Public Provident Fund (PPF) is among the nine small savings schemes provided by the post office. Apart from the assured returns, under Section 80C of the Income Tax Act, most of these schemes offer tax benefits too. You just need to visit the post office once to open a PPF account, then you can handle your account online with the India Post Payments Bank (IPPB) app. The government unveiled the DakPay Digital Payment app last month which can be used by post office and IPPB customers. This app also provides digital facilities such as online payment for services and merchants, transferring of funds, QR code scanning and so on.
Not only these, it also supports interoperable financial facilities for every bank in the country for customers. For the January to March quarter, the government maintained the interest rate unchanged for small savings schemes. Interest rates are updated on a quarterly basis of small savings schemes and currently PPF will fetch you an interest rate of 7.1% for a maturity period of 15 years. To keep the account active, a minimum deposit of Rs 500 per year is required. Hence, follow the steps below if you want to deposit in your PPF account online using IPPB app:
- Open the IPPB app on your mobile and transfer money from your bank account to IPPB account.
- Navigate to the 'DOP Products' section and tap on PPF.
- Now enter your PPF account number and DOP customer ID
- Select the installment period and amount
- Once the transfer of payment is done successfully, you will get a notification on your IPPB mobile application.