Internet and mobile banking are being promoted in the country. Internet banking means pressing the button here and there money is transferred to another account. But with the post office the rules are different. If you want to transfer money from any other bank to the post office savings account, that too through internet or mobile app, then let’s know what you have to do.
It is necessary to open IPPB account
First of all, know that like banks, there is no IFSC code in the post office, if it was, then you can transfer money through UPI in minutes, but if not, then it does not matter. If you want to transfer money from SBI or any other bank to the post office, then the customer has to open an IPPB IPPB account in the post office.
This account is mobile based. It can be run with the help of app. One can easily do banking transactions through IPPB.
know this step
- Seving account required in SBI and Post Office Account with
- India Post Payment Bank (IPPB) and KYC required
- POSB must be linked with IPPB
- Your SBI account must be linked with any UPI app
- or you must use SBI YONO or SBI Internet Banking do
Send money online like this
- First of all, money has to be sent from SBI account to IPPB account. This work can be done through the mobile app. This app has to be downloaded in mobile. This will happen only when the IPPB account is opened in the post office.
- There is a different method on IPPB for new customers and old customers. If you want to become a new customer of IPPB, then for that you have to visit the post office branch once.
- Here you have to do basic registration. When the Post Office Savings Bank Account and India Post Payment Bank are linked, you get two facilities.
- 1. Sweep in and 2. Sweep out. Sweep In means to transfer money from Post Office Saving Bank Account to India Post Payment Bank and Sweep Out means to transfer money from India Post Payment Bank to Post Office Saving Bank Account.
- Now we told you earlier that post office does not have IFSC code but IPPB does have IFSC code. You can transfer money from your bank account to IPPB and from IPPB to POSB through sweep out.
What to do if you are already an IPPB customer
- Account number, customer ID i.e. CIF and date of birth will have to be entered in IPPB’s mobile app
- This will happen only if your mobile number is linked with the post office savings account
- After giving all the information in IPPB, an OTP will be received on the registered mobile number.
- Based on this, you can set the M-PIN of the mobile app.
- Now enter the OTP in the mobile app. IPPB account is now ready for transaction.
