How to invest in small savings schemes using the India Post Payments Bank app
Posted by: Girija Gadre on Jan 27, 2020, 06.30 AM IST
With the launch of the India Post Payments Bank (IPPB) it is now possible to access financial products offered by the post office such as the savings bank account, recurring deposit (RD) account, Public Provident Fund (PPF) and Sukanya Samriddhi Yojana (SSY) online. The IPPB offers a single view of all the post office investments and allows subscribers to manage the investments efficiently. Subscribers are also able to deposit money online in their RD, SSY or PPF account using the IPPB application
IPPB digital account Those who wish to access their post office related accounts online are required to download the IPPB mobile application. The application is available on Android and IoS. After downloading the application, one needs to open a digital account with IPPB by entering mobile number and PAN, followed by Aadhaar authentication. Once the registration process is completed, a four digit MPIN needs to be created.
Transfer of funds to IPPB In order to make contributions to the PPF, SSY, RD accounts, the subscriber needs to first transfer funds to the IPPB account. The bank account number and IFSC details need to be entered in order to make the transfer.
Contribution Once the IPPB account is funded, the subscriber can make a contribution to the SSY/PPF or RD account by going to Department of Post (DOP) Products tab and entering the relevant account number along with the customer ID. The subscriber should have an active account with the DOP in order to avail this facility. Amount of investment/contribution needs to be entered (installment duration in case of RD). Once the investment/contribution is successful, the subscriber will get a notifi cation confi rming the same.
Points to note 1. Online access is possible only if the post office account is KYC compliant and has internet and mobile banking services enabled. 2. If these services are not enabled, a physical form needs to be filled up and submitted at the nearest post office.
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