FAQ's- Premium Surakshit Savings Account
Q. What is Premium Surakshit Savings Account offered by India Post Payment Bank?
A. The Premium Surakshit Savings Account is a subscription-based account with an applicable first-year charge of ₹149 + GST and subsequent annual charges of ₹99 + GST. Customers get access to complimentary cyber insurance of up to ₹25,000, along with cashbacks on electricity bill payments, their first virtual debit card transaction, and digital life certificates. In addition, customers receive unlimited free cash deposits and withdrawals, as well as free doorstep banking.
Q. What is the average balance non-maintenance charges for Premium Surakshit Savings account?
A. Premium Surakshit Savings Account is a subscription-based account and as part of benefits there are no penal charges for non-maintenance of balance.
Q. Is there any age criteria for enrolling in Premium Surakshit Savings account?
A. Any customer of age 18 years and above can apply subject to valid KYC documents.
Q. While opening Premium Surkashit Savings Account, do one need to pay for cyber insurance premium additionally?
A. Cyber insurance is a feature of Premium Surakshit Savings Account so customer is not required to pay extra premium for the facility.
Q. Is Premium Surakshit Savings Account opening facility available at counters of Post Office also?
A. Yes, Account can be opened at all Post Offices across India where IPPB services are available.
Q. Will Cyber Insurance get renewed every year on payment of Renewal fee?
A. Yes, cyber insurance benefit will get auto-renewed on payment of renewal fee. In case of any changes in product proposition, bank will inform the customer in advance.
Q. What is the Insurance Cover offered with Premium Surkashit Savings Account?
A. This Insurance cover offered complimentary with Premium Surkashit protects you from financial loss due to unauthorized electronic transactions made from your bank account to a third party account because someone stole your identity through:
o Cyber attack: Example, A hacker installs malicious software on your phone without your knowledge. The malware captures your UPI PIN and login details and initiates a money transfer from your bank account to hacker’s account.
o Phishing/Spoofing emails, SMS, links or calls: Example, you receive an SMS that looks like it is from your bank, asking you to click a link to “update KYC”. you click and enters your net banking details on a fake website. Within minutes, money is transferred from your account without your permission.
o Sim-jacking: Example, A fraudster gets a duplicate SIM issued in your name by using fake documents. Once the SIM is activated, the fraudster receives OTPs and completes unauthorized online transactions from your account.
Q. Is my loss covered if someone hacks my phone or SIM and transfers money?
A. Yes. If money is fraudulently transferred after your SIM gets duplicated (Sim-jacking) or your device is compromised (Cyber Attack), the resulting loss is covered.
Q. Is phishing through fake links, WhatsApp messages or calls covered?
A. Yes. If you are tricked by phishing or spoofing messages/calls and money is transferred without your authorization, you are covered.
Q. Is there any situation where losses will NOT be covered?
A. Yes, some losses are excluded. Examples include:
• ATM cash withdrawal losses
• Loss due to physical theft of phone/device/card
• Loss caused by your own gross negligence in protecting passwords/PINs
Q. What is the maximum amount I can claim?
A. You can claim up to the Sum Insured which is 25000. This is the maximum payable for one claim or multiple claims during the cover period.
Q. How many times can I claim in a year?
A. Multiple claims are allowed, but only up to the Sum Insured.
Q. What should I do immediately after I notice an unauthorized transaction?
A. Steps to follow in case of unauthorised transaction:
• Inform your bank and block the account/card
• File an e FIR/FIR or Cyber Cell complaint
• Notify the insurer within 7 days of discovering the loss
Q. What documents do I need to file a claim?
A. Mandatory documents include:
• Filled & signed claim form
• Copy of FIR/e FIR/cyber complaint
• Bank statement showing the unauthorized debit
• Bank confirmation that the amount will not be refunded
Q. Is the loss covered if the bank agrees to refund the amount
A. No. If the bank is legally required to refund your money, that portion is not payable under the policy.
Q. Does this policy cover transactions from business or corporate accounts?
A. No. The cover is available only for individual personal accounts. Losses from business, commercial, or proprietorship accounts are excluded.