PPF online payment
All of us are aware of the tax benefits, as well as long term saving benefits of PPF Accounts.In addition it is also a government of India controlled and operated saving instrument, much like Provident Fund. Hence the investment has full risk coverage from the government of India.
Opening and operating PPF Account
First and foremost we must be aware how to open and operate this account. In brief, the PPF Account can be opened with any of the Post Offices and any of the branches of SBI (State Bank of India). From the year 2005, ICICI Bank has also been offering this scheme.
How to make PPF Online Payment
PPF Online Payment is not as simple a task, as we make other online payments such as Insurance Premium, Utility Bills, or buying insurance for automobiles. This is particularly so if you have opened your PPF Account in post offices.
It is simple if you are going to post office personally to pay the premium for PPF Account. However the designated bank, which can collect PPF Online Payment, is State Bank of India. FOR SBI online PPF payment you will have to go personally to SBI and request them to activate your PPF Account for online payments. They will then obtain the necessary details of your PPF Account and activate it for online payments. Once done, then you can access it online and then pay your PPF Premium by PPF Online Payment mechanism.
It must be mentioned that this process has been found to be cumbersome by quite a few people, at least in the initial stage that is during the first Online Payment of PPF Premium. Then it becomes a regular process.
You can also directly open your PPF Account with State Bank of India, and then start makes PPF Payments online.
However there is another option available, and that is opening PPF account with ICICI Bank, which had started offering PPF Account from the year 2005. Here all your accounts, including your credit cards, fixed deposits, PPF Account are all attached to a single access. So, if you have opened your PPF Account with ICICI bank, the PPF Online Payment is just a few clicks process, exactly like all other online payments.
As of now these are the only two banks through which one can make PPF Online Payment of premiums. As and when newer options are made available for PPF Online Payment, the same will be updated in this site.