Post Office account holders can easily carry out basic banking transactions easily through India Post Payment Bank (IPPB). With IPPB one can easily check their balance, transfer money and carry out other financial transactions through IPPB for which they had to visit post office earlier.
Recurring deposit (RD), Public Provident Fund (PPF), Sukanya Samriddhi Account (SSA) are some of the post office saving deposit schemes. IPPB allows customers to carry out the transactions smoothly.
Here’s how you can transfer money in post office PPF account through IPPB:
1. Go to DOP services and choose a product- Recurring Deposit, Public Provident Fund, Sukanya Samridhi Account, Loan against Recurring Deposit.
2. If you want to deposit money in your PPF account, then click on ‘Provident Fund’.
3. Enter your PPF Account Number and DOP Customer ID.
4. Enter the amount that needs to be deposited and click on ‘Pay’ option. IPPB will then notify you for successful payment transfer made through the application.
Note that you can opt for various other post office investment options and make regular payments through IPPB basic savings account. Funds can be transferred from other bank accounts to IPPB using the app. You can download the IPPB app on your phone. The operating procedure is different for a new customer and existing customer.
New customers have to visit the nearest post office once for the basic registration process. Once, their digital savings account is opened, they can easily carry out all transactions online. Existing customers, on the other hand, have to enter details like Account number, Customer ID (CIF) and DOB from the registered mobile number and they will receive a one-time-password (OTP). They just have to Set MPIN and enter the OTP to complete the registration process.
Post office PPF account details:
1. An individual can open an account with Rs 500 and a deposit minimum of Rs 500 in a financial year and maximum Rs 1.5 lakh (including amount deposited in a minor account opened on behalf of guardian).
2. Any account in which the account holder, having deposited Rs 500 in the initial year, fails to deposit the minimum amount in the following years, shall be treated as discontinued and that account may be revived during its maturity period on payment of a fee of Rs 50 along with arrears of minimum deposit of Rs 500 for each year of default.
3. Joint account cannot be opened and only one account can be opened by a citizen in India. The account can be opened by cash/Cheque and in case of cheque, the date of realization of cheque in govt. account shall be date of opening of account.
4. Nomination facility is available at the time of opening and also after opening of the account. The account can be transferred from one post office to another. The subscriber can open another account in the name of minors but subject to maximum investment limit by adding balance in all accounts.
5. Maturity period is 15 years but the same can be extended within one year of maturity for further 5 years and so on. Maturity value can be retained without extension and without further deposits also.
6. Premature closure is allowed after 5 years from the end of the year in which the account was opened subject to the following conditions. 1% interest will be deducted from the date of account opening
(i) In case of life-threatening disease of account holder, spouse or dependent children.
(ii) In case of higher education of account holder or dependent children.
(iii) In case of change of resident status of account holder
7. Deposits qualify for deduction from income under Section 80C of I-T Act. The Interest earned is completely tax-free. The PPF account can be opened in a Post Office which is Double handed and above…Read more>>