The Public Provident Fund and Sukanya Samriddhi are popular among small savings schemes and these both schemes need to be maintained by depositing yearly minimum contributions. According to the Ministry of Communications latest SB Order No. 09/2023, contributions can be made online with or without adding a beneficiary.
The government is encouraging online bank transfers by utilising NEFT and RTGS services. Bank account users can transfer funds from their bank accounts to their PO Savings Accounts and vice versa. Account holders can also use the NEFT service to transfer funds from their bank accounts to their Public Provident Fund (PPF) and Sukanya Samriddhi accounts (SSY).
Also read: Do investments in Mahila Samman Savings Certificate qualify for section 80C tax benefit?
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 AccounciPPF/SSA by using NEFT/RTGS facilities.”
Things to note before transferring funds to PPF/SSA
Account holders are advised to be aware with the following points before initiating fund transfer to PPF/SSA:-
- PPF/SSA accounts should not have any outstanding defaulted subscriptions from past years. If the account has a pending previous year subscription, it must be deposited at any CBS post office.
- If your PPF account has matured, you must submit an Account Extension Form along with your passbook to the relevant post office within one year of the maturity date.
- PPF/SSA funds should be transferred in multiples of Rs 50/-.
- A maximum of Rs 1.50 lakh in PPF/SSA transfers can be made in a fiscal year.
- If a NEFT Transaction fails owing to technical reasons, the amount will be reversed in the bank account concerned within one business day.
How to fund transfer without adding beneficiary from bank account to PO Savings Account or PPF account or SSA
The following is the procedure for transferring funds from a bank account to a PO Savings Account, a PPF account, or an SSA Fast Transfer (without adding a beneficiary), according to the Ministry of communication circular:
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.
How to transfer funds by adding beneficiary from bank account to PO Savings Account or PPF account or SSA
Step 1: Login into net banking of bank account.
Step 2: Go to Payment/Transfer Tab
Step 3: Select Add and Manage Beneficiary
Step 4: Select Other Bank Beneficiary
Step 5: Enter beneficiary name
Step 6: Enter beneficiary PPF or SSA or PO Savings Account no, Re-enter beneficiary PPF or SSA or PO Savings account No.
Step 7: Select IFSC and Enter IFSC Code IPOS0000DOP
Step 8: Accept terms and conditions and click on Submit
Step 9: Click on Confirm. Enter OTP and click on Confirm.
After successful adding beneficiary, proceed with fund transfer
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.
FAQs
- You may add SSY account to your User ID by logging into your Internet Banking Account > Select Payments & Transfer > Funds Transfer > Click on Add Payee under Any other ICICI Bank account and do fund transfer to SSY account.
- Funds can also be transfered from other bank account through NEFT.
You can make online deposits through a funds transfer (if your savings and PPF account are both with the same bank) or a third-party transfer (if the accounts are in different banks). To make an online deposit, you must first add your PPF account as a beneficiary by logging into your NetBanking account.
Can I transfer money from SBI to post office Sukanya samriddhi account? ›
Parents can open a Sukanya Samriddhi Yojana (SSY) account on behalf of their girl child. The account can be opened before the girl child reaches the age of 10 years old and it matures when the girl reaches the age of 21 years old. The SSY account can be transferred from a bank to a post office and vice versa.
How can I pay my Sukanya samriddhi account online? ›
India Post Payments Bank (IPPB) now introduces the service of making payments to your Sukanya Samriddhi Accounts. The facility can be availed through all the delivery channels – Counters, Doorstep & Mobile Banking App. IPPB notifies you for successful payment transfer made through IPPB mobile application.
How can I transfer my SBI account to SSY? ›
Visit your existing bank or post office and submit an SSY Transfer Request, mentioning the new bank's address. Account holder information, as well as the name and address of the bank or post office where the account is to be transferred, should be included.
