Use PPF section without having to input all transactions
If you have a very old PPF account, you might find it hard to input all the transactions in the application.
To maintain PPF account without having to input all transactions, we’ll have to input all transactions for the current financial year and use balance at the end of previous financial year as opening balance. It is crucial that the entry for opening balance is made on the last day of previous financial year.
For this guide we’ll be using the following transactions as reference: -
| Date | Narration | Amount | Balance |
|---|---|---|---|
| 09-07-2018 | Deposit | 1,000 | 1,000 |
| 20-08-2018 | Deposit | 1,000 | 2,000 |
| 19-12-2018 | Deposit | 10,000 | 12,000 |
| 31-03-2019 | Interest | 299 | 12,299 |
| 03-02-2020 | Deposit | 12,000 | 24,299 |
| 31-03-2020 | Interest | 1,133 | 25,432 |
| 31-08-2020 | Deposit | 24,000 | 49,432 |
| 31-03-2021 | Interest | 2,800 | 52,232 |
| 02-08-2021 | Deposit | 5000 | 57,232 |
We’ll add transactions in FY 2021-22 (only one in this case) and using balance at the end of FY 2020-21 i.e. 52,232 as opening balance. Proceed as follows: -
- Navigate to the PPF section.
- Tap on (on bottom-right) and add entry for deposit of 5,000 on 02-08-2021
- Tap on EXPAND followed by tap on EDIT
- Input 09-07-2018 in ‘Account opened on’ field and tap on (on top-right)
- Tap on (on bottom-right) and add entry for balance at the end of FY 2020-21 i.e. 52,232 on 31-03-2021
That’s all.
Please note that information shown on card titled “Comparison with top Mutual Funds (ELSS)” is derived from the transactions entered into the application, so it’ll not project correctly. Also, “Max amount for withdrawal” can be incorrect based on how much data has been entered into the application.