Basic Savings Account - India Post Payments Bank
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FAQs - Basic Savings Account
Q. What is a basic savings account?
A. A basic savings account provides primary banking services that can be used to keep your funds secure, withdraw cash and perform easy remittances.
Q. Can any individual open this account?
A. Any individual above 10 years of age with Aadhaar number is eligible to open a basic savings account.
Q. How can I open a basic savings account with IPPB to receive DBT?
A. You can open a basic savings account with IPPB by providing your Aadhaar number, mobile number and PAN card / Form 60.
Q. What is the process of customer transaction(financial/non-financial) at counters and at Doorstep (through doorstep Banking)?
A. All transactions at Counters and Doorstep are being authenticated using OTP being delivered to customer’s registered mobile number at the time of transaction after showing any one of the valid OVDs
Q. What are OVDs?
A. Officially valid documents (OVDs) include: Passport, driving licence, voters’ ID card, PAN card, Aadhaar letter issued by UIDAI and Job Card issued by NREGA signed by a State Government official.
Q. Can I have more than one basic savings account?
A. No. You are allowed to hold only one account under a particular product category
Q. Can I open a joint basic savings account?
A. No. You cannot open a joint basic savings account.
Q. What are the benefits I will receive from the basic savings account?
A. You can avail services such as easy remittances, bill payments, doorstep banking etc. In addition to these, you will also get the benefit of Rupay virtual Debit Card, QR card, phone banking, SMS banking, quarterly e-statements, mini statements on your mobile phone and SMS alerts.
Q. Is there any initial deposit required to open this account?
A. No. There is no initial deposit required to open this account.
Q. Do I need to have a minimum balance to maintain a basic savings account?
A. No. You don't need to maintain a minimum balance to use your basic savings account.
Q. How many deposits can I make in a month?
A. You can make unlimited deposits in a month. However, there will be certain limits applied on the amount based on the access points and cash availability with GDS
Q. Is there a maximum balance limit for this account?
A. Yes. As per RBI guidelines, you can only hold a maximum of Rs. 2 lakh in your account at the end of the day.
Q. What happens if my account exceeds the maximum balance limit?
A. IPPB has collaborated with the DoP (Department of Posts) for opening a Post Office Savings Bank (POSB) account which will be linked to your IPPB account. Funds exceeding INR 2 lakh in the basic savings account can be transferred to your linked POSB account.
Q. What is a POSA account?
A. A POSB account is the Post Office Savings Account.
Q. What if I don't have a POSA account?
A. If you don't have a POSA account, IPPB can help you open a new POSA account and link it with your basic savings account. If you do not wish to open a POSA account, your basic savings account will be restricted to Rs. 2 lakh at the end of the day. Any transaction beyond this permissible limit will be rejected.
Q. Will I get a debit card with my account?
A. Yes, RuPay Virtual Debit card is available in this account and this card can be generated using IPPB mobile application. Please visit (Virtual Debit Card section) for more information.
Q. What is the QR card offered by IPPB?
A. The QR card is a unique card with a QR code, used to identify the IPPB’s account holder.
Q. Can I use the IPPB QR card in an ATM?
A. No. You cannot use the QR card in an ATM since it is not a debit card.
Q. Can I request for a chequebook?
A. No. Currently, we do not provide this facility for the basic savings account.
Q. Can I request for a demand draft?
A. No. Currently, we do not provide demand draft facility for a basic savings account.
Q. How is the interest calculated on the basic savings account?
A. Interest is accrued at the EOD (end-of-day) balance and the payout is quarterly.
Q. Do I need to submit physical documents to open a Basic Savings Account?
A. You have both the options available with you. Either you can open account through e- KYC or Non-E-KYC. In case of Non-eKYC account opening customer needs to submit his/her proof of identity and proof of address.
Q. Can I open Non-eKYC Basic Savings account through Doorstep service?
A. No, Non-eKYC account opening service is available at IPPB Branches only.