Good News! PPF, direct fund transfer to post office schemes to become easier
DoP has brought good news ahead of Diwali 2019 for the investors who have opened or want to open Public Provident Fund or PPF or any other saving schemes in the post office.
The Department of Post (DoP) has brought good news ahead of Diwali 2019 for the investors who have opened or want to open Public Provident Fund or PPF or any other saving scheme account in the post office. Soon, post office depositors will be able to check their PPF and other deposit balance status and other investment details sitting at home. They will also be able to transfer funds from their bank account into their post office schemes online rather than visiting the post office physically with cash or cheque deposit option only.
The Department of Post is soon going to launch Post Office App that will make online fund transfer possible to post office savings account holders through online mobile banking services. This facility is already available for saving account at India Post Payment Banks (IPPB). For bank savings account holders, mobile banking facility already exists. Same way, there will be an online fund transfer or other mobile banking services will be made available for the post office savings account holders.
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The DoP is soon going to announce dates for mobile banking registration and its activation. Once the mobile app service becomes available to the post office depositors, managing your funds in post office deposits like Time Deposit, Kisan Vikas Patra, National Savings Certificate, post office Public Provident Fund or PPF etc. After registration for post office mobile banking service and its activation, people will be able to transfer funds from their bank account to various post office savings schemes. They will be able to check the status of their post office PPF and the PPF balance online by sitting at their home.
In fact, post office PPF account holders will be able to find out the history, statement of their PPF account. People having a post office account will be able to transfer money from one post office scheme to another post office scheme. Once mobile banking becomes open for post office depositors, opening an RD in post office will become easier as one can open it with the same ease as we can do it through net banking.
Those who want to avail of this mobile banking service of the DoP, they need to do fresh KYC with the post office by filling a form available at the post office. Those who have already done the KYC, they also need to do the fresh KYC by filling the form available at the post office.