Public Provident Fund (PPF) is a popular tax-saving savings scheme with a maturity period of 15 years. To maintain financial awareness and security, it is best to check the balance of your Public Provident Fund (PPF) Account regularly.
Steps to check the PPF Account balance
Online
One of the easiest ways to check your PPF balance online is via your bank's net banking portal. You will first have to link your Savings Account to your PPF Account. You can then log in, navigate to the PPF section and view your balance.
If you have an Axis Bank PPF Account and activated net banking, you can log in and find all the details related to your PPF Account and Savings Account.
Offline
You can visit your bank branch to check your PPF balance. Speak with a representative or use the passbook printing machine to update your passbook and view your balance. Some banks also offer 24/7 kiosks where you can get your passbook updated at any time.
Important reasons to check your PPF balance
Financial planning and goal setting
Regularly checking your PPF balance helps you assess financial progress, plan future goals and adjust contributions. This is crucial for long-term planning. Using a PPF Calculator can help you estimate your potential returns based on different contribution amounts and frequencies, which helps with effective planning.
Interest accumulation awareness
The interest on your PPF Account is calculated monthly based on the lowest balance between the 5th and the end of each month, but it is deposited in your account annually. The PPF interest rate, decided by the Finance Ministry, is subject to change quarterly each year. Regularly checking your PPF balance helps estimate your annual interest, which is crucial for understanding investment growth and maximising returns.
Withdrawal and loan options
PPF Accounts allow partial withdrawals after 5 years, which can be useful during emergencies. Tracking your balance helps determine withdrawal amounts and loan eligibility between the 3rd and 6th years.
Monitoring contributions and transactions
The maximum contribution limit to PPF is ₹1.5 lakh per financial year.
Avoiding account inactivity
Your PPF Account might become inactive if you don't contribute a minimum of ₹500 to your PPF Account in a financial year. Regularly checking your balance helps you keep the account active and is crucial if you plan to extend it after maturity.
Also Read: What are the Public Provident Fund (PPF) withdrawal rules?
Conclusion
Knowing how to check your PPF balance is essential for managing your long-term savings. Whether you prefer online or traditional methods, it's important to stay aligned with your financial goals.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision
