How to deposit money in PPF account Online
PPF accounts allow users to deposit up to Rs 1,50,000 per year and is commonly used by people to save tax. In fact, the interest from PPF account is also completely tax free. However, depositing money in the PPF account can be time consuming especially if you are doing so in batches through out the year. Online deposit to PPF account on the other hand is simple and can save a lot of time.
Most of the salaried people in India have a PPF account. They deposit money in the PPF account in batches. Total deposit allowed in an year is Rs 1,50,000. One has to visit the bank for 10-12 times to complete the limit allowed. Most of the people use the full limit as it helps to save tax. However, a common problem faced by most of these people is that they do not have much time for banking activities. Banks have come up with simple solution for all the customers. Most of the banks in India allow internet banking. Among the various facilities offered through internet banking, online deposit to PPF account is also very useful. I personally use this facility so as to save my time. This post explains in detail regarding how to deposit money in PPF account with SBI internet banking.
How to deposit money in PPF account online
In my case, I have both savings account and PPF account in same branch of SBI. Thus I simply use the option of money transfer (to own accounts) for depositing money in the PPF account:
1. After logging in the online SBI account, click on the Payments/ Transfers tab present in the top portion.
2. Click on own account below within SBI.
3. Add all the details on this page after selecting the PPF account. You have to add the amount and remarks and click on "Pay Now". There is also an option to schedule the payment.
Precautions while depositing money in PPF account online
Online transactions require the users to take precautions as well. No doubt, they make our work easier but there are chances of getting scammed as well. It is important to keep changing the account password of internet banking at regular intervals. Following are some special points related to PPF deposit online:
1. The remarks option is meant for you to remember the purpose of transaction. It will be shown in the account statement as well.
2. If the transaction is done after 8 pm on a day, it is processed next morning after 7 am only.