Nine types of small saving schemes are provided by the post office. Two of them are Public Provident Fund (PPF) and the Sukanya Samriddhi Account (SSA). Under Section 80C of the Income Tax Act, most of these schemes offer a tax deduction. The government unveiled the DakPay Digital Payments app last month. The post office and IPPB users can also make use of this. The online financial and supported banking facilities offered by India Post and IPPB are supported by DakPay. You need to visit the post office only once to open all these accounts, after which you can manage your account online even you can deposit funds directly to your account online without compromising your personal comfort. But how? Let's find out the process:
Steps to deposit money online in PPF or SSA account using IPPB app
- Before starting the process you first need to add money from your bank account to the IPPB account.
- Now under the 'DOP Products' section, select from PPF, Sukankya Samridhi or RD account number on which you want to deposit money online.
- Now enter your PPF, Sukankya Samridhi or RD account number and then DOP customer ID correctly.
- Now you will be asked to opt instalment term and amount.
- Once your payment is successfully transferred via the IPPB mobile application you will get a notification from the app itself.
- You can select for different post office schemes offered by India Post and make regular deposits via the standard savings account of IPPB mobile app.
- Using the IPPB app you can also transfer funds from one bank to another online. The account number and IFSC code of the beneficiary's account must be confirmed before initiating the fund transfer through the app.
PPF and SSA Interest Rates
For the January-March quarter, the government held the interest rates on small savings schemes, including PPF and Sukanya Samridhi, unaffected. An annual interest rate of 7.1 per cent will continue to be provided by the Public Provident Fund (PPF). Sukanya Samriddhi Yojana the girls' child savings scheme will deliver a 7.6 percent rate throughout the fourth quarter of the current fiscal year. The five-year recurring deposit interest rate is fixed at 5.8 per cent respectively.
Interest rates of other small savings schemes for Q4 of FY 2020-21
|Poat office small savings schemes||ROI in %||Min and Max deposit limit|
|Senior Citizens Savings Scheme||7.4||Rs 1000 to Rs 15 lakh|
|5 Year NSC VIII Issue||6.8||Rs 1000 no upper limit|
|Post Office Time Deposit||5.5 to 6.7||Rs 1000 no upper limit|
|Post Office Monthly Income Scheme||6.6||Rs 1000 to Rs 4.5 lakh (individually) and Rs 9 lakhs (jointly)|
|Kisan Vikas Patra||6.9||Rs 1000 no upper limit|
|Post Office Recurring Deposits||5.8||Rs 100 no upper limit|
|Post Office Savings Account||4||Rs 500 no upper limit|