How to Check PPF Account Balance?

Source: taxguru

A Public Provident Fund is one of the safest forms of investment. You can start investing with just Rs.500 a year, while maximum deposits can range up to Rs.1.5 lakhs annually. As an investor, you can also check PPF balance in several ways. 

In this piece, you will find some necessary details and inputs on the PPF account balance check.

Let’s learn more!

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Before knowing how to check PPF balance, it is vital to understand PPF in detail. The Public Provident Fund scheme is a long-term saving and investment instrument introduced by the Central Government of India. It was introduced under the Public Provident Fund Act, 1968 to provide retirement security to self employed individuals and workers in an unorganized sector. It has a maturity tenure of 15 years. 

However, Indian residents can extend it for any number of times for a block period of 5 years. The amount that is present in such an account at any time is known as the PPF balance. No premature closure is allowed except in certain special cases.

As it is a long-term investment, it is advisable to keep a tab on your account. There are various procedures of checking PPF balance online and offline. In the following sections, we explain the multiple ways in detail for your convenience. 

However, it is vital to consider certain factors prior to PPF account balance check online or offline.

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Depending on the mode you choose to check PPF balance, there are some requisites. For instance, if you plan to check PPF balance in a bank or online mode, consider the following factors:

• It is desirable to have a savings account and a PPF account in the same bank. 
• The link between both the accounts- savings and PPF will enable you to check the account details. 
• You must ensure your savings account is accessible online. For that matter, you need to collect net banking credentials from the concerned bank. This will also allow you to deposit money online.
• In some instances, you also need to acquire a PIN. 

These are the basic requirements for a PPF balance check. Once you cater to these, you can proceed to the balance checking part.

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There are two generic ways in which one can check their PPF balance.

• Online mode: Here, the applicants can directly check details by logging into their bank e-portals. 
• Offline mode: Individuals need to visit the authorized bank branch for a balance check.

However, one can also check PPF balance online in a post office and also by SMS. 

Therefore, read on to know more about the balance checking procedures.

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One must know how to check PPF account balance online because it is less time-consuming and simple. Here are the steps to follow to check PPF balance in the online mode.

• Log in to your bank’s online portal. 
• You will find “Savings Account” and “PPF Account” options on the dashboard. 
• Upon clicking on the second option, you will be able to view your PPF account details. Click on the “Click here for Balance” tab. 

Furthermore, you have the option of checking your last 10 transactions using the PPF account. You can also check the details of matured or closed accounts and view balances for all your accounts by clicking on the respective tabs.

Note: It is essential to have net banking facilities for a simple and efficient way to check balances, pay bills, deposit money in a PPF account, and much more. 

However, if you do not have an internet banking facility, you can check your PPF balance by visiting a bank.

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Given below are the few ways in which you can check the PPF account balance from a bank.

• Once you open a PPF account from a bank, it provides you with a passbook. 
• The passbook contains several vital information like:
  • PPF account number
  • Authorized bank branch details 
  • Details of credits and withdrawals from the account 
  • Account balance 
• To check PPF balance, update your passbook by visiting the branch and know your balance. 
• The PPF passbook will provide all the necessary details. I.e. an overview of all the transactions, current PPF balance, maturity date and all other relevant information one can require.

If an applicant wants to avoid the hassle of visiting a bank, they can also go for a PPF balance check by SMS services.

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Individuals can check their Public Provident Fund balance through SMS and save time in the process. If you are wondering how to check the SBI PPF balance through SMS, all you need to do is type “BAL” on your phone’s messaging application and send it to 9223766666. 

Additionally, one can download the SBI mobile app YONO for checking PPF balance. Therefore, applicants can opt for a convenient way to check their account balances by using their smartphones. 

However, the rural population in India does not have the privilege of banking and smartphone facilities yet. For them, visiting a post office for a PPF balance check is a desirable option.

PPF accounts opened in post offices are accessible in both online and offline modes. Individuals searching for “how to check my PPF account balance in a post office online” must consider certain points for a seamless balance checking experience. 

• One needs to possess an establishment number and PF number to view their PPF account balance. 
• Before knowing how to check PPF account balance online in a post office, an applicant must open his PPF accounts from a head post office or a sub-post office where PPF facilities are present.

Also, one should be aware of the offline procedure as well, which includes:

• Upon opening a PPF account, one will be provided with a passbook. 
• This passbook contains vital information concerning your account. 
• To check an applicant’s PPF account balance, one needs to update this passbook from a post office. 

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Now that you are aware of the balance checking procedures, you might wonder why it is important to check the Public Provident Fund balance. In the following section, you will find the reasons for the same.

• An individual, who keeps a tab on his PPF account balance, would easily learn about the earned interest on each investment. As per the Finance Ministry, this rate is subject to change quarterly every year. Therefore, the interest does not remain constant throughout the tenure of investment. This earned interest is credited to an applicant’s PPF account at the end of each financial year.
• An individual can easily calculate the amount of interest accrued which also helps one to calculate his taxable income and tax liabilities.
• Regular monitoring of a PPF account balance helps in estimating the corpus they will receive after an account’s maturity. 
• After 5 years of investment in PPF, one can opt for a partial withdrawal. Therefore, constant checks on PPF balance will explain how much an individual will receive after the withdrawal. 
• The most important aspect of checking the PPF balance is the availability of funds during times of need. One can avail of collateral-free loans against the PPF amount to finance their needs. Between the third and sixth financial year, this loan will be available to an applicant. 
• The individual may secure an amount equivalent to 25% of the available PPF balance in the second year that precedes the loan application year. Therefore, to know how much loan amount one can apply, it is necessary to check the Public Provident Fund balance beforehand.