Can I deposit money in Sukanya Samriddhi Yojana? ›
The minimum deposit amount for an SSY account is Rs.250 (this amount was previously Rs.1,000), thereafter in multiples of Rs.50, and the maximum is Rs.1,50,000 in every financial year, up to 15 years. Deposits can be made through cash, cheque, demand draft or online transfer.
Can we transfer money from Google Pay to a PPF account? ›
No, you can not deposit money in PPF account through any UPI,included GPAy. You can deposit amount by visiting the bank branch or you can do online through linked Saving account.
Which bank is best for a PPF account? ›
PPF offers 7.1% interest annually and can be opened online through SBI, HDFC, and ICICI. Once you have opened a PPF Account online, you can transfer funds directly from your Savings Account to your PPF Account in HDFC or ICICI Bank.
How to transfer money to PPF account online from bank of india? ›
Transfer your funds via internet banking
You can transfer money into your PPF account. You have to go to the payment section after logging to your internet banking portal. You should then click on 'third payee' and submit details such as your bank IFSC code, PPF account number.
How can I transfer money without adding beneficiary in SBI? ›
You have to follow the steps mentioned below to transfer funds quickly without adding a beneficiary in SBI account: Log in to the SBI internet banking account and select “Quick Transfer (Without Adding Beneficiary)” in the “Payments/Transfers” drop-down menu.
HDFC Bank requires you to add a beneficiary's account to make any transfer including IMPS and NEFT. The only other way of transferring funds to an account without adding it as a beneficiary is making an IMPS transfer using MMID. This MMID or Mobile Money Identification Number is a seven-digit unique number.
How to transfer money from bank to post office PPF account? ›
PPF and Sukanya Samriddhi premiums can be paid online through IPPB
- Add money from your bank account to IPPB account.
- Go to DOP Products.
- Choose PPF or Sukankya Samridhi.
- If you want to transfer money to your PPF account, choose PPF.
- Write your PPF Account Number and then DOP customer ID.
Banks Offering Sukanya Samriddhi Yojana
| 1. HDFC Bank | 2. Axis Bank | 3. Punjab National Bank |
|---|
| 7. Central Bank of India | 8. IDBI Bank | 9. Canara Bank |
| 10. Indian Bank | 11. State Bank of India | 12. Bank of Maharashtra |
| 13. Punjab & Sind Bank | 14. Indian Overseas Bank | 15. UCO Bank |
| 16. Bank of India | 17. Bank of Baroda |
1 more rowApr 30, 2024
Android Mobile Application for Sukanya Samriddhi Account
One can download the Sukanya Samriddhi Account Mobile Application on their Android phones. Developed by Nembooli Soft Finance, this application is only 2.3 megabytes in size. The Application has multiple tabs which makes it easy for people to navigate.
How can I manage my Sukanya account online? ›
Open the internet banking portal of the bank approved for opening an SSY account. Enter your login credentials. On the homepage, you can check the Sukanya Samriddhi account balance, which will be visible on the dashboard.
Can we transfer money online to Sukanya Samriddhi account in Canara bank? ›
Yes, you can transfer fund to Sukanya Samriddhi Yojana account in Canara Bank through online via National Electronic Fund Transfer (NEFT) facility.
Can we link Sukanya Samriddhi account online? ›
Presently, neither authorised bank branches nor post offices allow for opening an SSY Account online. But once the account is opened after submission of all the documents, you can set the standing instructions online. Do note that if deposit is not made every year, the account will fall under 'Account under default'.
Can NRI have Sukanya Samriddhi account? ›
Status of Sukanya Samriddhi Accounts for NRIs
This scheme has elicited a lot of response from the NRI community abroad but as per the current provisions of this scheme NRIs are not eligible to open Sukanya Samriddhi account for their daughters.
Can I transfer money from bank to post office account? ›
If you have a savings account with a bank, you can use the online banking platform or mobile app to transfer funds to your post office savings account.
