How to transfer funds from bank account to PPF, Sukanya Samriddhi Yojana, post office savings account without adding beneficiary
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Transfers made easy
The government has made it easier for investors to transfer money from their bank accounts to Post Office (PO) savings accounts, Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY) without adding a beneficiary.
According to the Ministry of Communications latest SB Order No. 09/2023, contributions can be made online with or without adding a beneficiary.
According to the SB Order No. 09/2023, dated April 5, 2023, “It has been observed that general awareness of these facilities amongst staff and account holders is not adequate. Therefore competent authority has decided to circulate the process for fund transfer from Bank Account to PO Savings Account PPF/SSA by using NEFT/RTGS facilities.”
According to the Ministry of Communications latest SB Order No. 09/2023, contributions can be made online with or without adding a beneficiary.
According to the SB Order No. 09/2023, dated April 5, 2023, “It has been observed that general awareness of these facilities amongst staff and account holders is not adequate. Therefore competent authority has decided to circulate the process for fund transfer from Bank Account to PO Savings Account PPF/SSA by using NEFT/RTGS facilities.”
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Things to note before transferring funds to PPF/SSA
Before initiating a fund transfer to PPF or SSA, account holders are encouraged to be aware of the following points.
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5 points to note
There should be no unpaid defaulted subscriptions from previous years in PPF/SSA accounts. It must be deposited at any CBS post office if the account has a past-due subscription.
If your PPF account has matured, you have one year from the maturity date to submit an Account Extension Form and your passbook to the appropriate post office.
Transfers of PPF/SSA money must be made in multiples of Rs. 50.
PPF/SSA transfers are limited to Rs 1.50 lakh per fiscal year.
A NEFT Transaction that fails due to technical issues will have the money reversed in the affected bank account within one business day.
If your PPF account has matured, you have one year from the maturity date to submit an Account Extension Form and your passbook to the appropriate post office.
Transfers of PPF/SSA money must be made in multiples of Rs. 50.
PPF/SSA transfers are limited to Rs 1.50 lakh per fiscal year.
A NEFT Transaction that fails due to technical issues will have the money reversed in the affected bank account within one business day.
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How to transfer funds sans beneficiary
Step 1: Login into net banking of bank account
Step 2: Go to Payment/Transfer Tab
Step 3: Select Quick Transfer (without beneficiary)
Step 4: Enter beneficiary name
Step 5: Enter beneficiary PPF or SSA or PO Savings Account no, Re-enter beneficiary PPF or SSA or PO Savings account No.
Step 5: Select Payment option "Inter Bank Transfer" . Enter IFSC Code IPOS0000DOP
Step 6: Select Transaction mode "NEFT"
Step 7: Enter amount to be transferred
Step 8: Select purpose 'Deposit/investment'
Step 9: Accept terms and conditions and click on Submit
Step 10: Click on Confirm. Enter OTP and click on Confirm
SMS will be received for debit and credit.
Step 2: Go to Payment/Transfer Tab
Step 3: Select Quick Transfer (without beneficiary)
Step 4: Enter beneficiary name
Step 5: Enter beneficiary PPF or SSA or PO Savings Account no, Re-enter beneficiary PPF or SSA or PO Savings account No.
Step 5: Select Payment option "Inter Bank Transfer" . Enter IFSC Code IPOS0000DOP
Step 6: Select Transaction mode "NEFT"
Step 7: Enter amount to be transferred
Step 8: Select purpose 'Deposit/investment'
Step 9: Accept terms and conditions and click on Submit
Step 10: Click on Confirm. Enter OTP and click on Confirm
SMS will be received for debit and credit.
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How to transfer funds after successful adding beneficiary
Step 1: Go to Payment/Transfer Tab
Step 2: Select Other Bank Transfer
Step 3: Enter beneficiary name
Step 4: Select NEFT/RTGS for Savings Account and NEFT for PPF/SSA Account
Step 5: Click on proceed
Step 6: Select purpose 'Deposit/Investment'
Step 7: Select the beneficiary
Step 8: Accept terms and conditions and click on Submit
Step 9: Click on Confirm. Enter OTP and click on Confirm.
Step 2: Select Other Bank Transfer
Step 3: Enter beneficiary name
Step 4: Select NEFT/RTGS for Savings Account and NEFT for PPF/SSA Account
Step 5: Click on proceed
Step 6: Select purpose 'Deposit/Investment'
Step 7: Select the beneficiary
Step 8: Accept terms and conditions and click on Submit
Step 9: Click on Confirm. Enter OTP and click on Confirm.