PPF (public provident fund) account is the best way to save your money for future use. If you want a source through which you can get the lump sum amount to satisfy your needs. The insured of the account will get the interest on the saving and the sum assured at maturity. However, very few people know about PPF accounts and are amazed at how to open a PPF account online. You can open a PPF account on both an online and offline basis. However, we will talk about both the cause.
Moreover, in this article, we will discuss how to open a PPF account online, its measures, the documents required, and PPF account details.
What is a PPF account?
The PPF account or Public Provident Fund account is an account that works as an investment and saving account as well. It is one of the famous long-term accounts which provides the benefits of safety, returns, and tax savings. The interest rates of PPF accounts are quite attractive with great returns.
Eligibility Criteria of the PPF Account
The question that constantly arises in our mind about how to open a PPF account online, below we will clear out this question. However, some of the eligibility criteria how to open a PPF account online are
- The person can only open a PPF account when they have a saving account in that respective bank as well.
- The person must have complete knowledge about net banking for accessible and quick processing.
- The Aadhaar card of the individual must be linked to their bank account.
- An individual’s mobile number must be linked to their Aadhaar card so that OTP sent on the number will quickly be revived.
- The individual is a resident of India.
- The NRIs are restricted from opening the PPF account.
- For opening a PPF account, the individual need to start with at least 500 INR. However, the maximum deposition amount is 15 lacs.
- Individuals from Hindu undivided families are not allowed to open a PPF account.
- You can even open a PPF account on behalf of a minor.
Documents Required for Open PPF Account
The PPF accounts are easy to open. However, more people want to know how to open a PPF account online. However, some of the essential documents required for opening a PPF account are
- PPF account opening form – form A.
- KYC documents like Aaadhaar cards, PAN cards, Voter ID cards, etc.
- Proof of address
- Passport-size photograph
- Nomination form – form E
- PAN card
Step-by-Step Guide How to Open PPF Account Online
The individual can open a PPF account on both an online and offline basis. However, we will discuss how to open a PPF account online and the PPF account details. The online mode for opening a PPF account is comparatively hassle-free compared to offline. So below, we will talk about how to open a PPF account online in a quick way
- Visit the net banking portal of the respective bank.
- Look for the option which provides the opportunity to open a PPF account.
- The site includes both self and minor PPF accounts.
- Select as per your requirement.
- Enter all the essential information regarding bank account information, nominee name, etc.
- Enter the amount you want to deposit in your bank account.
- Then you have to select the interval of payments in your account.
- Enter the OTP sent to your Email for further processing.
- After that, your PPF account will be created; note all the essential information of account number and other things for the future.
- You even have to submit all the documents in physical form. However, this step may vary from bank to bank.
Step-by-Step Guide How to Open a PPF Account Offline
Above we will discuss the PPF account details on how to open a PPF account offline. Here are some essential steps
- Visit the bank in which you have your saving account.
- You have to connect the banking personnel with your PPF account.
- Then you have to fill out the form for opening the PPF account.
- Submit all the essential information regarding your account.
- After all the verification, you’ll get access to your PPF account.
List of Banks that Opens PPF Account
Various banks in India help in opening a PPF account. Here are the PPF account details and the respective banks
|Indian overseas bank||Axis bank|
|ICICI bank||Bank of Baroda|
|Oriental Bank of Commerce||Bank of India|
|Allahabad bank||Central Bank of India|
|State Bank of Patiala||United Bank of India|
|State Bank of India||Punjab National bank|
|Jaipur and State Bank of Bikaner||Canara bank|
|Dena bank||State Bank of Travancore|
|IDBI bank||Corporation bank|
|Union Bank of India||State Bank of Hyderabad|
|Vijaya bank||State Bank of Mysore|
How to Check Your PPF Balance Online?
The steps that you need to follow to get your PPF account details are as follows
- The first step is to log in to your account with the help of your customer ID and password.
- Once you enter your PPF account, then all the balances of the account will be displayed o the screen.
- Once you login into your account using the login ID and password, the bank will also provide the benefit of transferring the funds online. After getting all the information, you can download it and keep it as a record.
Features to Open PPF Account Online
Here we will be discussing the PPF account details. However, the essential features of a PPF account are
1. Interest Rate
The interest rate of the PPF account may vary from bank to bank. However, the basic interest rate, which is charged in most banks, is 7.1%. moreover, the interest rate of Q1,Q2,Q3 and Q4 are fixed.
2. Lock-in Period
The lock-in period for the PPF account details is for 15 years. However, the individual can withdraw the money on a timely basis. Moreover, the option of lump sum withdrawal is also available. After the completion of 15 years, the person can extend the period for up to more than five years.
3. Minimum and Maximum Investment
The minimum amount for starting your PPF account is 500 p.a. however, the maximum amount you can submit is 1.5 lacs. There are some banks in which the investments may vary from each other.
4. Loan Against PPF
The PPF account provides a loan option during the plan’s tenure. However, you can take the loan through a PPF account after the beginning of 3rd year and the end of 6th year.
PPF accounts are the best and most accessible way to save money for your short-term needs. However, many people need clarification about how to open a PPF account, which we have already discussed above. Moreover, the investment rate for PPF accounts is low compared to regular accounts. Additionally, we’ve discussed all the essential PPF account details needed to open a PPF account online.
How to Open PPF Account Online – FAQs
Can I open a PPF account online?
Ans. Yes, you can open a PPF account online with the bank in which you have your saving account. However, you must fill in all the essential information to start the process.
Can I extend my PPF account online?
Ans. Yes, almost every bank provides the option of extending the PPF account for up to 5 years. However, you have to visit the official website of your bank.
Which bank is best for opening a PPF account?
Ans. According to the people, many banks provide excellent services of PPF. However, PNB is the most known and reliable one of all.
Is PPPF tax-free?
Ans. No, you’ve to pay the tax on the PPF. However, the tax amount of every bank may vary from each other.
What is the difference between post office PPF and bank PPF?
Ans. The post office PPF and bank PPF are the same. However, the only thing that varies is the interest rate and the rules and regulations of both institutions.