Public Provident Fund (PPF) one of the most popular government savings scheme, has found its online way with few banks offering this on their online net banking system.
Banks offering Online PPF services
PPF services are offered by banks like SBI and its subsidiaries, ICICI Bank, Union Bank, Vijaya Bank, Bank of Baroda, Central Bank of India, Andhra Bank, Indian Overseas Bank, IDBI Bank, Canara Bank. These banks are offering PPF services only through some designated branches which may be seen on their respective websites.
However, Online avtaar of PPF is offered only by SBI, ICICI Bank and IDBI Bank. The features of online PPF accounts like interest rate, loan facility, withdrawal conditions, etc are similar to what it is offered otherwise. As such with all benefits, an additional feature is that you can invest online.
Also see Frequently asked questions about PPF
How to invest in PPF online
To avail the online facility of PPF account through any bank, you need to have PPF account with the same branch and internet banking facility. Although opening the PPF account will happen in the traditional way of filling and submitting application form at bank branch along with necessary documents, however the investments may be made subsequently through net banking using NEFT transfer facility. You need to add your PPF account number as the beneficiary or payee in your net banking account keeping the same spelling of your name as it appears in your PPF account.
Maximum investment limit in PPF is Rs 1.5 lakh annually. You can invest Rs 1.5 lakh lumpsum or in maximum 12 instalments of at least Rs 500.
You will have a convenience of viewing your PPF account balances and print passbook statement online.
If you already have a PPF account with a Post Office or any other bank and want to avail Online PPF facility, you may transfer the existing PPF account to a bank branch providing this service. All you need to do is to submit an application at the post office for transfer mentioning details of bank branch where you wish to transfer PPF account. Once application is processed the post office/existing bank will send your original documents such as account opening form, nomination form, specimen signature etc to bank branch accompanied by a cheque/DD of the outstanding balance in your account.
Once this is received at the bank you are supposed to submit fresh PPF account opening form, PPF nomination form and the original passbook. However, do not forget that you also need to have a Saving bank account at that branch to avail net banking.
Similar to PPF, you can also check the balance of your EPF account online through EPF passbook.