Prerequisites
For opening a digital savings account on the IPPB application:
- The applicant must be an Indian citizen above 18 years of age.
- The applicant must have an Aadhaar number, PAN and an Aadhaar linked mobile number.
Download the app
The applicant can download the IPPB Mobile Banking application on their mobile phone and then click on ‘Open Account’.
Authentication
Applicant’s mobile number and PAN needs to be entered. An OTP is generated and sent to the applicant’s mobile number which needs to be keyed in for authentication. Next, Aadhaar number needs to be keyed in. An OTP is sent to the Aadhaar registered mobile number for authentication.
Add personal details
Now, personal information such as mother’s name, educational qualifications, address and nomination details need to be filled and submitted. Once submitted, the account is opened and can be accessed using the app.
KYC updation
Within one year of opening a digital savings account, the account holder must complete the KYC verification process with the nearest post office branch to keep the account active and convert it into a regular savings account.
Points to note
- There is no minimum balance provision to keep the account alive.
- Till such time that the KYC process is completed, the digital account can have a maximum balance of Rs 1 lakh.
(Content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.)
