The Public Provident Fund is a savings-cum-tax-saving instrument in India, introduced by the National Savings Institute of the Ministry of Finance in 1968. The aim of the scheme is to mobilize small savings by offering an investment with reasonable returns combined with income tax benefits. The scheme is fully guaranteed by the Central Government. Balance in PPF account is not subject to attachment under any order or decree of a court. However, Income Tax & other Government authorities can attach the account for recovering tax dues. With the introduction of India Post Payment Bank (IPPB), Post Office account holders can easily carry out basic banking transactions. Earlier, the customer had to visit the nearest post office for depositing money, checking balance, transferring money and other financial transactions.
Recurring deposit (RD), Public Provident Fund (PPF), Sukanya Samriddhi Account (SSA) are some of the post office saving deposit schemes. IPPB offers a user-friendly platform to carry out the transactions smoothly.
Highlights:
- IPPB offers a user-friendly platform to carry out the transactions smoothly
- A step-by-step guide for transferring money in your post office PPF through IPPB
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.
How to register for mobile app
You can download the IPPB app on your Android or Apple phone. The operating procedure is different for a new customer and existing customer.
For new customers
You need to visit the nearest post office once for the basic registration process. Once, your digital savings account is opened, you can easily carry out all transactions online.
For existing customers
1) Enter the details: Account number, Customer ID (CIF) and DOB
registered mobile number
2)You will receive a one-time-password (OTP) on your registered mobile number
3) Set MPIN
4) Enter the OTP
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