FAQs on India Post Payments Bank


FAQs on India Post Payments Bank

Frequently Asked Questions on India Post Payments Bank

FAQs - Regular Savings Account

Q. What is a regular savings account?
A. A regular savings account is a demand deposit account providing banking services that allow you to deposit and withdraw money and keep the funds safe at the same time.

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 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) detail 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.

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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 Rs. 15 and Rs. 25 for digital and cash-based transactions respectively.

Q. Is there a maximum balance limit for this account?
A. As per RBI guidelines, you can only hold a maximum of Rs. 1 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. 1 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. 1 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. No. You will not get a debit card. Instead, you will be issued a QR card to make all the transactions.

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.

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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 the toll-free number 155299 or visit our nearest bank branch office to re-apply for the QR card.

Q. What are the charges for re-issuing the QR card?
A. The first QR card is free but the QR card re-issuance is chargeable at Rs. 25.

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. At the moment, chequebook facility is only available for individual Current Account holders.

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.
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FAQs - Digital Savings Account

Q. What is a digital savings accounts?
A. A digital savings account is a quick, easy and secure way of self-onboarding.

Q. What is the meaning of self-onboarding?
A. Self-onboarding means opening your account digitally on your own through our mobile banking app.

Q. How do I benefit from a digital savings account?
A. IPPB’s digital savings account is a paperless, fast, convenient and secure way to open an account on a digital platform. It gives you digital access to all banking facilities such as instant transfers and remittances right at your fingertips. You will also gain from other benefits such as phone banking, SMS banking, free quarterly e-statements and SMS alerts.

Q. Can I convert my digital savings account to a regular savings account?
A. Yes. You can convert your digital savings account to a full-fledged regular savings account within a year's time by visiting the nearest IPPB access point or through Doorstep Banking Services with the help of a postman/GDS.

Q. What would happen if I don’t convert my digital savings account to a regular savings account?
A. As per bank’s guidelines, you account would be subjected to closure if you don’t convert your digital savings account to a regular savings account.

Q. Can I have more than one digital savings account?
A. No. You are allowed to hold only one account under a particular product category.

Q. What documents are required to open a digital savings account?
A. PAN card details are mandatory to open a digital savings account. Other documents needed are your Aadhaar number and the OTP (one-time password) that will be sent to your registered mobile number.

Q. Do I need biometric Aadhaar verification for this account?
A. Yes, an OTP based Aadhaar authentication is required to open digital savings account online. However, you will need to do your biometric Aadhaar authentication within twelve months of opening a digital savings account to get it converted into regular savings account.

Q. What is the deadline to complete my KYC?
A. KYC must be completed within 12 months of opening a digital savings account including updating Aadhaar.

Q. What is the minimum deposit amount required to open this account
A. No minimum deposit is required to open a digital savings account.

Q. Do I need to have a minimum balance to maintain a digital savings account?
A. No. You don't need to maintain a minimum balance to use your digital savings account.

Q. Is there a maximum balance limit for this account?
A. Your account balance cannot exceed Rs.1 lakh and you can deposit aggregate amount of maximum Rs.2 lakhs within one year of account opening.

Q. How is the interest calculated on the digital savings account?
A. Interest is accrued at the EOD (end-of-day) balance and the payment is quarterly.
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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.
. 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 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 cash withdrawals can I avail in a month?
A. You can have four cash withdrawals in a month.

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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. 1 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 1 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. 1 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. No. You will not get a debit card. Instead, you will be issued a QR card to make all the transactions.

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 savings account. At the moment, chequebook facility is only available for Individual Current Account holders.

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. Top of Form
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FAQs - Current Account

Q. What is a current account?
A. A current account is used to facilitate transactions for small, medium-sized and large businesses that want to collect and save funds from their daily trade. In short, the business accounts are transacted through current accounts.

