Post Office offers nine type of saving schemes including Public Provident Fund (PPF). Most of these schemes give a tax rebate under Section 80C of the Income Tax Act. For opening a PPF account, you need to visit the post office just once, there after you can manage everything online with India Post Payments Bank (IPPB) app.
Here is a step-by-step guide for transferring money in your post office PPF account through IPPB
1) Add money from your bank account to IPPB account.
2) Go to DOP Products. Choose PPF.
3) Write your PPF account number and then DOP customer ID.
4) Choose the installment duration and amount.
5) IPPB will then notify you for successful payment transfer made through IPPB mobile application.
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DakPay digital payments app
Last month, the government launched DakPay digital payments app. This can also be used by post office and IPPB customers. DakPay provides digital financial and assisted banking services provided by India Post and IPPB. It also facilitates services such as sending money, scanning QR code and making payment for services and merchants digitally. It will also provide interoperable banking services to the customers with any bank in the country.
PPF latest interest rates
The government has kept interest rates of small savings schemes, including that of Public Provident Fund or PPF, unchanged for the January to March quarter. Interest rates of small savings schemes are revised on a quarterly basis. Public Provident Fund matures in 15 years, fetches 7.1%. A minimum deposit of ₹500 per year is required to keep the account active.