IPPB Digital Savings Account (DGSBA):
A DGSBA account is an account opened by a customer by himself through IPPB mobile banking app.
The account will have the following restrictions.
- The account is valid upto 12 months from the date of opening of account.
- Only inward fund transfer will be allowed from other banks.
- DGSBA account cannot be linked with POSB account.
- Fund transfer within IPPB, Bill payments, Payments for DOP products are allowed subject to a cumulative of ₹10000 per month.
To avoid such restrictions and closure of the account, the customer has to approach any PO and complete the e-KYC and conversion process.
The customers are being sent reminders for completion of e-KYC process through SMS after opening of account, before 90 days, 60 days, 30 days and 15 days of due date for closure. IPPB Branches are also following up through calls before due date of closure.
Many customers are opening accounts because of curiosity and are with zero balance and Nil transactions.
Those who are using it regularly will approach for completion of e-KYC and get them converted to regular.
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