3 Ways to transfer money from a bank account to PPF account online

Ways to transfer money from a bank account to PPF account online

While you are getting ready to file income tax returns for the previous year, you must be even planning to do tax saving for the current year by investing in various tax saving options like PPF. However, you must be worrying to go to the bank to transfer the amount to a PPF account every month. How to transfer money from your bank account to PPF Account online. What are the various ways where you can transfer the amount to a PPF account by sitting at your desktop/laptop?

3 Ways to transfer amounts from bank account to PPF account online

While Post office is not yet become online, PPF account can be opened with ICICI Bank, HDFC Bank and SBI. There are basically 3 ways where you can transfer money from your Savings bank account to PPF account online.

Also Read: How to get maximum interest in a year from Public Provident Fund Account (PPF)?

1) Transfer money through Internet banking account

This is for those who keep asking “Can i transfer money to PPF account online from other bank”. You can follow below process.

• Login to your internet banking with your login and password
• Go to Payment section
• Click on Add third party payee
• Give your PPF Account number, IFSC Code of your bank account and submit. It might ask account type and you would not find PPF there. You need to give “Savings” under account type.
• You would  get Payee confirmation message and code is sent to your mobile like any other third party payee addition.
• Confirm your payee
• Transfer amount from your bank account to your PPF account online
• The amount is transferred and the process is completed
• Note that if you have PPF and bank accounts with the same branch of the bank, this process is a little simpler.
• If your PPF account is with different branch, you may need to call customer support first and link your PPF account with your account before proceeding with the above steps.
• Some bank accounts would also give an error that it is your own account, hence you cannot add a third party payee. In such case, directly make online payment to your linked account instead of following the above steps.

2) Standard instructions to transfer money from a bank account to PPF Account

The second method is you can give standing instructions through your net banking section (upon request / new request mode) and ask to transfer the amount to your PPF account. This needs to be done for each and every transaction whenever you want to transfer money to your PPF account. This way is advantageous when you want to transfer a lump sum, especially when an employee gets yearly variable pay or bonus or performance bonus.

3) ECS Mandate to transfer money from a bank account to PPF account

This is a one time activity where you need to visit your bank and give an ECS mandate to transfer a fixed amount every month from your bank account to your PPF account. This is very simple to do and we do not even worry to transfer money every month. The amount would be deducted on a specific date every month from your bank account and deposited in your PPF account automatically. You just need to ensure sufficient funds are available in your bank account

Also Read: Which are Safe Investment Options to invest in india?

How to transfer money to PPF account online from HDFC?

If you have PPF account with HDFC, you might want to transfer money to PPF account online, here is the process

1) Login to HDFC net banking

2) On the Left Panel Choose Account/Transact/Funds Transfer to Own Accounts

3) Select Funds Transfer to own accounts

4) Select “Transfer funds to PPF account or Sukanya Samriddhi Account and click to continue

5) Enter amount and remarks and submit

Some of the readers was asking how to add ppf account as beneficiary in HDFC. It is not required. If you follow above process that is sufficient.

Some FAQ’s about transferring money to your PPF Account online

• You might want to transfer money to your PPF account with the same bank where you have opened. In this case, simply login your internet banking and select transfer funds within your accounts and select PPF account, enter amount and submit.
• You can make/transfer maximum of 12 transactions in a financial year. Further transactions would get rejected. Hence plan it accordingly.
• You can transfer a maximum of ₹ 1.5 Lakhs per PPF account. Any excess transferred beyond this would be returned back to your SB account.
• You can transfer the amount to your PPF account before 5th of every month to get interest for that month on such deposit
• You and your spouse can open 2 accounts, invest ₹ 1.5 Lakhs per annum each for 15 years and can create wealth of ₹ 92 Lakhs (approx). You can even get tax exemption u/s 80C. This is one of the Best Investment Plans for getting higher interest rates after Sukanya Samriddhi Account.

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Suresh
Ways to transfer amounts from bank account to PPF account online

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Suresh KP

Founder at Myinvestmentideas.com

Suresh KP is the founder of MyInvestmentIdeas.com, which he has run since 2011. He has over 23 years of experience across investments, mutual funds, stock markets, insurance, taxation and financial planning, and has written 2,500+ articles for Indian retail investors. He has completed NISM Investment Adviser (Level 1 & 2) and NISM Research Analyst certifications. Articles on this site compare publicly available data for educational purposes; Suresh is not a SEBI-registered investment adviser. More about his background: About Suresh KP | X (Twitter)

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