With individuals getting more and more tech friendly, they prefer visiting banks to a lesser extent and using the internet more to their convenience.
While we can transfer money online for a host of investment related products it can also be done for the Public Provident Fund or PPF. Click to know how to transfer PPF Account.
In fact, this investment is among the most popular investment avenues as it is among the few investments that give you tax savings under Sec 80C of the Income Tax Act and also provide tax exemption on the interest income earned.
The deadline for investment for the financial year in tax savings instruments under Sec 80C is fast approaching.
While you can make payments at the designated bank and post office branches in the country, you can also transfer the money online.
Of course, you need internet banking for the purpose without which it is impossible to transfer money into your PPF account.
How to transfer funds to PPF account?
1. Login to your Net banking (SBI, ICICI, HDFC)
2. Go to Third Party- Add your PPF account number
3. Enter name as in PPF account
4. Select the branch where your ppf account is held
SBI PPF Account
Once you are done with the procedure, you can transfer fund from your account to PPF account.
If your PPF account and bank account is with SBI and with same branch, then you just need to fill the amount and click on send, as the Public Provident Fund will be linked to your account.
If both are in different branch of SBI, one can call the customer care and link the PPF account to the branch where you have your bank account and the PPF account.
Standing Instructions can also be given online for crediting the PPF account on a periodical basis through internet banking.
ECS mandate is also available for subscription to PPF a/c by customers having account with other other bank branches.
List of Documents Requited To Open PPF Account
The Documents required to open a PPF account are as follows:
1. Account Opening Form
2. Nomination Form, is necessary
3. Copy of PAN card
5. Photo, ID and address proof as per KYC guidelines.
It's important that if you have a PPF account and internet banking to avail of the facility of transfer from your account through net banking. This would save you the hassle of visiting the branch needlessly.