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How To Make Digital Payments For Post Office Savings Schemes?

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The Department of Posts provides a variety of post office savings schemes geared toward the personal financial benefit of the general public as well as senior citizens. Post Office Savings Account (SB), 5-Year Post Office Recurring Deposit Account (RD), Post Office Time Deposit Account (TD), Post Office Monthly Income Scheme Account (MIS), Senior Citizen Savings Scheme (SCSS), 15-Year Public Provident Fund Account (PPF), Sukanya Samriddhi Accounts, National Savings Certificates (NSC), and Kisan Vikas Patra (KVP) are the nine post office savings schemes that are currently active. All of these schemes are the best in their respective categories and are hence safe.

 

The mentioned schemes can be opened physically at a post office by filling out an account opening application form or digitally using the India Post Payments Bank (IPPB) App. Yeah, you read it correctly: the IPPB now allows individuals to make digital payments to their post office recurring deposit, sukanya samriddhi yojana, and PPF account. Account-holders should be aware that in order to make digital payments to their post office savings schemes, they must first register an India Post Payments Bank Savings Bank (IPPB SB) Account. So, let's commence with the IPPB SB account opening method, and then in the same article, we'll go through how to make digital payments to small savings schemes.

How to open an IPPB SB account?
 

How to open an IPPB SB account?

IPPB provides its customers with digital savings accounts that they can access from the convenience of their own homes. This account can be established with no initial deposit and there is no requirement to hold a monthly average balance. Individuals must be at least 18 years old to establish an account, and the KYC processes must be completed within 12 months to keep the account operational.

A maximum annual cumulative deposit of Rs. 2 lakhs is permitted in the account, and a Digital Savings Account can be converted to a Regular Savings Account, and a Digital Savings Account can be linked to a POSA Post Office Savings Account after completing the KYC criteria. Customers who establish this account will receive free monthly e-statement and will be able to conduct digital bill payments and recharges. An annual interest rate of 2.50 percent is paid out on a quarterly basis on this account. Follow the steps listed below to open a digital IPPB SB account:

  • Go to play store and search for IPPB Mobile Banking App
  • Click on 'Install' and wait for the download to get completed.
  • Click on 'Open' and allow all the access to the mobile banking app.
  • Click on 'Open Your Account Now' and enter the required information such as mobile number, PAN number and click on 'Continue'.
  • Enter the OTP received through SMS on your given mobile number.
  • Now scan the QR code in Aadhaar or enter the Aadhaar number or Aadhaar Virtual ID manually.
  • Now tick the 'Checkbox' and click on 'Submit'.
  • Now enter the OTP received on your mobile number and click on 'Personal Information'.
  • Now enter your personal details and click on 'Save'.
  • Now click on 'PAN & Communication Address' and enter the non-agricultural income, agricultural income, and remarks if any.
  • Click on 'Save' and on the next page enter the nominee details.
  • Now click on 'Additional Information' and enter the required details like marital status, occupation, gross annual income, educational qualification, political exposure if any and click on 'Save'.
  • Now click on 'Account Information' and select the mode of account statement delivery, select the Aadhaar seeding option and enter Scheme Beneficiary ID if any.
  • Now tick on the 'Checkbox' and click on 'Save'.
  • Now click on 'Continue' and verify the submitted details to confirm.
  • Now you will get a one-time password on your given mobile number through SMS, enter the same and your digital savings bank account will be opened successfully and you can make online payments towards your post office savings schemes by following the steps outlined below.
Steps to pay installments for recurring deposits through IPPB Mobile Banking app

Steps to pay installments for recurring deposits through IPPB Mobile Banking app

  • Open IPPB Mobile Banking App and log in with your 4-digit MPIN.
  • Now click on the 'DOP Services' option and select 'Recurring Deposit'.
  • Now enter the RD account number, DOP Customer ID, installment amount, number of installments and click on 'Continue'.
  • Now check and confirm the on-screen details and click on 'Pay'.
  • Now check and confirm the payable amount and click on 'Confirm'.
  • Now you will get a one-time password through SMS on your registered mobile number, enter the same and upon successful verification of the submitted details you will get a payment successful message on your screen and a debit message on your registered mobile number.
Steps to make deposit money in Sukanya Samriddhi Account (SSA) online using IPPB App

Steps to make deposit money in Sukanya Samriddhi Account (SSA) online using IPPB App

  • Open IPPB Mobile Banking App and login to your account using the 4-digit MPIN.
  • Click on 'DOP Services' and then click on 'Sukanya Samriddhi Account'.
  • Now enter the SSA account number and DOP Customer ID.
  • Now enter the deposit amount and click on 'Pay'.
  • Now confirm the payable amount by verifying it on the screen and click on the 'Confirm' button.
  • Now enter the OTP received on your registered mobile number and click on 'Submit'.
  • You will now get a successful message on your screen and on your registered mobile number.
Steps to make deposit money in PPF account online through IPPB App

Steps to make deposit money in PPF account online through IPPB App

  • Open IPPB Mobile Banking App and login to your account using the 4-digit MPIN.
  • Click on 'DOP Services' and then click on the 'Public Provident Fund' option.
  • Now enter PPF account number, DoP customer ID and click on the 'Continue' button.
  • Now enter the deposit amount and click on the 'Pay' option.
  • Now enter the OTP received through SMS on your registered mobile number and submit the same.
  • Now you will get a successful payment message on your device screen and account debt details on your registered mobile number.
Post Office Savings Schemes Interest Rates

Post Office Savings Schemes Interest Rates

Post Office Savings SchemesInterest rates
Post Office Savings Account4.0% p.a.
5-Year Post Office Recurring Deposit Account (RD)5.8​ % per annum (quarterly compounded)
Post Office Time Deposit Account (TD)5.5% (1 year to 3 year), 6.7% (5-year) per annum calculated quarterly
Post Office Monthly Income Scheme Account (MIS)6​.6​ % per annum payable monthly
Senior Citizen Savings Scheme (SCSS)7.4 ​% per annum
15 year Public Provident Fund Account (PPF)7.1 % per annum (compounded yearly)
Sukanya Samriddhi Accounts7.6​​% p.a. calculated on yearly basis, Yearly compounded.
National Savings Certificates (NSC)6.8 % compounded annually but payable at maturity
Kisan Vikas Patra (KVP)6.9 % compounded annually
Source: indiapost.gov.in

India Post Payments Bank Savings Account Interest Rates

India Post Payments Bank Savings Account Interest Rates

India Post Payments Bank Savings AccountsInterest rates
Regular Savings Account2.5% to 2.75%. W.e.f. 1st of July 2021
Digital Savings Account2.5%. W.e.f. 1st of July 2021
Basic Savings Account2.5% to 2.75%. W.e.f. 1st of July 2021
Source: ippbonline.com

Story first published: Tuesday, December 21, 2021, 15:01 [IST]
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