The total amount deposited in PPF account subject to Maximum Rs 100000/- are under 80C of Income tax rebate.
Learn in few easy steps how to do National Electronic Funds Transfer, or NEFT to PPF account easily ?
1. PPF account must be with any Banks not with Post Office
2. Get IFSC Code and account number of your PPF account. To get IFSC Code check the passbook of PPF account or check online at respective bank’s site
3. Add the PPF account number as the beneficiary account through Internet Banking option (In SBI Internet Banking user has to add under profile and wait up to 24 Hrs for activation)
4. After getting approval one can transfer the fund easily through NEFT To PPF account as far now I have tries with SBI, ICICI Bank, IDBI Bank, Syndicate Bank (NEFT is not enabled, but payment can be made through any of the designated branches), HDFC Bank, Axis Bank, Bank of Baroda, Bank of India, Canara Bank etc.
5. This facilities is enable with almost all banks who have Internet Banking facilities (except few, kindly confirm with the bank’s customer care)
How can I transfer PPF account to SBI from any other Banks ?
This is easy, Just fill the form along with request letter to transfer the PPF account to SBI. Even from post office also one can transfer the PPF account and use the NEFT facilities.
Learn How to internally transfer fund to PPF account from SBI Internet Banking : Click Here