Public Provident Fund or PPF is considered as a good long term investment option. In fact, PPF is an ideal choice for the risk averse investors whose main concern is security of the money invested. You get to earn around 7.1% interest per annum. There is an assurance of getting your money back alongwith interest earned on maturity. The PPF interest rate is  revised every quarter.

For depositing money in your PPF Account, you have 2 simple ways:

1. Visit the Branch:

You can manually visit the branch to deposit your PPF instalments. You can fill in a payslip and deposit the requisite amount through an account payee cheque.

2. Online Fund Transfer:

You can deposit the money online. For this you have to get your net banking enabled. You can login and easily transfer funds online from your savings account into your PPF account.

Which option seems more convenient to you? Of course, the second one where you can transact online and save some of your precious time. The online PPF facility saves you from the hassles of standing in long queues, waiting for your turn to deposit your own money.

But, are you aware of the fact that How many Banks in India presently provide the facility to open a PPF Account? How many banks provide the online fund transfer facility?

We have compiled a List of banks offering PPF Account Services where you can easily transfer money to your PPF Account. PPF account offers Tax benefits under section 80C upto a maximum of Rs.1.5 lakhs only.

List of Banks Offering PPF Account Opening Facility :

1. State Bank of India or SBI PPF Account
2. ICICI Bank
3. HDFC Bank
4. Central Bank of India
5. Bank of India (BOI)
6. Union Bank of India
7. Bank of Maharasntra
8. IDBI
9. Bank of Baroda (BOB)
10. Vijaya Bank
11. Allahadbad Bank
12. Oriental Bank of Commerce(OBC)
13. Canara Bank
14. Corporation Bank
15. Dena Bank
16. Indian Bank
17. Axis Bank
18. Indian Overseas Bank (IOB)
19. Punjab National Bank (PNB)
20. United Bank of India
21. Syndicate Bank
22. Andhra Bank
23. UCO Bank

Note: These banks offer PPF facilities online as well as offline banking. The account holders of State Bank of Patiala, State Bank of Hyderabad, State Bank of Bikaner and Jaipur, State Bank of Travancore, and State Bank of Mysore can access their accounts from the nearest available SBI branch.

Now, most of the banks have started offering online account opening and online fund transfer facility. But, still there are some banks that do not provide online fund transfer facility. So, be careful in choosing the one having online fund transfer facility. Since this will simplify things for you. You won’t have to visit the branch again and again for depositing money in your PPF account.

Don’t miss to have a look at New PPF Rules: Changes introduced in 2019

We have also compiled a list of few major Banks providing online fund transfer facility.

PPF Banks List: Online Fund Transfer facility:

You can transfer funds online from a linked Savings Account into your PPF account.

Online PPF Fund Transfer facility is available for the following banks:

• State Bank of India or SBI
• ICICI Bank
• HDFC Bank
• Canara Bank
• Axis Bank
• Central Bank of India
• IDBI
• Allahabad Bank
• Bank of India (BOI)

Important: Five associate banks State Bank of Patiala (SBOP), State Bank of Hyderabad (SBH), State Bank of Bikaner and Jaipur (SBBJ),  State Bank of Travancore (SBT) and State Bank of Mysore (SBM) have now been merged into State Bank of India.

In case you opt for online facility, you need to add your PPF Account as a beneficiary in your savings bank account before transferring funds online.

Can we open PPF account online?

A very common query, Can we open PPF account Online without visiting the branch? No need to get confused between PPF Online account opening & PPF Online Fund transfer facility. These are two different things.

So, just clarify the difference…

While many banks have started the online fund transfer facility i.e. you can transfer funds online (deposit) to your PPF account. But, not many banks offer complete online account opening facility i.e. where you can open your account online without visiting the branch.

Some banks like SBI offer online account opening facility as well. But, you may still need to visit the branch for verification or submitting KYC documents.

PPF Account Opening Online:

• Fill relevant details in Form A on the respective bank’s website.
• Get the printout of completed form, sign it, paste your photograph and submit it at the branch. You should have your ID and address proofs ready in order to have the verification completed.

The above lists have been prepared on “as is ” basis, there may be certain additions or modifications in the above Banks lists. Do check with the respective banks and their branches before investing your money.

A must read : Best Savings Bank Account in India!

If you have any additions to make in the above list of PPF banks, do share the same with us. Also, feel free to discuss your individual experiences, so as to help our readers add to their investing knowledge.

For a detailed analysis on PPF do go through: PPF Account, Interest rate, Rules & PPF Calculator – A complete guide!