How to link SBI PPF Account to SBI Saving Account?
How about depositing your Public Provident Fund’s installments without even visiting the bank branch physically? If you are wondering if this is possible or not, then there is good news for you since you can very well do it while sitting at your home or office through online transfer. All you would need to have is a saving account with net banking facility activated on it.
When you have your saving account in SBI and PPF Account in other bank
The following condition would apply if both your saving account is in State Bank of Indian and your PPF account is in any other bank. It is noteworthy to mention here that if you have your PPF account in post office, you can’t link your PPF account anyway.
- You are required to add the concerned PPF account as a beneficiary account. Your PPF account would be considered as a third party account and thus you would have to add it in your internet banking dashboard.
- You would have to enter the following details in order to add the PPF account to your SBI internet banking:
- Your name as on PPF account
- The bank where PPF account is opened
- The PPF account number
- The branch where PPF account is maintained
- Once you have input all these information, you simply need to click on ‘Submit’ and your PPF account would be added in few hours.
If you have your PPF Account and saving account, both in SBI
Here, two conditions would apply:
- PPF account and saving account are already mapped for the customer on internet banking, if both the accounts are in the same bank and same branch. If this is the case with you, you do not have to do anything or worry about linking your account. You simply need to start transacting. All you need to do when transferring amount is simply transfer as per the normal procedure.
- On the other hand, if you have both your PPF account and internet banking in two different branches of SBI, you would have to do the linking manually. There are times when it could not be added. In such a situation, you should contact your saving account branch, and they would help you with the linkage. Once that is done, you can start using the online transfer facility.
One of the major benefits of linking your PPF account with your saving account internet banking is that you can download the PPF transfer details in PDF and other formats and keep it for records. It would replace the run around that you may otherwise need to do for updating your passbook.