Aug 182015
 

How to link any account to PPF Account?

Operating a PPF Account has become quite easy.  If you have your PPF account in post office, you might not get all the online facilities, however, if you have it in any of the bank, you can use your online saving account to link with your PPF account and transfer your investments online as well.  Although, the feature may not be available with all the banks, but most of the banks do offer this online linkage facility.

How to link any account to PPF Account

Situation 1:  If you hold a saving account in SBI and PPF Account in some other bank

  • Login to your internet banking
  • Add your PPF Account number as a 3rd party beneficiary so that you are able to transfer funds to it
  • The payee name would be the name on PPF Account
  • The branch would be where you hold a PPF account
  • The PPF account number would be the account number to be entered
  • You can transfer funds the same way as you transfer NEFT/RTGS

Scenario 2:  If you hold the PPF account and saving account in the same bank and branch

In this case, you PPF account would already be added to your internet banking.  You would see that in your control panel.  You can use the same link to transfer amount to your PPF account.  In case you PPF account is not mapped already, you can add it as a third party beneficiary.

Scenario 3:  If you hold the PPF and saving accounts in the same bank but in different branches

If you hold your PPF account and saving account in the same bank but the branches are different, in most likelihood, you would have to visit your branch and ask the executive to map your PPF and saving account.  Once it is done from the backend, you would be able to transfer funds to your PPF account from your saving account.

Benefits of online transfer of PPF account

One of the major benefits of having your PPF account linked to your saving account is that you don’t have to visit the PPF branch every month and every time you have to transfer funds.  This way you would be able to ensure that you do not procrastinate and your payments are going on time.

This facility is an excellent facility for NRI, since they can’t come to their branch every time to transfer funds to their PPF account.  In case, you are not able to link your PPF account to your saving account with these processes, you should contact your saving account branch for help.

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