Regular Savings Account - India Post Payments Bank
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FAQs - Regular Savings Account
Q. What benefits will I receive from my regular savings account?
A. You can avail yourself of services such as easy bill payments, Doorstep Banking services, instant money transfer through IMPS and other remittance services. In addition, you will get the benefit of Virtual Debit card, QR card, phone banking, SMS banking, free quarterly email statements and SMS alerts.
Q. Who is eligible to open a regular savings account?
A. Any individual above 10 years of age with valid KYC documents is eligible to open a regular savings account.
Q. Can I have more than one regular savings account?
A. No. You are allowed to hold only one account under a particular product category.
Q. Can I open a joint regular savings account?
A. No. You cannot open a joint regular savings account since the account can be held only under a single person’s name.
Q. What document are required to open a regular savings account of DBT beneficiaries at counters and at Doorstep (through doorstep Banking)?
A. Your Aadhaar number, PAN card or form 60 and biometric validation (fingerprint verification) details OTP verification would suffice to open a regular savings account at IPPB. Customer needs to carry his/her registered mobile number with Aadhaar.
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. Is the nomination facility available for a regular savings account?
A. Yes. The nomination facility is available for a regular savings account
Q. What is the minimum deposit amount required to open this account?
A. A regular savings account can be opened with a zero minimum deposit amount.
Q. Do I need to have a minimum balance to maintain a regular savings account?
A. No. You don't need to maintain a minimum balance to use your regular savings account.
Q. How many cash withdrawals can I avail myself of in a month?
A. There is no cap on the number of withdrawals in a month.
Q. How many deposits can I make in a month?
A. You can make unlimited deposits in a month. However, certain limits will be applied on the amount held in the account.
Q. What are the charges for Doorstep Banking services?
A. You can use Doorstep Banking services at nominal charges of 20 Rs. For more details click here
Q. Is there a maximum balance limit for this account?
A. As per RBI guidelines, you can only hold a maximum of Rs. 2 lakh in your regular savings account at the end of the day.
Q. What happens if I exceed the maximum balance limit for this account?
A. IPPB has collaborated with the DoP (Department of Posts) for opening a Post Office Savings Account (POSA) which will be linked to your IPPB account. Funds exceeding Rs. 2 lakh in the regular savings account can be transferred to your linked POSA.
Q. What is POSA?
A. POSA is the Post Office Savings Account.
Q. What if I don't have a POSA?
A. If you don't have a POSA, IPPB can help you open a new POSA and link it with your regular savings account. If you do not wish to open a POSA, your regular 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 the digital form of a QR code or a barcode that is used to identify the bank 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. What if I lose my QR Card?
A. There is no financial loss or risk associated with the loss or theft of your QR card. You can contact us on 155299 or visit our nearest bank branch office to re-apply for the QR card.
Q. How is the interest calculated on the regular savings account?
A. Interest is accrued at the EOD (end-of-day) balance and the payment is quarterly.
Q. Can I request for a chequebook?
A. No. Currently, we do not provide this facility for the regular savings account.
Q. Can I request for a demand draft?
A. No. Currently, we do not provide demand draft facility for regular savings accounts.
Q. Do I need to submit physical documents to open a Regular 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 Regular Savings account through Doorstep service?
A. No, Non-eKYC account opening service is available at IPPB Branches only.