KYC will have to be updated within a year in the digital savings account. If you do not do this then the account will be closed. If you do not want to continue this account further and want to close it forever, then you will have to pay Rs 150 plus GST.
India Post Payment Bank ( IPPB ) has started charging digital savings account closure charges. If you are going to close IPPB account, then know this new rule. To close the India Post Payment Bank account, you will have to pay Rs 150 plus GST. The new rule is effective from 5 March 2022. This charge will be applicable only if the Digital Savings Account is closed after a year due to non-updating of KYC. Apart from this, if the account is closed or closed, then there will be no charge on it. India Post Payment Bank is the department of India Post which is run by the Department of Posts. Customer online transaction from the digital account opened in IPPB) feature. With IPPB account, you can easily deposit money online in any post office account.
India Post Payment Bank website states, India Post Payment Bank has made a rule of Rs 150 plus GST as digital savings bank account closure charge, which will be applicable from March 5, 2022. This charge will be applicable only if the digital savings account has been closed after one year of account opening due to non-updation of KYC. IPPB has said that to avoid this charge and to avail uninterrupted banking facilities, upgrade the digital savings account to regular savings account within 1 year of account opening. This work can be done by visiting any IPPB access point.
What is Digital Savings Account
Digital Savings Account means the account which is opened digitally or through mobile-computer. There is not much paperwork while opening the account and the account is opened easily. Although Aadhaar and PAN card are mandatory, only then you will be able to open a digital bank account in IPPB. Later, if you want to take banking services from this account without any interruption, then you should convert the digital savings account to a regular savings account.
KYC will have to be updated within 1 year from the date of opening of Digital Savings Account, otherwise the account will be closed. If you want to close the digital savings account within a year of opening it, then you will have to pay Rs 150 plus GST. If the customer has updated the email id in the account, then the charge for getting the physical statement within a year is Rs 50 and after a year it is Rs 100. GST will also have to be paid for this.
IPPB new rule
The customer can update the KYC within 12 months of account opening and link the Digital Savings Account with the Post Office Savings Account or POSA. Digital savings account can be converted into a regular savings account within a year of re-KYC being done. In November last year, IPPB changed the rules of cash withdrawal from savings account and kept 4 transactions in a month free. After that, Rs 25 will have to be paid on the transaction.
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