Many people are interested in investing in small savings schemes, such as Post Office Schemes Investments. These schemes offer attractive interest rates with government backing, guaranteed returns, and a significant tax reduction. Several schemes are available from the central government, including the Public Provident Fund (PPF) for employees, Sukanya Samriddhi Yojana for girls and recurring deposits for those who want to receive monthly income.
These SSY, RD, PPF, PLI, and other schemes provide good interest rates and support from the central government, ensuring the exact amount of returns will be received. Certain requirements and procedures must be followed when investing in these schemes through India Post Payments Bank (IPPB).
For instance, Sukanya Samriddhi Yojana (SSY) Accounts now offer investing flexibility through IPPB. One can go to postal payments banks (IPPB), including doorstep services, or make payments through the mobile banking app. Sukanya Samriddhi Yujana interest rates are at 8.20%. Similarly, the PPF scheme can also be invested in through IPPB, with an interest rate of 7.10%.
Both schemes offer online payment facilities, and payment notifications can be received through the IPPB mobile application. To use these services, you must have an active Sukanya Samriddhi or PPF account under the Postal Department, as well as an account number and customer ID.
Recurring Deposit (RD) Accounts can also be invested in through doorstep services, mobile banking apps, and post office counters. To invest through IPPB, you must have an active RD account in the post office, along with the RD account number and ID. The current interest rate on a Post Office five years recurring deposit is 6.7%.
Similarly, payments can be made online for post office insurance products like Postal Life Insurance or Rural Postal Life Insurance. A specific date can be selected for this every month, and you must have an active policy of PLI/RPLI with your date of birth and policy number.
