DakPay App: How To Deposit Money In PPF Account?
- The National Savings Association founded the Public Provident Fund or PPF in 1968 to help investors mobilize small savings.
- PPF offers one of the highest returns among the safest fixed-income items, according to experts.
The Public Provident Fund or PPF, a common long-term investment scheme, was founded in 1968 by the National Savings Organization to assist investors in mobilizing small savings. Post offices and banks sell it.
PPF offers one of the highest returns among the best-fixed income products according to experts. This is due to its compounding attribute.
In addition, PPF provides the best choices for tax savings. The maturity and the net interest received during the investment period are tax-free.
PPF has a period of lock-in of 15 years and Rs 1.5 lakh can be invested in PPF for a year.
The PPF interest rate is reviewed every quarter and can vary based on public announcements. It currently provides a 7.9 percent annual tax-free return.
Customers are expected to visit the office once in a while, in order to open a PPF account with the post office, to access the account online with the India Post Payments Bank (IPPB) app.
Recently, the government introduced the DakPay app, a streamlined payment solution that provides access to banking, payment products, and services. This app provides access to banking services and postal services online and is a novel idea in which postal financial services can be ordered and used at the doorstep.
Customers need to have the PPF account number and customer ID to deposit money online via the IPPB application after opening the account.
These are the measures to deposit money into a PPF account with the DakPay application:
Step 1: Open the DakPay app
Step 2: Go to the ‘DOP Products’ section and tap on PPF. DOP stands for Department of Posts
Step 3: Enter the PPF account number and DOP customer ID
Step 4: Select the installment period and amount
Step 5: Hit on ‘transfer’ and a notification will be received once the amount is transferred
For investors, it is important to be aware that the PPF account maturity period is 15 years. However, the same may be applied for a further five years within a year of maturity, etc.
Even after maturity, the PPF account can remain active without making new contributions. According to experts, it continues to receive tax-free interest after maturity.