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How to deposit money online in your PPF account

Three ways to do this
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Three ways to do this

Most banks and post offices allow online deposit of money into PPF (Public Provident Fund) accounts held with them. There are three different methods of depositing money in your PPF account through the online mode.

PPF subscribers can make online transfers from their savings account or direct online fund transfer if they maintain their PPF and savings account(s) with the same bank. Else, they have to use NEFT or ECS mandate to make deposits from savings account maintained with a different bank. Here are the methods of making an online payment to your PPF account.

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​NEFT mode
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​NEFT mode

NEFT or National Electronic Funds Transfer is a method for transfer of funds between bank accounts. It can be done online via Net-banking. You need to have a PPF account number and the IFSC of the bank branch with which the PPF account is held. NEFT can be done from both savings and current accounts. You can make intra-bank or interbank transfers. Since the NEFT process operates in half-hour interval/batches, it may take a few minutes/hours for your money to get transferred into your PPF account.

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ECS Mandate
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ECS Mandate

ECS or Electronic Clearing System mandate is a process by which you can transfer a fixed amount of money periodically from one bank account to another. You can set an ECS mandate for a PPF account. The money gets deducted from your bank account automatically and gets deposited in the PPF account. This process is used in case of making interbank transfers. To initiate this process, you need to visit the nearest bank branch, sign the ECS mandate form and submit it to your bank. As per the signed mandate, the amount will automatically get deducted from your bank account (savings or current) on a pre-fixed date and get deposited to the PPF account on the same day.

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​Standing instruction
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​Standing instruction

This is a process where you can ask the bank to debit and transfer money from your bank (savings/current) account to your PPF account, held with the same bank. It is a flexible system where one can deposit money either on a monthly or daily basis subject to the maximum deposit limit of Rs 1.5 lakh for PPF accounts in a financial year. Once you have given the standing instruction to the bank, the money gets deducted from your account automatically and gets deposited in your PPF account.

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​How to make the best use of transferring money online?
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​How to make the best use of transferring money online?

Some of the above methods of transferring money online into your PPF account may involve certain charges depending on the amount being transferred, the time of transfer and the bank/post office in question. The best way to make use of these payment methods is to deposit your money before the fifth of every month. The interest on PPF deposit is calculated every month on the basis of the lowest balance maintained between the fifth and the last day of every month.

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