Public Provident Fund (PPF) is among the most popular saving schemes in the country. It offers you not only tax free income, but, also tax benefits under Sec 80C of the Income Tax Act.
Checking your PPF balance with SBI
Among the popular banks that open a PPF account is the State Bank of India. There is no need to now check your balance with a passbook.
Here are steps to view PPF balance at SBI online:
1) Apply for internet banking
Unless you apply for internet banking, it may not be possible to view your SBI PPF balance online.
Once you have your internet banking password and login, you can view the PF account balance at SBI online.
3) Transferring funds from savings account
You can also transfer funds from your savings bank account to your PPF account. This will eliminate worries of periodic payment reminders. In fact, you should give standing instructions for debit from saving account to the PPF Account.
However, that would pose a problem given that you need to maintain balance, given that there is a standing instruction.
4) Methods through which you can give standing instructions
You can give standing instructions through the ECS mechanism or the internet banking. For the ECS mechanism you would need to fill the required forms before the instruction is implemented.
Why you should view PPF balance online?
Viewing PPF balance online will help you to see when you have last deposited money into your PPF account. Remember, it is compulsory to deposit at least Rs 500 during the financial year.
By viewing online you would know if you have not yet deposited the minimum amount to keep the account going.
Do most banks offer the same PPF facility like SBI?
Most banks do offer the same facility like State Bank of India, to view your balance online. There is not much of a difference in the facilities, when it comes to the popular PPF scheme.
Why to invest in the PPF scheme?
There are a number of reasons why you should opt for the popular PPF scheme. The first and the foremost reason is that unlike bank and various other small saving schemes, the deposits are tax free in the hands of the investors.
Secondly, they qualify for a tax rebate under Sec 80C of the Income Tax Act.
Most importantly, they help you save money for your retirement. Also remember, that the interest rates offered by the PPF is always more than that of banks.For example, banks offer you an interest rate of a maximum of 7.60, while you get as much as 8.10 per cent in the PPF at the moment.
So go for it. You have online credits to your PPF account, apart from the convenient way of viewing your balance online.
List of banks offering you the facility for opening PPF accounts?
There are a number of banks from the public and the private sector that help you open a PPF account. Apart from State Bank of India, the banks include:
Punjab National Bank
Bank of India
Central Bank of India
State Bank of Mysore
Union Bank of India
Bank of Baroda
SBI and its major subsidiaries.