Check PPF Account Balance Online & Offline

Learn how to check PPF account balance online & offline.
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Check PPF Account Balance
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4 mins
16 July 2024

Monitoring the balance of your Public Provident Fund (PPF) account is a very important aspect of maintaining financial awareness and security.

As a long-term savings tool, the PPF offers stability and tax advantages. However, staying informed about your account balance is essential for making informed decisions regarding your financial goals. This guide focuses on providing a simple approach to check your PPF balance both online & offline.

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What is Public Provident Fund (PPF)?

The Public Provident Fund (PPF) is a government-backed savings scheme designed to encourage small savings & investment among citizens. Individuals can open a PPF account with authorized banks or post offices. The account has a fixed tenure of 15 years which can be extended to 5 more years, and it offers a secure and tax-efficient way to build savings.

Contributions made to the PPF account, interest earned, and withdrawals are not taxable under Income Tax. PPF provides a reliable avenue for individuals to build wealth gradually, making it a popular choice for those looking for a stable and tax-friendly investment option.

PPF helps you plan your finances in a disciplined way. Regularly checking the account balance can help in tracking contributions, interest accrual, and overall funds' performance. This disciplined approach ensures that individuals remain focused on their long-term objectives, such as education, home purchase, or a comfortable retirement.

Reasons to Check PPF Account Balance

1. Monitor Savings Progress

Checking the PPF account balance regularly helps individuals to monitor their savings progress. It helps individuals to determine how much they have saved and how much more they need to achieve their savings goals. By monitoring their savings progress, individuals can adjust their saving habits or PPF contributions.

2. Track Interest Earnings

PPF is a fixed-income instrument that offers a high rate of interest, which is calculated and compounded annually. Checking the PPF interest rate and  PPF account balance regularly can help individuals track the interest earned on their PPF investment. This can help individuals to estimate their earnings and plan their finances accordingly.

3. Plan Withdrawals

PPF comes with a fixed lock-in period of 15 years, which means that the account can only be withdrawn on maturity. Checking the PPF account balance regularly can help individuals plan their withdrawals in advance. Withdrawals can only be made after the completion of the lock-in period, so keeping track of the tenure and the balance in the account is essential.

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Steps to check PPF account balance

You can check your Public Provident Fund (PPF) account balance online, offline, or at the post office:

Step1: Online method

  • Log in to your bank’s online banking portal.
  • Go to the accounts or deposits section to find your PPF account.
  • Click on your PPF account to get your current balance.

Step 2: Offline method

  • Visit the bank branch where you have opened your PPF account.
  • Provide your PPF account number and other necessary details to the bank official.
  • The bank official will provide you with your current PPF account balance. You can also check your PPF account balance by updating your passbook.

Step 3: Post Office method

  • Visit the post office where you have opened your PPF account.
  • Provide your PPF account number and other necessary details to the post office official.
  • The post office official will provide you with your current PPF account balance. You can also check your PPF account balance by updating your passbook at the post office.

Additional Read: How to Withdraw PF Amount Online in 5 Simple Steps

What are the Options Available to Individuals on their PPF’s Maturity?

  • Firstly, they can close the account and withdraw the entire balance along with the interest earned, tax-free.
  • Secondly, they can extend the account for another 5 years without making any additional contributions. This is the default option if the account holder neither closes the account nor extends it with contributions.
  • Thirdly, they can extend the account for another 5 years with additional contributions.

How to build a good corpus in PPF account?

  • Make consistent and regular contributions to your PPF account. The more you contribute, the faster your corpus will grow.
  • PPF follows a compounding interest model. Leave your contributions untouched to benefit from compounded returns, allowing your corpus to grow exponentially over time.
  • PPF has a fixed tenure of 15 years which can be extended to 5 more years. Stick with the investment for a long term to get the most and to ensure your savings grow steadily.
  • Instead of withdrawing the interest earned, reinvest it back into the PPF account. This accelerates the compounding effect, contributing to a larger corpus.
  • Leverage the tax benefits offered by PPF. Since PPF follows the EEE (Exempt-Exempt-Exempt) model of taxation, which means that the principal amount, interest earned, and maturity amount are all exempt from taxes & your corpus grows without the burden of taxation.
  • Although PPF lets you take out some money from the 7th year, avoid unnecessary withdrawals to keep your savings grow.
  • Regularly monitor your PPF account statements. Stay informed about the changes in PPF interest rates and government policies and adjust your contributions ensuring they align with your overall financial plan.

Conclusion

In conclusion, actively monitoring your PPF account balance is not just a routine task but a strategic move for financial empowerment. From leveraging loan facilities to optimizing tax benefits and navigating maturity decisions, staying informed is key. This simple practice ensures that your PPF investments align with your evolving financial goals.
 

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Frequently Asked Questions

Can I check PPF balance through an SMS?

Yes, just sign up for SMS banking with your bank and send a message from your registered mobile number to get your PPF balance.

Is it possible to avail a loan against the PPF account?

Yes, if you have a PPF account, you can get a loan of 25% of the balance at the end of the second year. This option is available from the third to the sixth year after opening the account.

Is it mandatory to submit the PAN number when opening a PPF account?

Yes, it is mandatory to submit your PAN number when opening a PPF account.

Can I transfer money to a PPF account online?

Yes, online transfers are permitted for PPF accounts. You can transfer funds from your bank account to your PPF account using electronic methods.

Can a PPF account be closed before 15 years?

While premature closure is not allowed before 15 years, certain conditions such as serious illness or higher education expenses may permit early withdrawal.

Can PPF be withdrawn?

Yes, partial withdrawals are allowed from the 7th year onwards, subject to specific conditions and limits.

Can we withdraw PPF money online?

Online withdrawal facilities may vary among banks and post offices. Check with your financial institution for their specific online withdrawal options.

What is the minimum lock-in period for PPF accounts?

The minimum lock-in period for a PPF account is 15 years. However, partial withdrawals are allowed from the 7th year onwards.

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