Last Updated on Jul 8, 2022 by
Public Provident Fund (PPF) is popular among risk-averse investors since the returns thereon are guaranteed by the government. However, investors of any risk profile can open a PPF account to diversify their portfolio. As PPF is a long-term investment, keeping a tab on the account now and then is essential. Here in this article, we’ll see how to check your PPF balance.
Table of Contents
How to check PPF balance?
There are a few different ways to check your PPF balance:
- Online
- Offline
- At the post office
- Through SMS
- Through missed call
1. Check PPF balance online
It is the most convenient way to check your PPF balance anywhere at any time. However, this service is only available to individuals who have opened their PPF accounts at a bank. Also, once you open your PPF account at a bank, you must link it to your savings account. Here are the simple steps to check your PPF balance online:
- 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.
This method not just provides you with the existing balance but also other information like past transactions on the account and closed/old PPF accounts (if any).
2. Check PPF balance offline
You can check your PPF balance offline at the bank where you have opened your account. Follow the steps below to check your balance at the bank.
- When you open a PPF account at a bank, you get a passbook with key details like PPF account number, account holder’s name, transactions, balance and more.
- Carry your PPF account passbook while visiting the bank.
- Provide your passbook to the bank officials to get it updated.
- The updated passbook will have the transactions on the account along with the PPF balance.
Several banks in India have set up kiosks to update the passbooks automatically. These kiosks are available 24*7.
3. Check PPF balance at the post office
PPF account holders who have opened their accounts at a post office can check their balance by visiting the branch.
- Like banks, post offices provide a passbook on opening a PPF account.
- Take your PPF passbook to the post office you’ve opened your account at and get it updated. The updated passbook will have the details of the past transactions on the account and the account balance.
4. Check PPF balance through SMS
If you have opened the PPF at a bank, you can instantly check the balance through SMS. Register for the SMS banking facility at your bank and get the PPF balance by just sending a message from the registered mobile number.
5. Check PPF balance through a missed call
A few banks offer simple banking services like balance checks through missed calls. If your bank offers such phone banking services, you can instantly get the PPF balance details via a missed call.
Why should you check your PPF balance?
PPF contributors must often keep an eye on their accounts for the following reasons:
- The government changes the interest rate of the PPF, which gets credited to your PPF account once a year. Hence, to check the interest earned on the account, it is necessary to check the PPF account and the balance at least once a year.
- After 5 yrs of the investment, individuals can partially withdraw their funds from the PPF account. By keeping track of the account balance, you can determine how much to withdraw.
- The PPF account holders are eligible for a loan against the account between the 3rd and 6th yr of the investment. For example, if you started your PPF contribution in 2020, you are eligible for a loan from 2023-2026. The maximum loan offered is 25% of the PPF account balance at a tenure of 36 months and a 1% interest rate per annum. To get a loan, you need to figure out your account balance.
PPF interest rate
The PPF account interest rate for the July to September quarter of FY 2023 is 7.1%. The interest rate is calculated on a monthly basis and credited to the account once a year.
PPF withdrawal rules
The PPF account comes with specific withdrawal rules as follows:
- You can withdraw the full amount from the PPF account only on maturity, that is, 15 yrs.
- In the case of emergencies, you are allowed to withdraw partial funds after 5 yrs of the account opening date.
- You are eligible for PPF premature closure after 5 yrs of the account opening.
- If you do not want to contribute to the PPF account anymore, they can leave the account by not closing it. The interest rate will be added to the account balance till the account is closed.
- After the maturity period, i.e., 15 yrs, you can extend the account for five more years.
FAQs
1. What is a PPF account?
A PPF (Public Provident Fund) account is a long-term saving scheme by the government of India. The account allows an investment of Rs. 500 to Rs. 1.5 lakh per fiscal.
2. How to open a PPF account?
You can open a PPF account at the bank or a post office. Get the PPF application form, fill it out correctly and submit it at the bank/post office along with the required documents. Once the documents are verified, the account will be open.
3. What is the post office PPF interest rate?
The PPF account interest rate will be decided every quarter by the government. The current interest rate on the PPF account for July to September FY 2023 is 7.1%.
4. Can we open a PPF account online?
Yes. To open a PPF account online, you must have a savings account with an internet banking facility. You can log in to your internet banking account and open the PPF account.
5. How to check PPF balance in SBI?
You can check your PPF balance in SBI via internet banking, YONO mobile banking app, sending an SMS to 9223766666 as “BAL” or giving a missed call on the same number. You can visit the bank with the PPF passbook to get the balance details offline.
6. How to check PPF balance in HDFC?
You can get PPF balance details in HDFC by using their internet banking services or visiting the HDFC bank with the PPF passbook.
7. How to check the PPF account balance in the post office online?
You can also check the PPF balance on the India Post website or the mobile app. Log in to the app/website to get the PPF account details online.
8. How to check PNB’s PPF account balance?
Individuals holding a PPF account at the PNB (Punjab National Bank) can log in to the bank’s internet banking portal and get the PPF account balance.
9. How to check Bank of Baroda’s PPF account balance?
You can log in to your Bank of Baroda’s internet banking portal and visit the accounts/deposits section to find the PPF account. Click on the account to get the updated balance information.
10. What are the tax benefits provided on the PPF account?
The yearly contributions to the PPF account are eligible for a tax deduction under Section 80C, while the interest earned and returns are tax-free.
As an insatiable reader and learner, I’ve spent the last two years exploring the world of finance. With my creative mind and curious spirit, I love making complex finance topics easy and fun for everyone to understand. Join me on my journey as we navigate the world of finance together!
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