How to Check PPF Account Balance Online & Offline?

The National Savings Institute of India’s Ministry of Finance launched the PPF scheme in 1968. PPF is an abbreviation of the term, ‘Public Provident Fund’. Now, the public provident fund is essentially a scheme for both savings as well as tax relief.

A Public Provident Fund is a saving as well as a tax-saving scheme that matures at 15 years. After these 15 years, it is your decision whether you wish to proceed with complete PPF withdrawal or extend the account tenure with or without making further contributions. 

You can choose to withdraw the entire PPF amount after the maturity of the scheme, or you can choose to sit back and enjoy the PPF returns that you are earning on the investment that you have made. You can also evaluate your PPF returns by using a PPF calculator which is easily available online. 

Now, a Public Provident Fund is an attractive investment scheme which acts as a savings plan as well as a tax-saving instrument. This scheme offers an appealing rate of interest and returns on the money that you invest with them. 

The amount that you earn as returns on your investment cannot be held liable to taxes. This makes the PPF scheme a convenient tax-saving plan. According to section 80C of the Income Tax Act, the money that you deposit during a year under this scheme can be easily claimed to be tax-free.

The primary objective of the Public Provident Fund scheme is to mobilize small savings from an individual’s annual income and then invest that amount in a scheme that assures tax benefits and guaranteed returns. 

How to know PPF account  balance? 

Considered one of the most lucrative investment options in India, the Public Provident Fund scheme is an ideal choice for investors who wish to earn assured returns and avail of tax benefits at the same time. This scheme entails a lock-in period of 15 years. It allows individuals to make investments with a low starting amount of Rs.500.

You can proceed to create a Public Provident Fund account in association with nationalized banks such as Punjab National Bank, State Bank of India, etc.

At present, it has been observed that even private banks like HDFC, Axis Bank and ICICI have started offering the option of creating a Public Provident Fund account.

Now, individuals can easily check their Public Provident Fund account balance via both online and offline methods. Additionally, individuals residing in the outskirts of the country who have restricted access to banks and similar facilities can opt to avail of the services of the Public Provident Fund by simply visiting their post office.

How to know PPF account balance online?

The most convenient way to check the balance of your Public Provident Fund account is to make use of the online services offered by your bank. These online amenities have simplified the process of checking your PPF account balance and made it more efficient for you. 

However, it should be kept in mind that these online services are only made available to those individuals who have opted to create their PPF accounts at a bank. Moreover, the customers also have to link their previously existing savings account, which they have opened with the bank, with their PPF accounts.  

You can proceed to check your PPF account balance online by simply following the steps given below:

  1. First and foremost, you need to make sure that you have activated the internet banking services for your linked bank account.
  2. Next, you have to visit the website of your respective bank and proceed to log in to the PPF account portal provided on the website. 
  3. Now, you need to log in to your account by using your respective username and password.
  4. After you provide your username and password, you will be redirected to your PPF account and your savings account.
  5. Now, you need to select the tab that has your PPF account. 

This will allow you to easily view your PPF account balance. This facility will also allow you to review up to 10 of your recent PPF account transactions. 

How to check PPF account balance offline?

Now, if you wish to check the balance of your Public Provident Fund account offline, you will need to visit the nearest branch of the bank with which you have opened your respective PPF account. However, before you do that, there are a few relevant factors that you need to take care of. They are as follows:

  1. Firstly, whenever you choose to open a Public Provident Fund account with a bank, you are issued a passbook. This passbook holds all the relevant details concerning your PPF account number, your PPF account balance, details of the bank branch where you have opened your PPF account, etc. 
  2. Now, you can proceed to check your PPF account balance by simply visiting the nearest branch of your respective bank and getting your passbook updated.
  3. Once you have updated your passbook, it will contain all the pertinent details of your PPF account balance as well as information concerning all your PPF account transactions. 

Some banks have introduced banking kiosks, which help to make this entire process simpler. You can simply update your passbook by visiting this kiosk and it saves you the trouble of visiting your bank. These kiosks have made this process much simpler and are available 24*7.

Conclusion

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An individual needs to keep a track of the balance of their Public Provident Fund account to amplify their savings estimate of the PPF returns. Keeping track of one’s transactions helps them get an idea concerning the expenditures and receipts involving their Public Provident Fund accounts. This assists them in ultimately maximizing their profits and curb losses. It is also crucial for an individual to keep track of their PPF account balance to understand the significance of advance that they can avail as a loan.

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