Post Office Scheme: You can deposit money online in your Public Provident Fund (PPF) account — here is how

PPF Account: Post Office Schemes offer nine types of small saving schemes and Public Provident Fund (PPF) is one of them. Most of these Post Office Schemes provide income tax exemption under EEE (investment, interest earned and maturity amount) category. This income tax exemption is available under Section 80C of the Income Tax Act (ITA), however, one can avail this exemption on investment up to Rs 1.5 lakh in a financial year and this cap includes all investments under the heads listed under Section 80C means PPF, EPF, ELSS Mutual Fund, etc.

PPF accounts can be opened in the Post Office by a single visit. After that, now a Post Office PPF account holder need not visit the home post office branch to deposit money in one's PPF account. He or she can deposit money in PPF online. But, for that, the PPF account holders need to download the India Post Payments Bank (IPPB) app on one's Android Phone or Smartphone.

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How to deposit money online in Post Office PPF account

PPF account holders can transfer money online from one's bank account to post office PPF account via India Post Payments Bank (IPPB) app.

Here is step by step guide:

1] Add money from bank account to IPPB account;

2] Go to DOP Products. Choose PPF;

3] Write your PPF account number, DOP customer ID;

4] Choose the installment duration, amount]

5) IPPB will then notify you for successful payment transfer made through IPPB mobile application.

PPF account holders, for alternative, can transfer money using the DakPay digital payments app as well.

Currently, PPF interest rate is 7.1 per cent for January to March 2021 quarter. A minimum deposit of ₹500 per year is required to keep the account active.