Public provident fund is India’s popular investment scheme that provides high and stable returns along with associated tax benefits. It is a mandated government plan that is backed with guaranteed earning to safeguard the monetary requirements of the Indian working class. If you want to check on your PPF account balance, then there are several provisions to do so. People having PPF account in SBI can check their balance by both online and offline methods. However, there are certain conditions to check the account balance through online mode.
Check PPF Account Balance through Personal Visit to Bank
Anytime you want to check your PPF account balance in the SBI, you just need to make a personal visit to the nearest branch of the bank(during its working hours) and request the bank officials to help you. You may also have to fill a form to state your query. Just remember to carry your account passbook and identity proof and you would get immediate access to your PPFaccount balance.
Conditions for Online Checking of PPF Account Balance
There are certain conditions to check SBI PPF account balance in the SBI through net banking mode.
- Maintain a Savings Account in the SBI bank if your PPF account is already created there.
- Link the Savings Account with the PPF account to check the account details.
- Ensure that you have the same customer ID in the savings account as the one used in the PPF account. You can open internet banking with your associated Savings Account by getting username and password from the bank. You may even need to get a PIN.
- Make sure that your online banking facility is activated and gives you the provision of funds transfer from your savings account to PPF account. You can give a standing instruction to the bank to transfer the funds to avoid any missed payments.
Check PPF Account Balance through Net Banking Facility
The online banking facility provides a convenient way to check your PPF account balance in the SBI bank. Through this facility you can check the PPF account balance from the comfort of your home. You can easily check the PPF balance in any of your smart devices or a laptop with the help of an internet connection. The steps to check the account balance are as follows:
- Go to the official SBI page and click on the ‘personal banking’ tab.
- Use your username and password to log in the PPF account portal of SBI.
- The SBI screen would display both the PPF account and Savings Account. Click on the PPF account tab.
- Hit the button ‘Click Here For Balance’. You will immediately see the balance amount in the new window. There is an option to go through the previous ten transactions under the PPF account.
- There is also a choice to check on the details of inactive, matured, closed, or old PPF accounts that were linked with the SBI bank. You can use this action by hitting the button ‘Click here to view the details of Matured/Closed Accounts’.
- SBI also allows you to view the available balance of all the accounts through the button ‘View All Balance’.
- You may even check the last 10 transactions.
Check PPF Account Balance Through YONO, SBI Mobile App
YONO is a digital app of SBI that gives you the flexibility of mobile banking. You can use this app in your android device by downloading it from the Play Store. Your bank will assist you to access the mobile facility by providing an mPIN to log into the YONO app. You can log into the app with the same username as the one provided for net banking facility. First-time users need to use mPIN and OTP (sent to your registered mobile number) to set a password. YONO apps provide a number of provisions such as money transfer, fee payment, etc. You can also check your PPF account details such as PPF account balance under the section ‘My Deposits’. The available balance would be displayed in front of the PPF account number.
Note: Although SBI provides the provision for Savings Account Balance Check through Missed Call Service and SMS service, the same is not extended to PPF Account Balance
The Importance of Checking PPF Account Balance
It is vital to regularly check the account balance of your PPF account to make yourself acquainted with the interest which you would earn on an annual basis. There is a change in the PPF interest rate on a quarterly basis and this makes a variation in your earning. The total interest earned in a given year is added to the account balance towards the end of every fiscal year.
A regular assessment of your PPF account balance would empower you with the knowledge of the total amount that you would receive at the time of PPF maturity. This would allow you to invest in an educated and informed manner.
The government allows you to make partial withdrawals from the PPF account after a locking period of seven-years. If you want to take-out small amount of money from your account then the knowledge of available account balance would help you to do so.
Even in the case of a loan against the PPF account, the knowledge of PPF account balance helps in getting the adequate loan.
Why Is There Less Balance in MY PPF Account Balance?
Is your PPF account balance showing a lower amount than what you had anticipated? In most cases there is nothing much to worry. The PPF account could show a lesser balance due to several reasons.
- Interest Calculation: The interest on a PPF account is calculated towards the end of a fiscal year. So, you need to have patience till 31st March to wait and see what is your actual PPF balance after the interest has been added to it.
- Late Deposit: The amount should be added to your PPF on or before the 5th of every month. If you transfer the amount late to this account, then the interest for that month won’t be added and would only show earning in the interest from the subsequent month onwards.
- Loan Deduction: The PPF can also show a lower balance due to loan deduction.
- Change in Interest Rate: The interest rate of Public Provident Fund tends to change every three months. Hence, if you are calculating the PPF account balance, then you need to keep yourself updated with the latest interest rate and calculate accordingly.
Create a Good PPF Account Corpus
In the long-term, the PPF account balance shows beneficial results. It provides tax benefits added with high rate of interest. Therefore, you must work on building agood corpus in your PPF account. The ways to doing this is by
- Make regular deposits in your account. You can take the help of SBI’s scheduled fund transfer facilityor even do it online by yourself.
- Begin deposits from the beginning of the fiscal year rather than wait for the end of the financial year to make the deposit.
- Choose PPF account over fixed deposit because PPF account provides a superior rate of interest.
- Overcome procrastination and augment regular deposits through internet banking facility.
Note: If you are unable to access your SBI PPF account due to some reason, then try using PPF calculator to know the available balance. The PPF calculator also provides an estimate of the PPF investment.
Ans: The PPF account is singular to a person and anyone can have just a single account. So, you cannot open a joint PPF account.
Ans: PPF account does not require any PAN number so even if you do not have a PAN number, still you can open a PPF account. However, if you are an earning individual, then it is highly recommended to get a PAN number.
Ans: Yes, a minor can have a PPF account. The guardians or the parents of a minor can open a PPF account on his/her behalf after the submission of relevant documents.
Ans: A person is not allowed to close a PPF account prior to its maturity. Nevertheless, in case of premature death of the account holder, the corresponding PPF can be closed. Moreover, if the account holder suffers from some monetary or medical constraints and is not able to make payments for a period of 5 years, then a premature account closure may be taken into consideration.
Yes, SBI customers can open PPF accounts online for both themselves or minors.
Ans: To change the nomination in the PPF account, you are required to fill in Form F with the necessary details.
Ans: The PPF account can only be maintained by the original account holder and no one else. Hence, the nominee cannot operate this account after the demise of the account holder.
Ans: The PPF facility is open only for Indians living and working in India.So, NRIs cannot avail this facility.
Ans: You can apply for a loan between the third and sixth fiscal year, after opening the PPF account.
Ans: You would be charged an amount of INR 50 if you do not make a payment of INR 500 per financial year.