The Department of Posts (DoP) for more than 150 years has been the backbone of India’s communication and has played a crucial role in the country’s social economic development. DoP touches the lives of various Indian citizens in many ways. Post Office offers different types of saving schemes like Recurring deposit (RD), Public Provident Fund (PPF), Sukanya Samriddhi Account (SSA) etc.
With 1, 55,531 Post Offices, the DoP has the most widely distributed postal network in the world. A few schemes like PPF and SSA offer tax rebate under Section 80C of the Income Tax Act and the interest and principal amount of these accounts are exempt from taxation.
Now with everything becoming online, you will have to visit the post office just once to open an account. After that you will be able to manage everything online.
With the launch of India Post Payments Bank (IPPB) recently, the monthly instalment of RD amount can be transferred online into your PPF and Sukanya Samriddhi Account online through IPPB.
Below are the steps to guide you on transferring money in your post office RD, PPF and Sukanya Samriddhi accounts through IPPB
1) First you will have to add money from your bank account to IPPB account.
2) Then go to DOP Products and choose Recurring Deposit, PPF or Sukankya Samridhi.
3) Type your RD account number and then DOP customer ID.
4) The other option is to deposit your PPF amount through the IPPB app. Here write your PPF Account Number and then DOP customer ID.
5) You can even make contributions to Sukanya Samriddhi Account through this app. Type your SSA Account Number and then DOP Customer ID.
6) Then choose the instalment duration and amount.
7) IPPB will then notify you for successful payment transfer made through IPPB mobile app.
8) You can opt for various post office investment schemes provided by India Post and make regular payments through IPPB basic savings account.
9) You can also transfer funds from other bank accounts to IPPB using the app.
10) Before sending the money, you should add the account number and IFSC code of the person's account.