The Public Provident Fund (PPF) is a safe investment option backed by the Indian Government, so there's no risk involved. It currently offers an interest rate of 7.1% per year. You also get tax benefits under Section 80C, and you can open a PPF account at a bank or post office.
The various methods that an individual can use to make payments towards PPF are mentioned below:
The traditional method of making payments towards PPF is by cash or cheque. Individuals will need to visit the bank or post office to make the payment via cheque or cash.
The steps required to make the payment by cash or cheque are mentioned below:
Online facility is available for those who use the mobile application of the bank. Individuals can use the mobile application in order to make PPF payment.
However, individuals will be able to make the PPF payment only if the PPF account is linked to the savings account. Therefore, it is vital that individuals link the accounts before processing any payments.
PPF payments can be made by using the savings account from another bank. In such cases, individuals must use NEFT. This form of transfer allows money transfer from a savings account to the PPF account. However, it is important that individuals check with the bank if the NEFT facility is available for PPF Account transfer. Individuals will also need to know the PPF account number and IFSC code in order for this facility to work. In order for the facility to work both the banks must be enabled with NEFT. NEFT transfer facility is available for interbank and intrabank only.
The procedure where a fixed amount of money is transferred from one bank account to another on a periodic basis is known as the Electronic Clearing System (ECS) Mandate.
This facility is available for a PPF account as well. Individuals will have to visit the bank in order to activate this facility. Once the facility is activated, the money will be deducted automatically from the bank account and deposited into the PPF account. Like NEFT, ECS also works for inter and intrabanks.
The procedure where the individual advises the bank regarding the transfer of funds from the bank to PPF account is known as standing instructions. By using standing instructions individuals will be able to transfer funds from the bank account to the PPF account.
Standing instructions can be made on a monthly basis for a period ranging between one month and 12 months.
No, individuals cannot transfer their PPF account. A nominee will also not be able to continue the account in the name of the subscriber who has passed away.
Yes, transferring a PPF account from one account office to another is possible.
Yes, on submitting the relevant documents, individuals will be able to change the name on the account after marriage.
No, an individual can have only one account under his/her name. However, an additional account can be opened on behalf of a minor.
These are the list of documents that are required to open a PPF account : PPF account opening form, Passport size photograph, Residence proof and ID proof, Nomination form, PAN card copy.
A minimum amount of Rs.100 must be deposited to open a PPF account.
No, it is not possible for NRIs to open a PPF account.
No, PPF accounts on behalf of a minor can be opened only at branches.
Yes, the 15-year investment tenure can be expended by a block of 5 years.
Submitting Aadhaar details is not mandatory to open a PPF account.
Yes, by applying for a new nomination, changes can be made.
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