Recurring deposit (RD) is a popular savings scheme. RD comes handy as it helps to save a fixed amount each month. You can open an RD account either with a bank or a post office. The minimum amount required for opening a post office RD is ₹10 per month, or any amount in multiples of ₹5 but the tenure of investment is five years. You can open an RD account by visiting the nearest post office. An RD account in a post office can be opened by cash only. Now, with the launch of India Post Payments Bank (IPPB), the monthly installment of RD amount can be transferred online into your RD account. You need to visit the post office just once for opening the RD account after which you can manage everything through the IPPB app on your mobile.
Here is a step-by-step guide for transferring money in your post office RD account through IPPB
1. Add money from your bank account to IPPB account
2. Go to DOP Products, From there choose Recurring Deposit
3. Write your RD account number and then DOP customer ID
4. Choose the installment duration and amount
5. IPPB will then notify you for successful payment transfer made through IPPB mobile application
Benefits of linking your post office RD account with IPPB
-You can also deposit your PPF amount through the IPPB app. Even contributions to Sukanya Samriddhi Account can be done through this app.
-You can opt for various post office investment options provided by India Post and make regular payments through IPPB basic savings account.
Funds can be transferred from other bank accounts to IPPB using the app. Before sending the money, you should add the account number and IFSC code of the person's account.
How to open your IPPB account
1. On your smartphone, go to PlayStore or App store and look for ‘IPPB Mobile Banking’.
2. Sign up for the Digital Savings Account by tapping the ‘Open your account now!’ link.
3. You will be taken to a ‘basic information’ tab where you have to enter basic details along with PAN and the phone number you wish to link the account to.
4. The next page requires you to enter your Aadhaar number.
5. Once you sign up, enter your other credentials including a phone number on the main page.
6. An OTP will be sent to the phone number provided for authentication.
7. Now, all you need to do is to create an MPIN to complete setting up the account.