In today’s net savvy world, visits to banks are becoming less and people are interested in transacting online.
You can also transfer funds to your PPF account online if you have PPF account in SBI or other Banks. You can deposit money in PPF account online via netbanking.
If your PPF account is in Post office, then such online funds transfer is not possible.
In my last post, I concluded that PPF is one the safest, tax eficient long term investment. Read the complete article.
Scenario 1: If your PPF Account is in SBI & Saving Account is in another bank
1: Logon to your Savings account netbanking (ICICI/ HDFC/ any other bank)
2. Add your PPF account as “Third party Beneficiary” so that you can transfer funds to it
a) Enter Payee Name – Same as Name in PPF Account
b) Select SBI branch where PPF account is maintained
c) Enter Payee Account number – as your PPF Account number
Once you have completed these steps you can see your PPF account as the 3rd party account where you can transfer the money just like you send it to any account.
Scenario 2: If your PPF Account is in SBI & Saving Account is also in SBI (Same branch)
In case you have your PPF account and savings account at same SBI branch, then you can see your PPF account already linked with your Bank account in NetBanking and you can transfer the money.
In this case, there is no need to add PPF Account as Third Party Beneficiary. You can transfer money as Funds Transfer.
Scenario 3: If your PPF Account is in SBI & Saving Account is also in SBI (different branch)
In case you have your PPF account and savings account with SBI but in different branches, then you should call Customer care or visit branch & ask them to link the accounts. In the meantime, you can transfer funds using the option of adding “Third Party Beneficiary”.
Best Option for NRIs
Online Funds transfer is the best option for NRIs as they can’t visit branch to deposit the PPF amount. An NRI can continue to deposit money in PPF account which was opened before becoming an NRI.
Feedback : Please share your experience in transferring funds online to your PPF Account.
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