Time is perhaps the most precious commodity in our lives today, often enforcing its will on us. We spend a major portion of our time preparing for the future, saving money to meet certain contingencies or for a relaxed retirement phase. Smart investments can go a long way in securing our future, ensuring time doesn’t wreak havoc during our golden days. The PPF scheme is one such scheme which aims to nullify the effects of time on our lives, helping us build a corpus of funds for emergencies. This long term scheme is backed by the Government of India, giving it legibility and credibility, enabling us to live in our present without having to worry about the future.
How to open a PPF Account
The first step towards a secure future is often the hardest one, but thankfully, the Public Provident Fund Scheme ensures that the first step here is simple and hassle free. A PPF account can be opened across the country, with post offices and banks eligible to open an account on behalf of an individual. Individuals who wish to open this account can approach a post office or eligible banks and begin the application process by filling out certain forms.
Obtaining Form A, commonly known as the account opening form is the simplest way to go about opening a PPF account. This form can either be downloaded from the internet or could be physically obtained from a bank or post office. Form A can be used to open a PPF account for minors, Hindu Undivided Families, Associations and for oneself.
Contents of Form A
Different banks have different versions of Form A but the basic information remains the same regardless of the bank/post office one obtains this form from. Individuals wishing to open a PPF account will be required to furnish the following details in Form A.
- PAN details of applicant
- Name of an applicant
- Date of birth of applicant
- Initial amount deposited. This amount can be deposited either through cash or cheque
- Permanent address of applicant
- Passport size photographs
- Valid government approved ID card for verification
- In the event of an applicant not having a PAN card, he/she needs to provide an attested copy of a government ID card
- An applicant will be required to sign the form and provide additional specimen signatures. In case an individual is incapable of signing the form, he/she must provide a thumb impression
- Date of applying
In the event of an applicant opening an account with a bank, he/she might be required to provide certain additional information, as mentioned below.
- Bank account number of applicant
- Branch details where an account is being opened
- Debit mandate and debit account number
- Standing instructions (if any)
- Marriage status
This additional information might vary from bank to bank and is subject to the policies enforced by individual banks.
PPF Accounts for Minors
Individuals who wish to open an account in the name of a minor need to furnish the following details.
- Name of minor
- Date of Birth of minor
- Relationship between minor and individual opening an account on his/her behalf
- Permanent address of guardian
An individual opening a PPF account is required to acknowledge certain declarations in Form A. These declarations include the following.
- Declaration stating that an applicant does not hold another PPF account
- Declaration stating an applicant does not maintain a PPF account except an account on behalf of a minor/HUF/an association
- Declaration providing details of accounts managed by an individual. An applicant should fill in the name, address of bank/post office which maintains such an account and the account number in this declaration
- Declaration stating his/her commitment to adhere to the monetary requirements in terms of deposits and maintaining the account
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