The post office offers around 10 types of savings schemes including the Public Provident Fund (PPF) and most of the schemes provide the benefit of a tax rebate under Section 80C of the Income Tax Act.
So how to open a post office PPF account?
You need to visit the post office just once for opening a PPF account and then with India Post Payments Bank (IPPB) app you can manage everything online.
What is Digital payments app ‘DakPay’?
The government launched DakPay digital payments app last month. Post office and IPPB customers can also use this app. DakPay provides digital financial and assisted banking services provided by India Post and IPPB. Sending money, scanning QR code and making payment for services and merchants digitally can be done through DakPay digital payments app. Interoperable banking services are provided to the customers with any bank in the country.
What are the latest PPF interest rates?
Public Provident Fund or PPF and other small savings schemes interest rates remains unchanged for the January to March quarter. On a quarterly basis, the government Interest rates of small savings schemes are revised. Public Provident Fund matures in 15 years, fetches 7.1 percent and to keep account active minimum deposit of Rs 500 per year is required.
How to transfer money in your post office PPF account through IPPB
-From your bank account add money to IPPB account
-Visit DOP Products and choose PPF
-Enter your PPF account number and then DOP customer ID
-Choose the installment duration and amount
-For successful payment transfer made through IPPB mobile application, IPPB will then notify you.