Transfer Money Online From Saving Account to SBI PPF Account
Today we are going to discuss on how to transfer money online from a savings account to SBI PPF account. The basic question we came across is that can we do Online payment to SBI PPF account. In current world we are more interested to transfer the money online and do not wish to go to bank for long queue and it is also time consuming. Good news is that now you can transfer the money/ funds to your SBI PPF account online from savings account. By the use of internet funds transfer you can do this very easily which was not possible earlier. If your PPF account is in SBI and your saving account is in either SBI or any other bank, you can transfer the money online.
There are various scenarios and in all the cases we can do online payment to sbi PPF account.
Case 1: If PPF Account & Saving Account both are in same branch of SBI
Step 1: If your PPF account and saving account both are in same branch of SBI then you don’t need to do much. Your PPF account is already linked with your bank account and you can see it in your net banking account. Select the payment/transfer tab after logging into online banking and you will see following screen.
Step 2: In the given screen select the own account option where you have to fill the amount which you want to transfer in your PPF account and then fill the remark for your future reference. Below will be the list of all accounts which are already added.
Step 3: Select the radio button of your PPF account and select the payment option like you want to Pay now or Schedule later or in frequency of time interval.
Step 4: After that click the submit button. That’s it!! your money is transfer in your PPF account successfully.
Case 2: If PPF Account & Savings Account are with SBI but in different branch
If your PPF account and saving account both are in SBI but both are in different branch in that case you should call the customer care or visit the branch & ask them to link your PPF and saving account and then you can use the above mentioned steps as used in Case 1. But if you are not in the city of your account or you are in out of India, in that case visiting the branch is not possible. In that case you have to transfer the money by using the “third party Beneficiary” method.
Case 3: If PPF Account is in SBI & Saving Account is in another bank
If your PPF account is in SBI and saving account is in another bank like ICICI/HDFC/any other bank then you need to follow below steps.
Step 1: You have to login in your online banking of your saving account.
Step 2: Add your PPF account as “Third Party Beneficiary”. For that you need to enter:
Payee Name which is same as the name in your PPF account name.
SBI branch Name where your PPF account is maintained.
Payee Account number – This is your PPF Account number.
Step 3: After entering all the above details your PPF account is added as the third Party account and then you can easily transfer the money/funds in your PPF account.
Please Note: – If your PPF account is in Post office in that case online transaction is not possible. Please read this for PPF Account in SBI