Enter details on IPPB App

This account can be accessed from Mobile App by entering your account number, Customer ID, Date of Birth, and Mobile Number.

6. Enter the OTP

After registering your account on APP, you will receive an OTP on your registered mobile number. Enter this OTP for authentication.

7. Create MPIN

After authentication, create MPIN. After this, you can access Mobile Banking services.

 India Post Payment Bank Account opening online- Features and benefits

India Post Payment Bank Account opening online has many attractive features and benefits. Lets Discuss:

Digital Savings Account – India Post Payments Bank

· Banking at your convenience

The India Post Payment Bank offers you Banking anytime, anywhere at the convenience of your home. All you need is a Mobile App and an active internet connection.

· Instant self on-boarding

You can ob-board yourself on the Mobile application instantly. No need for frequent bank visits and long queues.

· RuPay Virtual Debit Card

India Post Payment Bank account provides their customers with RuPay Virtual Debit Card for online transactions.

· No monthly average balance

Unlike other bank accounts, There is no monthly average balance required. You can deposit money anytime without any boundation.

· Open account with a zero balance

Customers can open India Post Payment Bank with a Zero balance. No need to deposit a huge sum of amount for opening the bank.

· Free monthly e-statement

India Post payment bank account opening online offers bank statements monthly free of cost. Now you don’t need to request to bank and fill forms for e-statements.

· Easy bill payments and recharges

You can pay utility bills and recharges through the Mobile banking app.

· Interest rate

IPPB offers a 2.75% quarterly interest rate on the account balance.

Things to remember while India Post Payment Bank Account opening online

Before india post payment bank account opening online, there are some necessary things that you must keep in mind:

  • You must fulfill the eligibility for the India post payment bank account opening online. If you fail to meet the eligibility, you cannot open a bank account.
  • KYC formalities should be complete within 12 months by visiting any access point with help of GDS/Postman.
  • The bank allows the maximum yearly cumulative deposit of rs. 1,20,000.
  • If you fail to complete the KYC within 12 months, your account will be closed.
  • After completion of KYC within 12 months, Your account will be linked to POSA (Post office saving account).
  • The Adhar-based OTP account with any bank is mandatory before opening the digital account with IPPB.
  • For doorstep banking service, Rs.15 will be charged for every digital transaction, while, for cash transactions, you will be charged Rs.25.
  • If, you update your Valid Email ID. On request physical statement @ Rs. 50+GST for 1 year and Rs.100+GST for more than 1 Year.

Also Read: PNB PPF Interest Rate

Eligibility criteria for India Post Payment Bank account opening online

For the India Post Payment Bank Account Opening online, You must fulfill certain eligibility criteria.

Age18 years and above
DocumentsPAN Card Adhaar Card

Services and charges for the India Post Payment Bank account opening online

There are certain charges that the bank charges to the account holders. Below is a quick overview:

Initial Minimum DepositNIL
Minimum Balance RequiredNIL
Maximum BalanceRs.1,00,000
Linkage of POSA AccountNo
Monthly Average BalanceNIL
Non- Maintenance Charges on MABNA
Interest Rate2.00% p.a.
Interest PaymentQuarterly
SMS alertRs. 10 Quarterly
Account statementFree
Account Closure ChargesNIL
Balance certificate per InstanceRs.50
Card/ KIT returned due to the wrong addressRs.50
Bill Payment/ Re-ChargesFree
Cash Deposit ChargesFree
Cash Withdrawal ChargesFree
Virtual Debit Card IssuanceRs.25
Virtual Debit Card ReissuanceRs.25
Virtual Debit Card Annual MaintenanceRs.25

About India Post Payments Bank

India Post Payment Bank also known as IPPB is a division of India Post under the ownership of the Department of Post under the Ministry of Communication, Government of India. It was opened in 2018 and has more than 5 crore customers in January 2022. The headquarter of the India Post Payment Bank is in New Delhi, India.

Highlights of India Post Payment Bank

Division of India Post
Financial Services
Founded1st September 2018
HeadquarterNew Delhi
Area servedIndia
Key PeopleVineet Panday (Secretary Department of Post ) J.Venkatramu (MD & CEO)
OwnerIndia Post, Department of Post, Ministry of Communications, Government of India
FeaturesSaving and current account up to Rs 2 lacs balance. QR Card Unified Payments Interface Immediate Payment Service National Electronic Funds Transfer Real-Time Gross Settlement Bharat BillPay Direct Benefit Transfer RuPay Debit Card AEPS (Adhaar enables payment services)

India Post Payments Bank Offerings

DepositsSaving Account Current Account
Money TransferSimple & Secure Instant 24×7
Direct Benefits TransfersMGNREGA Scholarships Social Welfare benefits and other govt. Subsidies
Third-Party ProductsLoans Insurance Investments Post Office Savings schemes
Bill & Utility PaymentsMobile and DTH recharge Electricity, water, and Gas bills Donations & Insurance Premiums
Enterprise and Merchant PaymentsPostal Products Digital Payment of e-commerce delivery (CoD) Small Merchants/Kirana stores/unorganized retail Offline Payments Cash management services

What makes India Post Payments Bank account different?

The India Post Payment Bank accounts are different from other bank accounts as they offer multilingual customer support to the customers. There is no minimum balance commitment. A person who doesn’t have money to maintain the balance need not worry about the penality charges. Whereas, Other bank accounts charge a penalty if the balance is lower than the minimum balance. There are nominal charges for all the services as compared to other banks.

Also Read: What Is a Good Credit Score in India

Frequently Asked Question- India Post Payment Bank Account opening online

Q1. What is the minimum balance required for India post Payment Account opening online?

Ans. There is no minimum balance required for opening a bank account. You can open an account with zero balance.

Q2. How many withdrawals are allowed per month?

Ans. There is no cap on the number of withdrawals per month.

Q3. How many deposits can I make per month in the account?

Ans. You are allowed to make unlimited deposits per month. But, the limits are there for maximum balance in the account.

Q4. What is the maximum balance allowed in the account?

Ans. The maximum balance allowed is Rs. 1 lac.

Q5. What is POSA?

Ans. POSA stands for The Post office saving Account.

Q6. Will I get Debit Card?

Ans. Yes, the Bank issue the RuPay debit card that you can generate using IPPB mobile application by visiting the Virtual Debit Card section.

Q7. What kind of bills can I pay using the India Post Payment Bank Mobile App?

Ans. India Post Payment bank allows you to pay utility bills such as Mobile and DTH recharge, Electricity, water and gas bills, and Donations & Insurance Premiums.

Q8. Can I get the SMS alert service for my account?

Ans. Yes, IPPB offers the SMS alert service and charges Rs.10 quarterly.

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