Process to Check PPF Account Statement Online
It is very easy to check and download the PPF account statement online and it can be accessed at any given time. However, PPF details can be checked online only if the account is opened with a bank. Currently, it is not possible to check the PPF account statement online if the account is opened in a post office.
The step-by-step procedure to check the PPF account statement is mentioned below:
- The PPF account must be linked with the current/savings bank account. Most banks provide the option to open a PPF account in case you already have a savings/current account with them.
- Your bank account should have internet banking or mobile banking activated.
- By using your banking credentials, you will need to log in to your account via mobile or internet banking.
- Once you have completed your login procedure, you will be able to view PPF account details, account statement, account balance, etc. You will also be able to transfer funds to the PPF account, submit the PPF loan application, as well as set up standing instructions for the PPF account.
PPF Withdrawal
While it is easy to check your PPF account statement online, the rules relating to withdrawal also must be kept in mind, lest you feel too tempted to withdraw your corpus.
- Partial withdrawals can be made, from the start of the 7th financial year after the account has been created.
- It is important to keep in mind that the timeframe taken into consideration is “financial year” which is from the 1st of April – to the 31st of March the next year.
- Only one partial withdrawal will be allowed every financial year (starting from the 7th financial year on wards).
For example: If Mr. A has created a PPF account in January 2010, he will only be able to withdraw from his account from the 1st of April 2015. Mr. A’s PPF account was opened in January 2010, which means that it was opened in the financial year 2009 – 2010.
The number of financial years will be counted from the time the account was opened. It appears as follows:
| Year 1 | April 2009 – March 2010 (Account opened within this timeframe – in January 2010) |
|---|---|
| Year 2 | April 2010 – March 2011 |
| Year 3 | April 2011 – March 2012 |
| Year 4 | April 2012 – March 2013 |
| Year 5 | April 2013 – March 2014 |
| Year 6 | April 2014 – March 2015 |
| Year 7 | April 2015 – April 2016 (Mr. A can begin withdrawing from his PPF account from this date) |
Considering the above example of Mr. A, he will only be able to withdraw from his PPF account once every year, starting from April 2015.
The Percentage of Amount that can be Withdrawn
The PPF account attains maturity in 15 years from the date on which it was created.
- 50% of the account balance as at the end of the year immediately preceding the current year, or,
- 50% of the account balance as at the end of the 4th year, immediately preceding the current year.
As in the above example with Mr. A:
| Year 1 | April 2009 – March 2010 (PPF Account opened within this timeframe – in January 2010) |
|---|---|
| Year 2 | April 2010 – March 2011 |
| Year 3 | April 2011 – March 2012 (This is the 4th year immediately preceding the year in which withdrawals are possible, assuming Mr. A opted for withdrawal option as soon as he legally could. Mr. A can withdraw an amount equal to 50% of this amount if it is lower than that of “Year 6” |
| Year 4 | April 2012 – March 2013 |
| Year 5 | April 2013 – March 2014 |
| Year 6 | April 2014 – March 2015 (This is the year immediately preceding the year in which withdrawals are possible, assuming Mr. A opted for the withdrawal option as soon as he legally could. Mr. A can withdraw an amount equal to 50% of this amount, if it is lower than that of “Year 3” |
| Year 7 | April 2015 – April 2016 (Mr. A can begin withdrawing from PPF account from this date) |
FAQ’s
- Is it possible for individuals to have more than one PPF account under their name?
- Can loan facilities be availed on a PPF account?
- Can a PPF account be transferred?
- Can a PPF account be accessed via internet banking?
- What are the documents required to open a PPF account?
- Passport size photograph
- PAN card copy or Form 60-61
- Account opening form
- Address proof and ID proof as per Know Your Customer (KYC) norms.
- Nomination form
- Are there any fines if the minimum amount is not deposited?
No, individuals can have only one PPF account under their names. However, they can open another PPF account on behalf of a minor.
Yes, loan facilities can be availed between the third and sixth financial year.
Yes, PPF accounts can be transferred from a bank to a post office and vice versa.
Yes, a PPF account can be accessed by using internet banking. However, the PPF account must be linked with the savings or current account. Viewing of account statement, transferring of funds, and viewing of PPF account balance are possible by using internet banking.
Given below is the list of documents that are required to open a PPF account:
A fine of Rs.50 must be paid by customers in case they do not deposit the minimum amount of Rs.500 in a financial year.
- PPF
- SBI PPF Interest Rate
- ICICI PPF Account
- Bank of Baroda PPF Account
- Central Bank of India PPF Account
- Bank of India PPF Account
- UBI PPF Account
- Canara Bank ppf account
- PNB PPF Account
- UBI PPF
- PPF Age Limit
- PPF Account Balance
- PPF Online Payment
- Open PPF Account Online
- PPF Calculator
- PPF Interest rate
- PPF Loan
- PPF Account Opening Form
- PPF Withdrawal Rules
- PPF Deduction
- PPF Closure Form
- Axis bank PPF
- IDBI PPF
- Andhra Bank PPF
- Vijaya Bank PPF
- Allahabad Bank PPF
- OBC PPF
- Bank of Maharashtra PPF
- Dena Bank PPF
- IOB PPF
- SBH PPF
- SBM PPF
- SBT PPF
- SBBJ PPF
- SBP PPF
- Punjab and Sind Bank PPF
- Uco Bank PPF
- Deposit Limit for PPF
- PPF Account Transfer
- PPF Rules
- PPF lock in Period
- Change Nominee Name in PPF
- PPF claim Status Online
- Revive Dormant PPF Account
- PPF Acccount for NRI
- PPF Death Claim Form
- PPF Premature Withdrawal
- lic vs ppf
- Age Limit for PPF
- Investment on PPF
- PPF Account Banks
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