Steps for Online Transfer to PPF Account
Following is the step by step process for online transfer to PPF Account.
- Add your PPF Account (opened in a bank) as a beneficiary into your online banking module. The payee name and the PPF account number should match exactly with that mentioned in your PPF account.
- Select the bank branch in which your PPF account is maintained. For example, if your PPF account is in State Bank of India then mention SBI and the corresponding branch name
- Enter payee account number as your Public Provident Fund account number
- Once, the above mentioned details are filled in and submitted, your PPF account will be added as a third party account. You can now transfer PPF funds from your online banking account to your PPF account via the standard online banking process.
PPF Account – Modes of Payment
PPF payments can be made online in case the account has been opened at a bank. Currently, the online facility is not available in case the account has been opened at an India Post Office.
Online Method for PPF Payments
The three different methods where PPF deposits can be made online are through Standing Instructions, internet banking, and ECS Mandate.
- Standing instructions
- Through internet banking
- ECS Mandate
Standing instructions is a method by which individuals request the bank to transfer the amount from one account to another. This must be done by individuals every time they wish to transfer the money to another account and can be done through the net banking section. This method is beneficial when doing a lump sum transfer.
Transfer of funds from the bank to the PPF account is possible through National Electronic Funds Transfer (NEFT). Transfer via NEFT is very easy and can be done from office or home. The PPF account number and the IFSC code of the branch where the PPF account is maintained must be available to transfer funds via NEFT. However, both branches must have the NEFT facility available. Currently, UPI, IMPS, and RTGS modes of payment are not available.
This can be done by visiting the branch and giving them an ECS mandate where a specific sum of money will be transferred from the bank account to the PPF account. It is a one-time process and is very simple. The amount will be deducted from your bank account on a fixed date of every month and transferred to the PPF account. However, enough funds must be available in the bank account for the transfer to take place.
Pay by Cash or Cheque
In case the PPF account is opened at a post office, payments towards the account can be made in the form of cash or by cheque. Banks accept payments in the form of cash or cheque as well. Individuals must fill details such as deposit amount, branch, account number, etc., on the deposit slip. Once the slip is submitted to the cashier, the amount will be credited to the PPF account.
In case payment is made via cheque, it is vital to make sure the cheque is issued in the correct name. It is important to write the PPF account number and mobile number on the back of the cheque. In case there is an issue with the cheque, the bank will get in touch with you. The cheque can then be put at the drop box present at the bank. Depending on the clearance of the cheque, the amount will be deposited into the PPF account.
A minimum amount of Rs.500 must be deposited to keep the account active. In a financial year, Rs.1.5 lakh is the maximum amount that deposited. If the deposit amount exceeds Rs.1.5 lakh, the extra amount will be refunded back to the subscriber without any interest.
Penalties for not Paying PPF Amount
A fine of Rs.50 is levied in case the subscriber does not maintain the minimum balance of Rs.500 for the financial year. In case subscribers are making the payment via cheque or ECS mandate, fines are levied if the cheque or ECS payment bounces due to insufficient funds.
NOTE: Transfer of funds from your online savings account to your PPF account is possible whether you have your PPF account and savings account in the same bank or whether you have your savings account and PPF account in different banks.
The best use of this facility of transferring funds from bank savings account to PPF account can be made by NRIs and those settled outside India. Such customers can deposit funds into their PPF account without having to visit a bank branch separately. Also, in case of any doubt regarding the process, the best way to go about this is to transfer a smaller dummy amount from your bank account to PPF and once the process gets confirmed, you can transfer the larger chunk of money.
- Is it possible to transfer the PPF account from one individual to another?
- Is it possible for individuals to change the name on the account after marriage?
- Is it possible to transfer a PPF account?
- Can an individual open more than one account under his/her name?
- What are documents that are required to open a PPF account?
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, on submitting the relevant documents, individuals will be able to change the name on the account after marriage.
Yes, transferring a PPF account from one account office to another is possible.
No, an individual can have only one account under his/her name. However, an additional account can be opened on behalf of a minor.
Given below is 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.
- 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
- Open PPF Account Online
- PPF Calculator
- PPF Interest rate
- PPF Loan
- PPF Account Opening Form
- PPF Withdrawal Rules
- Check PPF Account Statement Online
- PPF Deduction
- PPF Closure Form
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- 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
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- Age Limit for PPF
- Investment on PPF
- PPF Account Banks