Public Provident Fund, is said to be one of the most respected long-term investment options offered by the Indian Central government for residents of the country. The PPF is said to be one the few investments that allow account holders to enjoy the EEE status which means exempt on investment, interest earned and maturity proceeds. PPF being one of the many long-term investment, fits into the portfolio of all sorts of investors with various risk preferences.
A PPF account can be opened either directly through a post office or through a bank.
How To open the PPF Account Online
Here, check out how to open a PPF account through the various banks offering PPF accounts such as State Bank of India and its subsidiary (or associated) banks along with ICICI Bank, Punjab National Bank, etc:
The PPF account cannot be opened at all bank branch. PPF can only be opened at specified bank branches. The list of designated bank branches is available at the bank website or it can be found at any bank branch itself. Of Course, doing it online is way easier.
You would need to next submit the following documents, as mentioned below:
- PPF Account opening form available at the designated bank branch or the Indian Post portal in case you want to open it at a post office.
- ID proof that can be any of the following:
- PAN card
- Driving licence
- Voter ID card
- For online applications, different banks have different processes, but the basic documentation and submission of application, remains the same.
- Address proof, which can be any of the following:
- Telephone bill
- Electricity bill
- Ration card
- Two current photographs
- Pay-in slip, which will be available at the bank branch to transfer amount to your PPF account.
Things To Remember for Opening a PPF Account Online
- Carry original documents to the bank for quick and convenient verification
- All documents must be self-attested by the applicant.
- A PPF account passbook resembling a bank passbook is issued to the applicant once the account is opened. All transactions in the PPF account are updated in this passbook. The passbook is requirement in order to claim tax deduction under Section 80C of the Income Tax Act.
- An important thing to remember is that the payee name should match the name as mentioned in the PPF account passbook.
Opening a PPF account at a bank is far more convenient than opening one at a post office. The bank offers online fund transfer from the individual's savings account to their PPF account, the same way he or she would make online funds transfer to other bank accounts.
- Oriental Bank of Commerce PPF Account
- Bank Maharashtra PPF Account
- Dena Bank PPF Account
- Indian Overseas Bank PPF Account
- PNB PPF Account
- United Bank of India PPF Account
- SBH PPF Account
- SBM PPF Account
- SBT PPF Account
- SBBJ PPF Account
- SBP PPF Account
- Punjab And Sind Bank PPF Account
- UCO Bank PPF Account
- Age Limit for Public Provident Fund
- Deposit Limit for Public Provident Fund
- Loan Against PPF Account
- PPF Accout Opening Banks
- Know About ppf Lock in Period
- How to Change the Nominee Name in the PPF Account
- How to Revive a Dormant PPF Account
- Ppf Account Closing Form
- PPF Account for NRI in India
- PPF Death Claim Form
- Kow about Age Limit for PPF