Post office account holders can without much of a stretch help out fundamental financial exchanges effectively through India Post Payment Bank (IPPB). With IPPB one can without much of a stretch check their equilibrium, move cash and help out other monetary exchanges through IPPB for which they needed to visit the post office earlier. Recurring Deposit (RD), Public provident fund (PPF), Sukanya Samriddhi Account (SSA) are a portion of the post office saving deposit plans. IPPB permits clients to complete the exchanges easily.
Here’s how you can transfer money to the post office PPF account through IPPB:
- Move to DOP services and decide a product- Recurring Deposit, Public Provident Fund, Sukanya Samridhi Account, Loan alongside Recurring Deposit.
- If you want to deposit money inwards your PPF account, so click on ‘Provident Fund’.
- Enter your PPF Account number and DOP Customer ID.
- comply with the sum that needs to be deposited and click on ‘Pay’ choice. IPPB will then inform you of facing successful payment transfer made through the application program.
Note that you can choose different other post office investment alternatives and make ordinary installments through IPPB essential investment account. Funds can be moved from other financial balances to IPPB utilizing the application. You can download the IPPB application on your phone. The working strategy is distinctive for another client and existing client.
New clients need to visit the closest post office once for the essential registration measure. Once, their computerized investment account is opened, they can without much of a stretch complete all exchanges on the web. Existing clients, then again, need to enter subtleties like Account number, Customer ID (CIF), and DOB from the registered portable number and they will get a one-time-password (OTP). They simply need to Set MPIN and enter the OTP to finish the registration cycle.
Post office PPF account details:
- An individual can open an account with Rs 500 and a deposit least of Rs 500 every monetary year and most extreme Rs 1.5 lakh (counting sum kept in a minor account opened for guardian).
- Any account in which the holder, having kept Rs 500 in the underlying year, neglects to store the base sum before very long, will be treated as ended and that account might be resuscitated during its development period on the installment of a charge of Rs 50 alongside overdue debts of least deposit of Rs 500 for every time of default.
- Joint account can’t be opened and just one account can be opened by a resident in India. The account can be opened with money/Cheque and if there should be an occurrence of cheque, the date of acknowledgment of check-in govt. the account will be the date of opening of the account.
- The nomination facility office is accessible at the hour of opening and furthermore subsequent to the opening of the account. The account can be moved to start with one post office then onto the next. The endorser can open another account for the sake of minors however subject to the greatest investment limit by adding balance in all accounts.
- The maturity period is 15 years however the equivalent can be stretched out inside one year of maturity for additional 5 years, etc. Maturity worth can be held without expansion and minus any additional stores too.
- Premature closure is permitted following a long time from the year’s end in which the account was opened dependent upon the accompanying conditions. 1% interest will be deducted from the date of account opening.
(I) In the event of dangerous disease of the account holder, spouse, or dependent kids.
(ii) In the event of higher education of account holder or dependent kids.
(iii) In the instance of the progress of the resident status of the account holder.