Q. Why should I get a current account?
A. A current account is the best way to carry out hassle-free digital transactions and other non-cash transactions. This way, the merchant can also build a transaction history on the bank records, which enables him/her to further expand the business through loans from the bank.

Q. What benefits will I receive from my current 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 also get the benefit of QR card, phone banking, free quarterly email statements, SMS alerts and chequebook on request.

Q. Can I have more than one current account?
A. No. You are allowed to hold only one account under a particular product category

Q. Do I need to submit physical documents to open a current account?
A. We are promoting paper less banking, you have e-KYC and Non-eKYC options available with you. In case of Non-eKYC current account opening customer needs to submit his/her proof of identity and proof of address. Soon we will provide non-individual current account also.

Q. What document are required to open a current 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 would suffice to open a current 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. Do I need an initial minimum deposit to open this account?
A. No minimum deposit is required to open an IPPB current account.

Q. Is there a maximum balance limit for this account?
A. You can only hold a maximum of Rs. 1 lakh in your current account.

Q. Will I get a debit card with the current account?
A. No. You will not get a debit card. Instead, you will be issued a QR card to make all the transactions.

Q. Do I need to have a minimum monthly average balance (MAB) to be maintained in my current account?
A. .Yes. You need to maintain a nominal monthly average balance (MAB) of Rs. 1000. Non-maintenance of MAB will be charged at Rs. 100.

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 the toll-free number 155299 or visit our nearest bank branch office to re-apply for the QR card.
Q. What are the charges for re-issuing the QR card?
A. The first QR card is free but the QR card re-issuance is chargeable at Rs. 25.

Q. Do I get any interest on my current account?
A. No. The current account does not offer interest on the balance in the account.

Q. Is the nomination facility available for a current account?
A. Yes. The nomination facility is available for a current account.

Q. Can I request for a chequebook?
A. Yes. You can request for a chequebook through the Doorstep Banking services or by visiting the nearest access point.

Q. Can I request for a demand draft?
A. No. Currently, we do not provide a demand draft facility for current accounts.

Q. What are the charges for Doorstep Banking services?
A. You can use the Doorstep Banking services at nominal charges of Rs. 15 and Rs. 25 for digital and cash-based transactions respectively.

Q. Can I open Non-eKYC account through Doorstep service?
A. No, Non-eKYC account opening service is available at IPPB Branches only.Top of Form
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FAQs - QR Card

Q. What is a QR card?
A. A QR card is the digital form of a QR code or a barcode that is used to identify the bank account holder.

Q. How would a QR card help me?
A. A QR card would help you with easy transactions. It will allow you do to quick cash transactions, speedy money transfers, bill payments and cashless shopping.

Q. Can I use a QR card in an ATM?
A. No. You cannot use the QR card in an ATM.

Q. Where can I use my QR card?
A. You can use your QR card at post office counters, at your doorstep through our GDS/Postmen and at the IPPB merchant stores for cashless payments through the IPPB account.

Q. Do I need to pay any additional charges for making a transaction through my IPPB QR card?
A. There are no additional charges for making transaction through IPPB QR.

Q. Is there any cost of getting a QR card from IPPB?
A. No. The first QR card is free at IPPB.

Q. What if I lose my QR card?
A. In case you lose your QR card or it is stolen, you can contact us on the toll-free number 155299 or visit our nearest bank branch office to reapply for the QR card.

Q. Will my money be safe if my card is lost or stolen?
A. Yes. Your money will be safe even if your QR card is lost or stolen as each transaction is authenticated through biometrics.

Q. Are there any charges that I need to pay for the re-issuance of the QR card?
A. Yes. The QR card re-issuance is chargeable at Rs. 25.

Q. Can I have multiple QR cards for the same account?
A. No. You can have only one card for one account.

Q. How can I keep track of my transactions?
A. Every transaction will reflect on your bank account statement. You can also view your past transactions on our mobile banking app.

Q. When will I receive my QR card?
A. You will receive your QR card as soon as you open an account at IPPB.
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