To be able to carry out the payment digitally, you need to have an India Post Payments Bank (IPPB) Savings account
New Delhi: With the third wave of Covid-19 looming large and restrictions coming back in various states across the country, it is time to exercise the digital mode of options for investments as well.
Did you know that you can make online payments for investments through the Post Office? In order to carry out the payment digitally, you need to have an India Post Payments Bank (IPPB) Savings account.
You can easily open a digital savings account in IPPB that can be accessed from anywhere. For this, you will require an IPPB mobile app that will let you transfer money to Recurring Deposit (RD), Public Provident Fund (PPF), Sukanya Samriddhi Account (SSA).
There are nine types of savings schemes available in the Post Office. Recurring Deposit (RD), Public Provident Fund (PPF), Sukanya Samriddhi Account (SSA) are some of the post office saving deposit schemes. One can also avail of a tax rebate under Section 80C of the Income Tax Act in most of these schemes.
Small savings schemes have been made available through post offices to offer a safe investment option to the public. However, you will need to visit the post office for one time after which everything can be managed online.
Follow Steps Transfer Money Through IPPB
Firstly, you need to add money from the bank account to the IPPB account.
Then go to the department of post (DOP) Products.
Next, choose where you want to transfer money. For instance, if it is a PPF account, then choose PPF.
Then mention the PPF Account Number and then DOP customer ID.
One can also make contributions to Sukanya Samriddhi Account through this app.
Type your SSA Account Number and then DOP Customer ID.
Amount of investment/contribution needs to be entered (installment duration in case of RD)
Lastly, you will get notifications on successful payment transfers made through the IPPB mobile application.
The application is available on Android and IoS. Remember that online access is possible only if the post office account is KYC compliant and has an internet and mobile banking services enabled. In case the services are not enabled, then you need to fill up a physical form and submit it at the nearest post office.
What Are PPF, SSY Interest Rates?
The interest rates have been kept unchanged on post office schemes for the January-March quarter of FY 2021-22. The Public Provident Fund (PPF) will continue with an annual interest rate of 7.1 percent in the fourth quarter as well. On the other hand, the Sukanya Samriddhi Yojana account will help you earn 7.6 percent.
