FAQs - Salary Account

Q. Is there any minimum deposit amount required to open this account?

A. No. There is no minimum deposit amount required to open this account.

Q. What is the maximum balance limit that I can have in my salary account?

A. The maximum balance that you can have in your salary account is Rs. 2 lakh.

Q. What should I do if my salary account exceeds the maximum balance limit?

A. IPPB has partnered with DoP for the opening of POSA which will be linked to your IPPB salary account. If your salary account exceeds the maximum balance limit, the amount beyond Rs. 2 lakh can be transferred to the linked POSA.

Q. What is a POSA?

A. POSA stands for Post Office Savings Account.

Q. What if I don’t have a POSA?

A. If you don’t have POSA, IPPB will help you to open POSA and link it with your salary account. If you do not wish to open a POSA, your salary 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 salary 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. Can I request for a demand draft?

A. No. Currently, we do not provide demand draft facility for a salary account.

Q. Do I get any interest on my salary account?

A. Yes. Interest can be gained on the money kept in this account.

Q. How is the interest calculated on the salary account?

A. Interest is accrued at the EOD (end-of-day) balance and the payout is quarterly.

Q. Can I open a joint salary account?

A. No. You cannot open a joint salary account since the account can be held only under a single person’s name.