In a post about SBI PPF Application form, we’ve said that many people prefer to open their PPF accounts in a Bank rather than in a Post Office (see PPF in Post Office). Here is one benefit of doing so; transfer funds to your PPF account online.
If you have Internet Banking facility with your SBI (or its Associate Banks’) account, you can transfer funds to your PPF account just like how you transfer money to a third party account. You have the account number of your PPF account and the IFSC code is the code of the branch where your PPF account is opened. Simply using both you can transfer funds to your PPF account. PPF rules allow you to contribute a maximum of Rs.70000 per year and you can add funds once every month (12 times in a year). There are some restrictions, or rather pre-mentions concerting funds transfer to PPF accounts from your Net Banking accounts. You can find these there too, but we put them here for your convenience:
The Cut off time for a PPF transaction is 8PM. Any transaction (funds transfer) that occurs after 8PM will only be processed the next day. For example, any funds transfer to a PPF account from 8PM to 7AM (next day) will be processed after 7AM only.
You also cannot schedule a standing instruction in case of a PPF credit.