The Bank had earlier got permission from Government of India for operationalising PPF transactions through Internet banking.
The newly introduced facility would be highly convenient and user friendly to the customers which inter alia aims at fulfilling Government of India's initiative of electronic transactions in Banking Services as well as providing a good platform in mobilizing funds through its Small Savings Schemes, added further.
PPF account holders of IDBI Bank would now have the benefit of accessing their PPF account online and through Internet banking, they would be in a position to view their PPF account details, print statement of accounts and also make subscription to PPF by way of online transfer of funds from the savings bank accounts.
The present annual PPF subscription ceiling of Rs.1,00,000/- may be made in a single or in multiple installment(s) not exceeding twelve in a Financial Year.
IDBI Bank, riding on cutting edge core banking information technology platform, offers 24x7 internet banking facility for pan India payments of direct taxes, excise duty, service tax and customs duty which has enabled itself to be the first choice of many taxpayers.