PPF or Public Provident Fund is one of the saving schemes introduced in the year 1968, by the National Savings Institute of India’s Ministry of Finance.
Following is a table illustrating the applicable rates on PPF for each quarter from FY 2018-19 – 2021-22
|Rate of interest||7.6%||7.9%||7.10%|
To keep track of interest accumulated on their PPF account it is crucial for the concerned person to conduct a PPF balance check, at least once a year.
Individuals are imparted with several crucial pieces of information when they conduct a routine check of their PPF balance. Some of them include –
Individuals can avail the facility of checking their PPF account balance both online and offline. They can check their account balance by visiting the respective post office. Additionally, individuals living in remote areas of the country with limited access to banks and associated facilities often avail the services of their post office to open PPF accounts. Ways for a PPF balance check:
Making use of a bank’s online facilities is the most convenient way to check one’s account balance. These online facilities are available 24×7 and have streamlined the process of checking PPF account balance to make it more efficient.
However, individuals should note that the service to check PPF balance online is available for only those who have opened their PPF accounts at a bank. Additionally, they also need to link their previously existing savings account with the bank to the PPF account, to avail the facility of checking PPF balance online.
Following is the process to check account balance online –
Through this online facility, people can also avail the facility of checking up to ten of their latest PPF account transactions. Additionally, they can also view all the particulars of their inactive, matured, closed and old PPF accounts under the same bank through the same online account.
To check their PPF account status offline, individuals have to visit the nearest branch of the bank through which they have opened their account. But before doing so, there are a few pertinent details that need taking care of. These are –
To make the process simpler, many banks have introduced the facility of updating passbooks automatically through banking kiosks. This facility is available 24×7 to make it convenient for individuals to check their account balance offline.
Individuals residing in remote areas of the country without proper banking facilities can check their PPF account balance from the post office with which they have opened their accounts. The process of checking the account balance from the post office also includes updating the passbook which they have been provided with.
Another important reason for individuals to check their account balance is to formulate financial plans for the future. Based on their accumulated account balance, individuals can choose to avail the following options after their account reaches maturity –
Also, under PPF rules 2021, this is the default treatment of an account if an individual does not choose to take any action regarding it. With this option, a person can withdraw any amount from their account as long as they do it once in each financial year. The remaining amount accumulates interest at the applicable rate.
To avail of this option, they have to submit Form H with the bank where they have their PPF account. In this case, individuals can choose to withdraw up to 60% of their existing PPF amount within the time of an extension.
A person can choose to extend his/her PPF tenure with blocks of 5 years at a time. In the meantime, they can track the amount accumulating in their account through regular checks on their PPF balance online or offline.
To increase their savings corpus, individuals can adopt the following methods for their PPF –
A person following the above procedures can easily accumulate substantial savings in their PPF account. However, it is best to keep track of the PPF account balance to maximise on their savings.
Q1. Is it important to check PPF balance?
Due to the long term nature of PPF it is essential to track the account’s balance.
Q2. Can I withdraw my PPF balance?
You can fully withdraw your balance upon fifteen years of the investment.
Q3. How to check PPF balance?
You can check your balance online, or even give a missed call to 9223766666.
Q4. How can I get a PPF statement?
You can view or print a mini and detailed statement on the official website from the my accounts section.
Q5. Can I check PPF balance through an SMS?
Yes, you can. You can send a message that says ‘BAL’ to 9223766666.