Most may not know about it, but it’s possible to start a PPF account online. A public provident fund is a secure place to stove away some money and get good returns on the same.
Also the flexibility in the timings and the amount you can add each time is fairly lax giving even the irregular income ones a chance to do it right. And if you don’t want to delay on the payments and yet save time while making payments several banks allow you to send money to PPF accounts online.
How to open the account
Opening a PPF account online is a relatively straightforward process. The PPF has to be associated with a bank account and it’s advised that you go for one that comes with online Internet banking facility.
Once this is done and you get hold of the PPF passbook its time to login to the Internet banking account, where you will see an option for PPF too. Mostly the fund transfer section will sport an additional option for PPF. Almost all modern banks across sectors, whether public or private have the PPF addon with them.
There’s also the possibility of linking existing PPF accounts with a bank account.
Process of making online PPF payments
- Got to Fund transfer after logging into Internet banking account
- Select NEFT transactions. Before or after this step you will get an option to add a payee or beneficiary. The user interface varies from bank to bank.
- Add account holder details as is in the PPF passbook.
- Add PPF account number, IFSC code and you’re done.
- You will asked to authenticate the new payee with an OTP sent to registered mobile number. Do that.
- In most cases after this step the PPF account will feature on the list of payees after 30 minutes. Some banks like SBI additionally require a transaction password too. Most private banks do not.
And that’s about it.