Post Office Bank has given a new digital service for its Savings Bank Account Holders (POSB). Under this, users can manage PPF accounts through DoP Internet Banking. That is, whether to open a PPF account or to close the account after completion of maturity, all this can be done sitting at home.
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To manage the account digitally, users will be able to open or close PPF account under General Services by logging in on DOP internet. Users can open PPF account in their own name only. However, the PPF account holder will only be able to make him a nominee, which is linked to his POSB account. If you are a DOP internet banking user and want to open your PPF account sitting at home then follow these steps.
step 1:Login to DOP Internet Banking
Step-2:Now Click on General Service Option
Step-3:Go to Service Request
Step-4:Select New Request option
Step-5:Click on PPF Account
Step-6:Click on Open a PPF Account
Step-7:The account can be opened for the first time by depositing a minimum of Rs.500 and a maximum of Rs.1,50,000 in multiples of 50.
Step-8:Link PPF account with that post office savings account (POSB) for easy automatic transfer to your PPF account
Step-9:After reading the relevant terms and conditions of the Post Office Department, press the Click Here button
Step-10:Click on submit online button
Step-11:Submit by entering the transaction password
Step-12:Download the copy and keep it safe by clicking on View/Download Deposit Receipt
Step-13:Check your final status with the help of details
What is Public Provident Fund?
Public Provident Fund or PPF is one of the most popular and long-term investments in the country. It is a safe investment option, which guarantees stable and attractive returns to the investors. PPF is a government backed small savings scheme with high yields. Its purpose is to create long-term corpus for investors after retirement. PPF also acts as a tax free mode of investment.
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