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The Indian Postal Department has introduced its banking wing called the India Post Payment Bank and has revived itself to come in line with the leading banks in India.
Indian Post Department is considered to be the backbone of India’s Communication Network since its very inception i.e. over 150 years. The Department of Post has played a vital role in India’s economic development with its extraordinary products like Public Provident Fund, Recurring Deposit, National Saving Certificate, etc. In the recent years, the Department of Post has introduced its new leg called the India Post Payment Bank, which is to be a banking partner to millions across the country. This is the latest step towards the country’s endeavour on financial inclusion of the mass.
With the introduction of the India Post Payment Bank, customers can easily carry out basic banking transactions like depositing money, viewing balance, transferring money etc. in the different products of the postal system.
The Indian Post touches many lives across India and its digitization has further enhanced its ways to reach the new Indian consumers. Post Office in India offers top-notch products and schemes to its customers. With the schemes like Public Provident Fund, Sukanya Samriddhi Account, Recurring Deposit etc. the post is offering assistance towards future financial planning.
In the earlier days, customers had to visit the nearest post office branch to carry out basic transactions. However, the scenario is quite different in today’s world. With the introduction of India Post Payment Bank, everything can be transacted online.
Thus, with the establishment of the IPPB (India Post Payment Bank), all that you need to do is visit the nearest post office once for the basic registration process. After that, you can easily carry out all transactions like transferring money in various schemes, viewing the balance of your account or in various schemes etc. online.
With the launch of the IPPB, i.e. India Post Payments Bank, transferring money in your post office savings Schemes like Public Provident Fund, Sukanya Samriddhi Account or Recurring Deposit has become very quick and easy. IPPB offers a user-friendly online platform to carry out the transactions smoothly and within minutes.
If you are a proud parent of a girl child and wish to accumulate a corpus for her future financial needs, then you may consider opening a Sukanya Samriddhi account for the same.
You can open the Sukanya Samriddhi Account with your nearest Post Office and then deposit money in a monthly, quarterly, half-yearly or annual mode as per your convenience.
Now, with the establishment of IPPB, you can transfer or deposit money online in Post Office PPF Sukanya Samriddhi Account by following the below-given steps:
i. If you wish to transfer money to your Sukanya Samriddhi account, then you need to mention your Sukanya Samriddhi account number ii. Then, enter the ‘Customer ID’ provided by Department of Post and the password to login.
You can follow a similar procedure for depositing money online for Recurring Deposit Account and Public Provident Fund Account. The IPPB gives freedom to deposit money online hassle-free and quickly.
However, it is highly recommended to check and recheck all important details of money transfer like your account number, post office scheme account number, customer ID etc. before sending the money or before depositing money online.
The Sukanya Samriddhi Account is specifically designed for the girl child and to encourage parents to take care of her financial needs. This account can be opened in the name of the girl child only by her parents or her legal guardian. Only one SSA account per girl child can be opened and a maximum 2 accounts can be opened in the name of 2 different girl children.
The account can be closed after completion of 21 years; however partial withdrawal subject to a maximum 50% of the balance can be done when the account holder i.e. the girl child attains 18 years of age. The scheme is very lucrative and every parent having a girl must open the Sukanya Samriddhi Account for their daughter to give her the gift of financial security.
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