Post Office PPF account: Here's how you can deposit money online

Post Office India offers several saving schemes which provide tax rebate. These schemes give rebate according to Section 80C of Income Tax Act.

The most popular amongst these schemes is Public Provident Fund (PPF). Opening a PPF account is quite simple. You have to visit the India Post office once for account activation; the rest can be managed online through India Post Payments Bank (IPPB) app.

Here’s how you can deposit money in PPF account through IPPB app:

1. Download the IPPB app
2. Add money from your bank account to IPPB account
3. Click on DOP Service on the app
4. Click on PPF. If you want to deposit money Recurring Deposit account, Sukanya Samriddhi Account, etc. then choose that option here.
5. Enter PPF account number and DOP Customer ID
6. Enter the amount you wish to deposit and click on ‘Pay’
7. You’ll receive a notification after successful money transfer to your PPF account

A PPF account can be opened with a deposit of Rs 500 and matures in 15 years with 7.1 per cent interest rate which compounds annually. Deposits in a PPF account can be made either in instalments or lump-sum.

Premature closure of PPF account is allowed after 5 years from the end of the year in which the account was opened.