Public Provident Fund (PPF), the popular savings-cum-tax benefit investment instrument in India has been a long favourite among risk-averse investors due to its safe nature. The high-interest rate with tax-free returns is the major attraction of this long-term product.
With a 15-year long investment period, it becomes necessary for the investor to keep checking for their PPF account balance. Apart from maintaining investment discipline, keeping a note of the deposits already made allows subscribers to make timely payment so as to keep the account active.
Note that investors need to contribute an amount, that is minimum of Rs 500 and a maximum of Rs 1.5 lakh each financial year, to keep their PPF account active.
One can do so online as well as offline depending on the institution they hold the PPF with- that is at a bank or the post office.
How to check PPF account balance online?
The online PPF balance checking facility is available 24/7 for those who have an account with the bank. However, the savings account should be linked with the PPF account. Further, net banking services need to be activated for your bank account.
If you haven't already activated net banking, you can do so online for a majority of the banks.
You can easily login into your internet banking account and check for the PPF account balance and status. The user interface will vary from bank to bank.
Online banking services also allow you to avail other related services like transfer of funds into the PPF account, account statement download, standing instructions for a contribution towards the account, submitting an application for a loan, etc.
The account statement can provide a subscriber with the history of up to 10 last transactions.
You can also see details related to any other old PPF account that you may have held with the bank.
How to check PPF balance offline?
At the time of opening a PPF account, whether, at a bank or a post office, you may have been provided with a passbook. This passbook, containing details like your PPF account number, balance, bank branch details, transaction details, etc, can be updated at the nearest bank branch or post office (depending on where you hold the account).
On updating the passbook, you will get details on the balance as well as interest earned.
Some banks also have kiosks wherein the customers can update passbook on their own, without having to visit the bank's branch. An advantage of the kiosk facility is that the service is available even outside banking hours and on holidays.
If you hold an account with the post office, you can enquire about their IPPB (India Post Payment Bank) services for PPF. IPPB app allows for basic banking facilities like money transfer and checking balance.