The Public Provident Fund (PPF) account is a very popular, long-term investment and savings product. Individuals investing in the account can avail tax benefits as well. A PPF account can be opened at post offices as well as at banks. In order to make the process of opening an account easy, individuals can now open a PPF account online.
Opening a PPF account online
Individuals are allowed to open a PPF account online only at banks. It is not possible to open a PPF account online at post offices. It is possible to open a partial online account as well as a complete online account in some banks.
Step-by-step procedure to open a PPF account online
The step-by-step procedure to open a PPF account online is mentioned below:
- First, you must login to your net banking portal.
- Next, click on the option that allows you to open a new PPF account.
- Certain banks will have an option to choose between a self-account and a minor account. Choose the relevant option.
- You can start creating the PPF account by entering the nominee details, bank details, etc. Certain details such as your Permanent Account Number (PAN) will be displayed. You must verify that all the details displayed on the screen are correct.
- Once the details have been entered, you must enter the amount that must be deposited in the PPF account.
- Standing instructions can also be set-up at certain banks so that the money can be automatically deposited in intervals or a lump-sum.
- Depending on the bank, the next step would be to enter the OTP that has been sent to your registered mobile number or the transaction password.
- Once the above step is complete, the PPF account will be created. You can make a note of the account number that is displayed on the screen for reference purposes.
- However, for certain banks, you must take a print-out of the details that have been entered along with the reference number and submit it at the bank with the Know Your Customer (KYC) details.
Mandatory requirements to open a PPF account online
The mandatory conditions that must be followed to open a PPF account online are mentioned below:
- The individual must have a savings account with the respective bank.
- Netbanking facility must be activated.
- The Aadhaar number must be linked to the savings account.
- The individual’s mobile number must be linked to the Aadhaar.
Eligibility to open a PPF account
The eligibility criteria to open a PPF account are mentioned below:
- Only Indian residents are allowed to open a PPF account.
- In case a Non-Resident Indian (NRI) has opened an account while he/she was an Indian resident, the account can be continued for 15 years. However, NRIs do not have the option of extending the account.
- Hindu Undivided Families (HUFs) are not allowed to open a PPF account.
- An individual can have only one account under his/her name.
- Individuals can open a PPF account on behalf of a minor as well.
Process to open a partial account
Under this process, you will be able to create the application form online. Once the process to create an application form is complete, you must take a print-out of the form and submit it at the bank branch along with your KYC documents and signature.
Features of PPF account
- The minimum and maximum deposit that can be made in a year are Rs.500 and Rs.1.5 lakh, respectively.
- The deposits can be made in a lump-sum or by a maximum of 12 instalments in a year.
- The duration of the scheme is 15 years.
- Under Section 80C of the Income Tax Act, tax benefits up to Rs.1.5 lakh is provided for any contributions towards the account.
- Individuals will be able to access various PPF details as well as view the statement by using the netbanking facility.
- Currently, PPF interest rate that is offered by all banks is 7.1%.
- After a certain duration, loans can be availed against the PPF account.
- What is the investment term of PPF?
- What is the minimum deposit limit in a PPF account?
- What is the maximum deposit limit in a PPF account?
- When can one avail the PPF loan facility?
- When is one permitted to make partial withdrawals from a PPF account?
- When can an SBI customer open a PPF account?
- How to open a PPF account online with SBI?
- What are the prerequisites for opening a PPF account online with SBI?
- What is the process to open a PPF account online with SBI?
The Public Provident Fund is a long-term investment scheme. Hence the tenure of the savings scheme is 15 years. PPF account holders can choose to extend the term in blocks of 5 years each post maturity.
A PPF account holder can deposit as low as Rs.500 in a year.
The maximum amount that a PPF account holder can deposit in a financial year is Rs.1.5 lakh. The deposits can be made in 12 transactions per year and not more than that.
PPF Loans can be availed by account holders from the 3rd to the 6th financial year.
The partial withdrawal facility can be availed from the 7th financial year.
With the launch of digital banking services, customers can open SBI PPF account from anywhere at any time. The process of opening a PPF account can be done completely online without any physical paperwork.
If you are a customer of SBI, use the SBI mobile banking app or the desktop version to instantly open a PPF account.
The individual should have an SBI savings account. The netbanking or mobile banking facility has to be enabled for the said account. The account holder's Aadhaar number and mobile number should be linked to the bank account.
- Visit the SBI website (www.onlinesbi.com) and log in to the account with the appropriate credentials. On the left-hand side of the webpage, click on the 'New PPF Account' option.
- The account holder's PAN and other personal details such as name and address will be displayed on the screen. Select the bank account number from which contributions to the PPF account are to be made.
- Provide details of the bank branch such as branch code and name. Verify the details provided and then click on 'Proceed'.
- PPF account will be created instantly and the account number will be displayed on the screen.
The statement of the PPF account transactions can be found on internet banking.
- Only one PPF account can be held by an individual.
- In the case of minors, PPF account can be opened only through offline channels.
- PPF scheme is not allowed for NRIs.
- To nominate or make changes, visit the nearest bank branch.
- SBI joint account holders can't open a PPF account online.
- To get PPF account passbook, visit the bank branch.
- If PAN is incorrect, further deposits in PPF will not be allowed. Visit the bank branch to correct or update the PAN details.
- Not all banks offer online account opening facility, some offer complete online account opening facility while others offer partial facility.
Application form can be filled online but must be submitted offline at the bank. Visit the bank branch with KYC documents and a recent passport-size photograph along with the printed PPF account opening form within 30 days for verification.
PPF Top Pages
- PPF Balance
- PPF Online Payment
- PPF Deposit Limit
- PPF Calculator
- PPF Account Opening Form
- PPF Interest rate
- PPF Loan
- PPF Withdrawal Rules
- Check PPF Account Statement Online
- Change Nominee Name in PPF
- Axis Bank PPF Account
- Bank of Baroda PPF Account
- Central Bank of India PPF Account
- Union Bank ppf account
- PPF Deduction
- PPF Closure Form
- PPF claim Status Online
PPF Other Pages
- SBI PPF Account
- ICICI bank PPF
- Bank of India PPF
- Canara Bank PPF
- Andhra Bank PPF
- Vijaya Bank PPF
- Oriental Bank of Commerce PPF
- Bank of Maharashtra PPF
- Dena Bank PPF
- United Bank of India PPF
- Punjab & Sind Bank PPF
- Age Limit for PPF
- PPF Account Transfer
- PPF lock in Period
- PPF Acccount for NRI
- PPF Death Claim Form
- Investment on PPF
- PPF Account Banks