How to Deposit in PPF Amount?: Public Provident Fund is considered a long-term, government-backed small savings scheme. PPF is known to be one of the best investments in the long-term category. This is considered as a retirement savings tool for those individuals who are not eligible for getting pension after their retirement; this money will help them to survive even if they didn’t get their salaries. In this article, we will try to explain how to deposit PPF online in different scenarios such as in the Post Office, State Bank of India and other related banks.
How to Deposit Online in PPF?
Individuals can transfer their funds online from the savings bank account to the PPF account using the internet banking features such as Funds Transfer or Third Party Fund Transfer. This feature helps a person to transfer funds from his/her account to other accounts in the same branch or different branch or different banks. In order to initiate fund transfers, one should be an active internet user and must have the transaction rights. Let’s discuss the terms related to fund transfer:-
- When a person transfers funds within his/her own accounts, this is known as Fund Transfer.
- When a person transfers funds from his/her account to another account that belongs to some other person but in the same bank (not necessarily to be in the same branch as yours), this is known as Third Party Fund Transfer.
- When a person transfers funds from his/her account to an account in any other bank, then this type of transfer is known as Interbank Fund Transfer. This type of transfer is usually done through NEFT.
How to Deposit When PPF Account is in SBI and Saving Account is also in SBI (Same Branch)
If a person’s savings account and PPF account is in the same SBI branch, then he/she will notice that his/her accounts are already linked in the net banking, and he/she can easily transfer the money. A person can transfer money using Fund Transfer.
If a person’s PPF account is not linked to his/her savings account, then he/she can write a letter to the SBI branch by visiting the branch in order to link the account.
- Log on to personal banking on the official website of SBI internet banking with your ID credentials.
- Select the tab Payments/Transfer
- Then click on Funds Transfer ( then you can see his/her account linked with his/her user-id)
- Select the account from which you want to transfer the funds and then the account to which the funds should be credited to.
- Enter the amount and also remarks for the transaction.
- Confirm the transaction. After the confirmation, you will notice a confirmation page with the transaction details and an option to submit or cancel the fund transfer request.
- On submitting the request, you will get a reference number for the transaction.
How to Deposit When PPF Account is in SBI and Saving Account is Also in SBI (Different Branch)
When a person has his/her savings account and PPF account in SBI, but in different branches, then he/she should make a call to customer care or visit the branch for linking both the accounts. Once linked, they can transfer funds easily using fund transfer. Until then, they can use Third Party Fund Transfer for this type of transaction.
How to Deposit When PPF Account is in SBI and Savings Account is in Another Bank
Log on to the savings account through the official website of the bank (ICICI/ HDFC/ any other bank).
Add your PPF account as Third-Party Beneficiary so that the bank will allow you to transfer the funds. Steps to do this:
- Enter payee name – Which is the same as the name mentioned in the PPF account.
- Select the SBI branch where you have the PPF account.
- Enter payee account number – Which is the same as the PPF account number.
How to Deposit When PPF Account in ICICI Bank and Savings Accounts is Also in ICICI Bank
By using the internet banking of ICICI, you can:
- Check your PPF account under the My Account section, which is shown only when you get logged in.
- Transfer the funds online from the savings account, which is linked to internet banking.
- View as well as print the mini details or statements online.
How to Deposit When PPF account in HDFC Bank and Saving bank account is Also in HDFC Bank
After getting yourself logged on to the internet banking website of HDFC, you can:
- View your PPF account under “Transfer to your own accounts”.
- Then you can transfer the funds from the linked savings account to the PPF account.
How to Deposit When PPF Account is in IDBI Bank
People who have PPF accounts in IDBI Bank are offered the service of maintaining their accounts through the online platform. With the help of internet banking, one can see his/her PPF account details, print statements and can also make a PPF subscription online by transfer of funds from the linked savings account.
How to Deposit PPF by Cash or Cheque in Post Office
Steps that one has to go through when he/she decides to pay using cash/cheque in the post office:
- Fill up the details mentioned in Form B
- If payment is made through cheque, then a cheque should be in the postmaster’s name, < name of post office>, (PPF account number). Remember, the date of the deposit that the PPF account will show will be the date of cheque clearance and is not considered as the date you have deposited the cheque.
- Remember to update your passbook, which might take time because of the cheque.
If one is planning to open his/her PPF account through an agent in the Post Office, then he/she must remember that the agent will not provide remittance into the PPF account, and they have to do it by themselves. As of 1 Dec 2011, payment of commission to agents was discontinued.