Without Adding Beneficiary, How To Transfer Funds To PPF, SSA And PO Saving Account, Check Here

Recently on April 5, 2023 the Ministry of Communications issued an order about fund transfer from Bank account to Public Provident Fund (PPF), Sunkanya Samriddhi Account (SSA) and Post Office (PO) Savings Account.

As per the Ministry of Communications SB Order 09/2023, NEFT, and RTGS facilities have been introduced for POSB account holders. By availing these facilities Bank Account holders can transfer fund between Bank Account to PO Savings Account and vice versa. Now you can also transfer fund from Bank account to PPF and SSA by using NEFT facility.

In the order, the competent authority has decided to circulate the process for fund transfer from Bank Account to PO Savings Accounct, PPF, and SSA by using NEFT/RTGS facilities.

However before transferring of funds note the following:
- PPF and SSA account should not have any pending previous years defaulted subscription. If the account has pending previous year subscription pending default is to be deposit through any nearest CBS post office.
- If PPF account has matured, you must submit account extension form along with your passbook at post office within one year from the date of maturity.
- PPF/SSA funds should be transferred in multiple of Rs 50
- A maximum limit of Rs 1.50 lakh can be transferred in PPF/SSA in a financial year.
- In any NEFT Transaction fails due to technical reasons, the amount will be reversed in the bank account concerned within one business working day.

How to transfer fund from Bank Account to PO Savings Account or PPF account or SSA without adding beneficiary:
1. Login into net banking of bank account
2. Go to Payment/Transfer Tab
3. Select Quick Transfer (without beneficiary)
4. Enter beneficiary name
5. Enter beneficiary PPF or SSA or PO Savings Account no, Re-enter beneficiary PPF or
SSA or PO Savings account No
6. Select Payment option "Inter Bank Transfer", enter IFSC Code IPOS0000DOP
7. Select Transaction mode "NEFT"
8. Enter amount to be transferred
9. Select purpose 'Deposit/investment'
10. Accept terms and conditions and click on Submit
11. Enter OTP, click Confirm and to print click on Print
12. On logging out you receive an SMS for debit and credit.

How to do fund transfer by adding beneficiary:
A. Addition of Beneficiary
1. Login into netbanking of bank account.
2. Go to PaymenVTransfer Tab
3. Select Add and Manage Beneficiary
4. Select Other Bank Beneficiary
5. Enter beneficiary name
6. Enter beneficiary PPF or SSA or PO Savings Account no, Re-enter beneficiary PPF or SSA or PO Savings account No
7. Select IFSC and Enter IFSC Code IPOS0000DOP
8. Accept terms and conditions and click on Submit
9. To Confirm, enter the OTP received and click on Confirm.

After successful adding beneficiary, proceed with fund transfer
B. Proceed to Fund Transer
1. Go to Payment/Transfer Tab
2. Select Other Bank Transfer
3. Add beneficiary name
4. Select NEFT/RTGS for Savings Account and NEFT for PPF/SSA Account
5. Click on proceed
6. Select purpose 'Deposit/Investment'
7. Select the beneficiary
8. Accept terms and conditions and click on Submit
9. Click on Confirm. Enter OTP and click on Confirm to print click on Print
10. On logging out you receive an SMS for debit and credit.