Account holders should be aware that in order to make digital payments, they should first have an India Post Payments Bank Savings Bank (IPPB SB) Account. But the question is how to open an IPPB SB account?
A number of post office saving schemes are rolled out by the Department of Post to ensure the personal financial benefit of the general public as well as the senior citizens. The post office saving schemes can be opened physically at a post office by filling an account opening application form or digitally using the India Post Payments Bank (IPPB) App. Currently, there are nine active schemes – 5-Year Post Office Recurring Deposit Account (RD), Post Office Monthly Income Scheme Account (MIS), Post Office Savings Account (SB), Post Office Time Deposit Account (TD), 15-Year Public Provident Fund Account (PPF), National Savings Certificates (NSC), Senior Citizen Savings Scheme (SCSS), Sukanya Samriddhi Accounts, and Kisan Vikas Patra (KVP). All of these schemes are safe in their respective areas.
Account holders should be aware that in order to make digital payments, they should first have an India Post Payments Bank Savings Bank (IPPB SB) Account. But the question is how to open an IPPB SB account?
IPPB provides digital savings accounts that they can access from their own homes. There is no initial deposit required, and account holders don’t have to hold a monthly average balance. Individuals must be at least 18 years old to open an account, notably, the KYC processes must be completed within 12 months to keep the account operational. A maximum annual cumulative deposit of Rs. 2 lakh is allowed in the account. Once the KYC criteria is completed, a Digital Savings Account can be converted to a Regular Savings Account, and also a Digital Savings Account can be linked to a POSA (Post Office Savings Account).
Follow these steps to make deposit money in PPF account online through IPPB App:
Step 1: Open the IPPB Mobile Banking App
Step 2: Login to your account using the 4-digit MPIN
Step 3: Click on ‘DOP Services’ and select the ‘Public Provident Fund’ option.
Step 4: Now enter PPF account number and the DoP customer ID
Step 5: Click on ‘Continue’
Step 6: Enter the deposit amount and tap on ‘Pay’ option.
Step 7: Enter the OTP received through SMS on the registered mobile number and submit.
Step 8: You will get a successful payment message on your device screen and account details on the mobile number.
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