New Delhi: With the third wave of COVID-19 returning restrictions at large and in various states across the country, it is time to use the digital mode of investment options as well.
Did you know that you can pay for investments online through the post office? To make payments digitally, you need to have an India Post Payments Bank (IPPB) savings account.
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With IPPB you can easily open a digital savings account which can be accessed from anywhere. For this, you will need 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 savings deposit schemes. Tax exemption under Section 80C of the Income Tax Act can be availed in most of these schemes.
Small savings schemes have been made available through post offices to provide safe investment options to the public. However, you have to visit the post office for a time after which everything can be managed online.
Follow the steps to transfer money through IPPB
First of all, you need to add money from bank account to IPPB account.
After that go to Department of Post (DOP) Products.
Next, choose where you want to transfer the money. For example, if it is a PPF account, choose PPF.
Then mention PPF account number and then DOP customer ID.
Through this app one can contribute to Sukanya Samriddhi account.
Type your SSA account number and then DOP customer ID.
Amount of investment/contribution to be entered (Period of installment in case of RD)
Finally, you will receive notifications on successful payment transfer done through 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 internet and mobile banking services enabled. If the services are not enabled, you will have to fill up a physical form and submit it to the nearest post office.
What are the PPF, SSY interest rates?
There has been no change in the interest rates on post office schemes for the January-March quarter of the financial year 2021-22. The Public Provident Fund (PPF) will continue with an annual interest rate of 7.1 per cent in the fourth quarter as well. Whereas Sukanya Samriddhi Yojana account will help you earn 7.6 percent.
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