India Post Payments Bank temporarily stops opening of Digital Savings Accounts; here's what we know

The process of opening new Digital Savings Bank Accounts has been temporarily stopped by the India Post Payments Bank (IPPB). Customers can still open other types of savings accounts offered by the IPPB, such as basic savings, regular savings, and premium savings accounts. According to a press release from IPPB on May 18, the opening of new Digital Savings Accounts has been temporarily suspended. It is important to note that existing account holders will not be affected and can continue to access all services. The specific reason for this suspension has not been disclosed at this time**.** Key Features and Benefits of the New Digital Savings Account: 

1. Quick and effortless self-registration process without any paperwork.
2. Provides a RuPay Virtual Debit Card for seamless online transactions.
3. Enjoy banking services at your convenience. Receive monthly e-statements free of charge.
4. Convenient bill payment and recharge options available.
5. No minimum monthly average balance requirement.
6. Open the digital savings account with no initial balance required.

Digital Savings Account: Know Details Customers can easily open a Digital Savings Account using the IPPB Mobile App, which is available for download on both the Play Store for Android devices and the App Store for iPhones. This convenient method allows for instant account opening from the comfort of one’s home, enabling banking anytime and anywhere. Individuals aged 18 years and above, who have both an Aadhaar and PAN card, are eligible to open an account. The account includes a QR card that facilitates seamless financial transactions, simplifying payments and withdrawals for customers. Important Considerations for Opening a New Digital Savings Account:

1. The account holder must be at least 18 years old. Failure to complete the Know Your Customer (KYC) process within 12 months of opening the account may result in its closure.
2. It is recommended to finalise the KYC formalities within the designated timeframe. Once the KYC process is successfully concluded within 12 months, the Digital Savings Account can be associated with a Post Office Savings Account (POSA).
3. The maximum cumulative yearly deposit allowed in the account is Rs 1,20,000. KYC formalities can be fulfilled by visiting any of the access points or with the assistance of the Gramin Dak Sevak (GDS)/Postman.
4. Upon completion, the newly created Digital Savings Account will be elevated to the status of a Regular Savings Account. There will be a monthly transaction value cap imposed.

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