A PPF account is one of the most trusted investment instruments in India. Let us understand how to transact in your HDFC Bank PPF account online.
A Public Provident Fund account, commonly called as a PPF account, is one of the most trusted and efficient instruments that has helped many investors to create a healthy wealth corpus by investing small amounts regularly over a longer horizon. This instrument offers attractive benefits to the investors like wealth creation through good returns, tax benefit, loan facility and safety. Investing in PPF account is an excellent way to create corpus through regular savings. The PPF account offers an opportunity to the investors to create and build long-term wealth.
State Bank of India, ICICI Bank and HDFC Bank are few of the leading banks that offer the facility of opening a PPF account with the bank. So, if you are an existing HDFC Bank account holder then opening PPF account and depositing money in the account is very simple and quick. The following article will help you understand how to invest money in HDFC Bank PPF account.
Steps for depositing money in HDFC Bank PPF account
Open PPF account
For depositing money in HDFC Bank PPF account, it is important to first open a PPF account with HDFC Bank. Any Indian Citizen is eligible to open a PPF account, either in their own name or in the name of their minor child. You can open the account either in Post Office or in a leading bank. For opening PPF account the investor needs to fill and submit following documents:
- Application Form
- Copy of Identity Proof
- Copy of Address Proof
- Passport Size Photographs
- Nomination Form
Once you submit the above documents along with initial deposit amount, your PPF account shall be opened. However, if you are an existing HDFC Bank customer opening PPF account is instant and hassle-free. Obtaining a PPF account Passbook is proof that your HDFC Bank PPF account is opened. This passbook contains all your PPF account details, transaction details, personal details of the account holder etc.
Mode of opening PPF account
You can open HDFC Bank PPF account either online or via an offline channel. For offline mode, you need to visit the nearest HDFC bank branch and submit the above listed documents. Under the online mode, you can open PPF account anytime i.e. 24*7. Following is the process to open HDFC Bank PPF account online:
- Sign in to your HDFC Bank’s Net Banking facility.
- Under accounts section, click on ‘Public Provident Fund’ tab
- Enter all the required information and the initial deposit amount you want to invest in your HDFC Bank PPF account.
- Add nominee details and click on ‘submit’ button.
- Once all the details are submitted, your PPF account shall be opened.
- Once PPF account is opened online, you can easily transfer funds from your savings account to your HDFC Bank PPF account.
- Kindly note, for opening HDFC Bank PPF account, you need to remember following points:
- You must hold HDFC Bank savings account.
- You must have an activated net-banking and/or mobile banking facility for your HDFC Bank account.
- Your ‘Aadhaar’ card number should be linked to your savings account.
- Your mobile number must be linked to your Aadhaar card in order to receive an OTP. By entering OTP, you are e-signing or e-authorising HDFC bank to open your PPF account.
Process of depositing money in HDFC Bank PPF account
You can deposit an amount in your HDFC Bank PPF account in two ways, namely Offline Channel and Online Channel. Let us understand these modes of money deposition in detail
Offline Channel: You can deposit money in your HDFC Bank PPF account through offline channel. Offline channel refers to visiting the nearest HDFC bank branch and depositing the amount either by cash, cheque or demand draft.
Online Channel: You can easily deposit the money in you HDFC Bank PPF account through online channel. Online channel is simple, quick and hassle-free. You can carry out direct fund transfer transaction in your HDFC Bank PPF account online, if your savings account and PPF account, both are with HDFC Bank. However, if you have HDFC Bank PPF account and Savings accounts are of different banks, then you have to carry out a third-party transaction. Following are various ways in which you can carry out money deposition transaction in your HDFC Bank PPF account online:
Net Banking Facility: One of the most popular methods of fund transfer is Net Banking. For transferring funds via net banking facility, you need to login to your savings account portal. If you are holding a HDFC Bank savings account and HDFC Bank PPF account, then you can directly transfer funds within minutes. However, if your savings bank account is with different bank, then you need to enter details of your HDFC Bank PPF account like account number, IFSC Code, Bank Branch details etc. and then the funds shall be transferred.
Mobile Banking: Mobile Banking is one the most convenient and new age transaction methods for fund transfer. For transferring funds to your HDFC Bank PPF account using mobile banking, you need to first log in to your mobile banking app. Enter the details of your HDFC Bank PPF account, enter the amount to be deposited and click on submit. Within a few hours, you shall receive the notification of amount credited to your HDFC Bank PPF account.
Standing Instruction: You can issue a standing instruction to your banks where you hold your savings account stating the amount and date on which the amount from your savings account needs to be credited to your HDFC Bank PPF account. Once the bank receives a standing instruction, they shall credit the amount to your PPF account on designated date.
ECS Mandate: Similarly, if you provide an ECS mandate to your bank, then they shall carry out the process of crediting your HDFC Bank PPF account with the amount specified by you as per the ECS mandate offered by you on specific date.
Kindly note, in case of standing instruction and ECS mandate, you need to keep sufficient balance in your savings account to carry out the fund transfer process.
Thus, in this manner, you can easily transfer money online to your HDFC Bank PPF account within no time and hassle-free.
Recommended Read: Start Your Investment Journey? Here’s How PPF will Help You