PPF is one of the oldest and most popular investment schemes in the country. If you have a PPF account and want to know your account balance, read ahead.
Before we read about how to check PPF account balance, let us take a look at PPF accounts in general.
PPF stands for the Public Provident Fund and it was made available to the public by the National Savings Institute in 1968. PPF is a long term investment plan which has considerable safety, tax benefits, and good returns. All these qualities make it a good option for small to medium savers.
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A PPF account can be opened either online, from your bank, or from the post office. These are the same places where you can check your PPF account balance.
We will look at the following ways of PPF account balance checking -
Online
By visiting the post office
By visiting the bank
Let’s take a look at all the methods one by one.
If you are searching for ‘PPF account balance check’ and want to do it online, there are a few prerequisites to it. To check your PPF account balance online -
Your PPF account should be connected to your savings bank account
Internet banking services should be activated for that bank account
You will need to have a savings bank account at the same bank
If you have ticked all these points, then you can follow these steps to check your PPF account balance online -
STEP 1: Login to your bank’s internet banking portal using your credentials.
STEP 2: Go over to the ‘Personal Banking’ section, and you will be able to enquire about your PPF account details.
STEP 3: You can easily click on ‘Check PPF balance’ to check your balance.
STEP 4: In the same section, you can also check your past PPF transactions as well as any other matured or closed PPFs you might have.
You check your PPF account balance by visiting the post office where you opened your PPF account. Note that PPF accounts can only be opened at specific post offices where the required facilities are available.
To check your PPF account balance by visiting the post office, follow these steps -
STEP 1: Visit the head post office or the sub-post office where you opened your PPF account.
STEP 2: Carry your PPF passbook with you, which was provided to you when you opened your account.
STEP 3: Update the passbook to know about your current PPF account balance, as well as all your transactions.
Checking your PPF account balance by visiting your bank branch is also an offline process. For this too, there are a few prerequisites -
Your PPF account should be connected to your savings bank account
You will need to have a savings bank account at the same bank
Follow these steps to check your PPF account balance by visiting the bank -
STEP 1: Visit the bank branch where you opened your PPF account.
STEP 2: Carry your PPF passbook with you, which was provided to you when you opened your account.
STEP 3: Update the passbook to know about your current PPF account balance, as well as all your transactions.
As PPF is a long term investment and savings scheme, there are some rules and regulations when it comes to withdrawing money from it. They are listed here below -
Your PPF account reaches maturity after 15 financial years of opening the account
You can extend your account in blocks of 5 years as many times as you want, post maturity
After maturity, you may choose to not withdraw the amount and retain it without any further deposits
You can withdraw funds every year from your PPF account post the 7th financial year
You can take a loan from the bank where you have opened your PPF account from the 3rd to the 6th financial year. The loan amount will depend on the total amount that has accumulated in your PPF account
There are many benefits to checking your PPF account balance at regular intervals. Here are a few reasons -
As the interest earned in your PPF account fluctuates every quarter, checking regularly helps you keep a track of the interest you have earned
You can make a prediction about the corpus amount that will be available to you after maturity
If you are facing a financial emergency, knowing how much you have accumulated in your PPF account, can help you plan a partial withdrawal or a collateral free loan
The PPF account is a very safe option to invest your money for your retirement. In most cases, the interest offered is a little higher than that of major bank’s Fixed Deposit interest rates.
The amount of money you invest in your PPF account is exempted from taxes. Even the interest you earn or any withdrawals you make from the account are exempted from taxes. All of these points make PPFs a wise choice for retirement planning.
No, NRIs cannot open fresh PPF accounts. But citizens of India who had opened their accounts prior to moving out of India can continue their PPF accounts.
No, a PPF account cannot be opened jointly with anyone else. It has to be opened at individual capacity.
Opening a PPF account is a very easy process and can be done both online and offline. You can open a PPF account online by visiting the bank’s website where you have your savings bank account. Alternatively, it can also be opened at a post office where PPF facilities are available or by visiting your bank’s branch.
Checking your PPF account balance can be done within minutes.
You can deposit a maximum of Rs.1.5 Lakh in your PPF account every financial year. You can deposit more than this as well, but the extra amount will not be tax exempted.
You need to deposit a minimum of Rs.500 in your PPF account every financial year to keep it active and keep earning interest.
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