If you are looking for an investment scheme or savings scheme then this article is for you. Let me tell you that Post office in India offers as many as 10 types of savings schemes that includes Public Provident Fund (PPF).
PPF is a long-term investment scheme by the Government of India hence it is a safe deposit scheme, which offers tax exemptions & attractive interest rates.
Most of the Post office savings schemes provide customers the benefit of a tax rebate under Section 80C of the Income Tax Act. Any citizen of India (including the farmers) can take the benefit of this scheme.
How to open a PPF account in post office
You will have to visit the post office just once for opening a Public Provident Fund account and then can manage everything online through India Post Payments Bank (IPPB) app.
What is 'DakPay'?
The Centre had launched DakPay digital payments app in December. Post office as well as IPPB customers can also make use of this app. DakPay offers digital financial and assisted banking services that is provided by IPPB and India Post.
You can easily send money, scan QR code and make payment for services and merchants digitally via DakPay digital payments app. Interoperable banking services are provided to the consumers with any bank in India.
Check latest PPF interest rates
Interest rates of Public Provident Fund and other small savings schemes remain unchanged for the January to March quarter.
The government interest rates on small savings schemes are revised on quarterly basis. PPF matures in 15 years and it fetches 7.1%. In order to keep your PPF account active, a minimum deposit of Rs 500 /year is required.
Method to transfer money in post office PPF account through IPPB
Follow the steps given below to transfer money in post office PPF account via IPPB;
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From your bank account, put money to IPPB account
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Go to DOP Products & choose PPF
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Then enter your PPF account number along with DOP customer ID
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Choose the installment duration & amount
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For successful payment transfer made via IPPB mobile app, IPPB will send a notification.
