The Public Provident Fund (PPF) is one of the most popular savings schemes in India. It is a long-term investment scheme that offers guaranteed returns along with tax benefits. If you are planning to invest in PPF, then you must first open a PPF account. In this article, we will provide you with a complete guide on how to open a PPF account, the documents required, and the list of banks where you can open a PPF account.
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What is a PPF Account?
PPF is a government-backed savings scheme that was launched in 1968. It is a long-term investment scheme that has a maturity period of 15 years. PPF accounts can be opened by individuals, either singly or jointly, and by Hindu Undivided Families (HUFs). The interest rate offered on PPF is revised every quarter and is currently at 7.1%.
Eligibility Criteria for Opening a PPF Account
To open a PPF account, you need to meet the following eligibility criteria:
- You must be a resident of India.
- You must be above the age of 18 years.
- If you are opening a PPF account for a minor, then you can do so in the name of the minor with the minor’s birth certificate as proof of age.
- If you are opening a PPF account on behalf of an HUF, then you must have a PAN card for the HUF.
Documents Required for Opening a PPF Account
To open a PPF account, you need to submit the following documents:
- Identity proof: PAN card, Aadhaar card, passport, voter ID card, or driving license.
- Address proof: Aadhaar card, passport, voter ID card, or driving license.
- Passport size photographs.
- PPF account opening form, which can be obtained from the bank or post office where you wish to open the account.
- In case of opening an account for a minor, you need to provide the minor’s birth certificate as proof of age.
How to Open a PPF Account Online
The process of opening a PPF account online is simple and can be done in a few easy steps:
Step 1: Visit the website of the bank where you want to open the PPF account.
Step 2: Look for the option to open a PPF account and click on it.
Step 3: Fill in the necessary details such as your name, address, PAN card number, etc.
Step 4: Upload the scanned copies of your identity proof, address proof, and passport size photograph.
Step 5: Pay the initial deposit amount using net banking or debit card.
Step 6: Submit the application form.
Step 7: Once the application is processed, you will receive an email confirming the opening of the PPF account.
How to Open a PPF Account Offline
To open a PPF account offline, you need to follow these steps:
Step 1: Visit the nearest bank or post office where PPF accounts are opened.
Step 2: Collect the PPF account opening form and fill in the necessary details.
Step 3: Attach the photocopies of your identity proof, address proof, and passport size photograph.
Step 4: Submit the application form along with the initial deposit amount.
Step 5: Once the application is processed, you will receive a passbook with the PPF account details.
List of Banks where you can Open a PPF Account
- State Bank of India (SBI)
- HDFC Bank
- ICICI Bank
- Punjab National Bank (PNB)
- Bank of Baroda (BOB)
- Canara Bank
- Union Bank of India
- Indian Bank
- Axis Bank
- IDBI Bank
Apart from these, you can also open a PPF account at any post office across India.
PPF is a safe and reliable investment option for long-term savings. To open a PPF account, you need to fulfill the eligibility criteria and submit the necessary documents. You can open a PPF account online or offline, and there are many banks and post offices where you can open the account. It is important to keep in mind that the minimum deposit amount for a PPF account is Rs. 500 per year, and the maximum deposit amount is Rs. 1.5 lakh per year. By investing in a PPF account, you can enjoy guaranteed returns and tax benefits, making it a popular choice among investors in India.