How to deposit money online in your Post Office PPF account1 min read . Updated: 08 Apr 2020, 09:53 AM IST
- From 1st April, investment in PPF fetches return at 7.1 %
- PPF is one of the popular tax-exempt and risk-free savings instrument
The Post Office public provident fund (PPF) is one of the popular tax-exempt and risk-free savings instrument. From 1st April, 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. The Union Government has reduced the interest rates on small savings schemes by 70 to 140 basis points for the year 2020 during April-June quarter.
Post Office account holders can deposit money online through India Post Payment Bank (IPPB) app. So, in this time of coronavirus when everyone is practicing social distancing, post office PPF account holders can deposit money in their PPF account through IPPB's user-friendly platform which helps in carrying out the transactions smoothly.
Here is a step-by-step guide for transferring money in your post office PPF through IPPB:
1) Add money from your bank account to your IPPB account.
2) Go to DOP services.
3) From there you can choose product- Recurring Deposit, Public Provident Fund, Sukanya Samridhi Account, Loan against Recurring Deposit.
4) If you want to deposit money in your PPF account, then click on Provident Fund
5) Enter your PPF Account Number and DOP Customer ID.
6) Mention the amount that needs to be deposited and click on 'Pay' option.
7) IPPB will then notify you for successful payment transfer made through IPPB mobile application.
8) You can opt for various post office investment options provided by India Post and make regular payments through IPPB basic savings account.
9) Funds can be transferred from other bank accounts to IPPB using the app.
10) In the same way, you can deposit money in your RD or Sukanya Samriddhi Account through IPPB mobile app.