You can know the PPF Account Opening details on this page. Before opening PPF Account, you need to check the required documents list. Also, you have to know the PPF Conditions and terms to open Public Provident Fund Account. Therefore, you can open Public Provident Fund Account at various banks or post offices. Thus check the online process to open PPF Account. For more information about the Public Provident Fund Account, read below sections.
PPF Account Opening – Online
The PPF is Public Provident Fund. It has introduced in the year 1968 by the National Savings Institute of the Ministry of Finance. The Public Provident Fund is a saving-cum- tax deductible Account. Also, it is Long term saving Account with a period of 15 years. Only the residents of India can open the PPF Account. PPF has loan facility from the 3rd financial year to the 6th year. After that, you can not take the loan, but you can withdraw the amount from the 7th month. So, opening PPF Account is beneficial because after 15 years you can again extend the PPF Account with a block of 5 years.
PPF Account opening can be done through online. For that, you have to know the online process and also check the important documents list. You can open Public Provident Fund Account at various banks by submitting the list of documents. Therefore, you have to know the terms and conditions of the Public Provident Fund before opening PPF Account. Thus, get all details of the PPF Account from the below sections.
How to open PPF Account?
- You can open PPF Account through Online or Offline.
- With the minimum of Rs.100/-, you can open PPF Account at any Bank or Post Office. But the year-end Amount should be Rs. 500/-.
- So, by visiting the bank branch or head post office, you can open PPF Account through Online or Offline.
So, here we have provided two methods for PPF Account opening.
PPF Account Opening in Nationalized Banks or Head post office
For opening Public Provident Fund Account you have to
- Visit any Nationalized bank branch or head post office.
- You can open PPF Account at all bank branches.
- After that collect the required PPF Forms and fill details in it.
- Then you need to submit the necessary documents along with the form.
- Also, you have to deposit minimum amount to open your PPF Account.
Opening PPF Account Online
- You can open Public Provident Account through online by visiting the official website of the particular bank branch that you are interested.
- Login with your login details if required.
- Fill in the form with required details.
- Make the payment and click on Submit.
The PPF Online application process may vary for all banks. By opening PPF Account through online, you can save time, travel costs and efforts. Many banks offer additional services like linking savings account and other online fund transfers.
Documents required for PPF Account
After completing the application process, you need to submit some documents along with the application form. So, you can get the list of required documents for Public Provident Fund from here. The documents are listed below. Thus, once check these Documents list before submitting the form.
- The PPF Application form is available at all bank branches.
- You can also get the application form at the Indian post portal if you want to open PPF Account in any post office.
- You can submit any one of the following as the identity proof during the time of opening PPF Account. They are listed as
- Voter ID Card
- PAN Card
- Driving License
- Then for Address proof, you have to submit any one from the following list which is given below.
- Electricity Bill
- Ration Card
- Telephone Bill
- Along with the PPF Account opening form you need to submit two passport size photographs.
- The documents provided here is not the complete list. The Banks may offer additional documents. If the applied candidate comes under the Minor category, then the age proof is must i.e. birth certificate.
Terms and Conditions for Opening PPF Account
You need to remember some points for opening Public Provident Fund Account. They are listed below.
- The documents must be self-attested by the applicant.
- The one important thing to remember is that the payee name should match the name mentioned in the Public Provident Fund Account Passbook.
- You can carry original certificates to the bank for quick verification.
- A PPF account passbook resembling a bank passbook is issued to the applicant once the account is opened. The passbook is required to claim tax deduction under Section 80C of the Income Tax Act.
Checking the PPF Account Opening Process alone is not enough for taking PPF Account. Also, you need to calculate the Loan Amount, Withdrawn Amount, etc. using PPF Calculator provided below.
|Public Provident Fund Calculator|