How to invest in Post Office PPF and SSY from Bank Account?

How to transfer funds or invest in Post Office PPF and SSY from bank account easily with or without adding the beneficiary. The complete procedure is explained.

One of the biggest hurdles in managing the PPF and SSY accounts with the Post Office is their rigidity with respect to the process of investment.

However, now the fund transfer is easily possible from your bank account to Post Office PPF and SSY accounts. Also, now using the NEFT or RTGS facilities you can transfer funds to a PO savings account and vice versa. In fact, as per the Ministry of Communications notification, one can do contributions online, with or without adding a beneficiary.

How to invest in Post Office PPF and SSY from Bank Account?

Before opting for this service to invest in Post Office PPF and SSY from bank account, first, follow the general instructions provided.

# PPF/SSY account should not have any pending previous year’s defaulted subscription. If the account has a pending previous year subscription pending default is to be deposited through any nearest CBS post office. Hence, your PPF or SSY accounts must be active without any previous year dues.

# If the PPF account has matured, submit the Account extension form along with the passbook at the post office concerned within one year from the date of maturity. Without the approval of extending the PPF account, never try to transfer money from your bank account to your PPF account.

# Fund transfer in PPF/SSA should be in multiple of Rs 50/-.

# Fund transfer in PPF/SSA should be a maximum of Rs 1.50 lakh in a financial year (which is a maximum limit for both products).

# In case any NEFT Transaction fails due to technical reasons, the amount will be reversed in the bank account concerned in one working day.

In terms of the process of transferring funds or invest in Post Office PPF and SSY from bank account (or transferring to a Post Office Savings account), there are two ways. They are explained below.

a) Steps to transfer funds from Bank Account to Post Office Savings Account, PPF, or SSY without adding beneficiaries

Login into your net banking facility of bank.

Go to Fund or Payment Transfer Tab

Select Quick Transfer (without beneficiary)

Enter the beneficiary’s name as below.

Enter beneficiary PPF, SSY, or Post Office Savings Account no, Re-enter beneficiary PPF, SSY or Post Office Savings Account number.

Select the payment option “Inter Bank Transfer”

Enter IFSC Code IPOS0000DOP

Select Transaction mode “NEFT”

Enter the amount to be transferred.

Select the purpose’Deposit or investment.

Accept terms and conditions.

Click on Submit and Confirm.

Enter OTP and click on Confirm

Click on Print, if required.

Log out from Internet banking and you will receive the SMS for and credit to your registered phone.

b) Steps to transfer funds from Bank Account to Post Office Savings Account, PPF, or SSY by adding beneficiaries

Login into netbanking of bank account.

Go to Payment transfer tab

Select Add and Manage Beneficiary

 Select Other Bank Beneficiary

Enter beneficiary name. This should be your PPF, SSY or Post Office Savings Account numbers. Re-enter the beneficiary account numbers.

Select IFSC and Enter IFSC Code IPOS0000DOP.

Accept terms and conditions.

Click on Submit and Confirm.

Enter OTP and click on Confirm.

After successful adding beneficiary, proceed with fund transfer as below.

. Go to Payment/Transfer Tab

. Select Other Bank Transfer

. Enter beneficiary name

. Select NEFT/RTGS for Savings Account and NEFT for PPF/SSA Account

. Click on proceed

. Selectpurpose’Deposit/Investment’

. Select the beneficiary

. Accept terms and conditions.

. Click on Submit and Confirm

. Enter OTP and click on Confirm

. Click on Print , if required

. Log out

. SMS will be received for debit and credit.

Hope this information is helpful for all those who are managing their PPF and SSY accounts in Post Office and struggling to invest.