Post Office PPF Transaction: Did you know that post office account holders can carry out basic banking transactions? Yes, basic transactions related to your public provident fund (PPF) can be easily carried out through India Post Payment Bank (IPPB). In times of market volatility, investors are turning towards fixed income options such as fixed deposits. However, PPF remains one of the most popular savings instrument which is tax free. From 1st April, 2020, investment in PPF fetches return at 7.1 % that is 80 basis points lower compared with the interest rate of 7.9% paid in the January-March quarter. Also Read: Paytm Instant Loan: Now, Avail Quick Loan of Upto Rs 2 Lakh In 2 Minutes Based On Credit Score
Other post office saving deposit schemes include Recurring deposit (RD), Public Provident Fund (PPF), Sukanya Samriddhi Account (SSA).
What kind of transactions you can do?
In pandemic times, it is better that post office PPF account holders’ deposit money in their PPF account through IPPB’s user-friendly platform that processes transactions smoothly.Instead of visiting the post office, you can easily check balance, transfer money, and carry out other financial Instead of visiting the post office, you can easily check balance, transfer money, and carry out other financial transactions through IPPB. transactions through IPPB.
Follow the step-by-step guide to transfer money in your post office PPF through IPPB:
- Firstly, you will need to add money from your bank account to your IPPB account.
- Then go to DOP services.
- In this step you can choose products ranging from Recurring Deposit, Public Provident Fund, Sukanya Samridhi Account to Loan against Recurring Deposit.
- If you want to deposit money in PPF account, then click on Provident Fund
- Enter your PPF Account Number and DOP Customer ID.
- Mention the amount that needs to be deposited and click on the ‘Pay’ option.
- IPPB will then notify you for successful payment transfer made through IPPB mobile application.
Note that you you can opt for various post office investment options provided by India Post and make regular payments through IPPB basic savings account. Besides that funds can be transferred from other bank accounts to IPPB using the app. In the same way, you can deposit money in your RD or Sukanya Samriddhi Account through IPPB mobile app.
Avail facility of DakPay digital payments app
In order to push digital payment system, the government has launched the DakPay digital payments app. This can also be used by the post office and IPPB customers. DakPay provides digital financial and assisted banking services provided by India Post and IPPB. It also facilitates services such as sending money, scanning QR codes, and making payments for services and merchants digitally.