The India Post Payments Bank (IPPB) offers a facility to open savings accounts digitally using their IPPB mobile application. Post Office account holders can easily carry out basic banking transactions using their IPPB mobile app. Earlier, the customer had to visit the nearest post office for depositing money, checking balance, transferring money and other financial transactions. You can also transfer money to your Post Office Recurring Deposit (RD), Public Provident Fund (PPF), Sukanya Samriddhi Account (SSA).
Post Office Digital savings account
If you don’t have the time to visit a post office to open an IPPB account, for which you may have to stand in a queue, then you can download the IPPB app and open a digital savings account.
1) The applicant must be an Indian citizen above 18 years of age.
2) Go to the IPPB Mobile Banking application on your mobile phone and then click on ‘Open Account’.
3) All you need is your PAN card number and Aadhaar card number.
4) After inputting both, you get an OTP on your linked mobile number to open the instant bank account.
5) Key- in your personal information such as mother’s name, educational qualifications, address and nomination details
6) Once details filled and submitted, the account is opened and can be accessed using the app.
The digital savings account is valid only for a year. Within a year of account opening, you are supposed to complete biometric authentication for the account after which it will be converted into a regular savings account.