Individuals who have PPF account should make sure that each year before April 5, the deposit is made to avail maximum benefits (Click to know more). One can produce the same when filing tax returns.
Individuals who travel frequently may find it difficult to deposit the amount into their PPF account on time as one has to visit the bank to make the deposit.
Now, many banks are coming up with online facility for opening the bank and transferring funds online. If your bank is still not adopting the latest technology then it is time to change.
Here are some banks who have online and offline facility to open and transact in PPF:
State Bank of India
SBI allows the customer to transact online after opening the PPF account. What this means is that you can transfer fund to the PPF account online from any bank.
Individuals can also view the PPF statement. Know more
Note that not all SBI branches are authorized to operate PPF account.
Canara Bank customers can open PPF account online, transfer funds, and view statement. The bank offers an advanced facility in terms of technology.
ICICI Bank customers can view and transfer funds online to PPF account from the same bank or different savings account. Forms to open and nomination are available at the bank website.
Axis Bank also offers facility to transfer funds online. Only a few branches are authorized to open PPF account. If your nearest branch is not offering PPF account, one can open in an authorized branch and transact online.
Here are few other banks which are offering PPF transfer online;
- State Bank of Mysore
- IDBI Bank
- Central Bank of India
- Bank of India
- State Bank of Travancore
- State Bank of Patiala
- State Bank of India
PPF customers should note that before transferring funds one should add the PPF account as a beneficiary in the account. Usually, transactions are easy if PPF account is linked to savings bank account.