What is the Eligibility Criteria to Open a PPF Account?

PPF is a long-term tax-saving investment option that helps to secure the financial future of the individual. Any individual above the age of 18 years can open a PPF account. With a remunerative interest rate of 7.1% compounded annually, PPF offers an opportunity to accumulate wealth in the long term along with the benefit of tax savings. Further in this article, we will discuss in detail the eligibility criteria to open a PPF account.

What is the Eligibility Criteria to Open a PPF Account?

Below is the eligibility criteria to open a PPF account:

How to Open a Public Provident Fund Account?

There are two ways to open a PPF account- Online and Offline

1. Open PPF account offline

• Visit your respective bank
• Connect with the banking personnel to open a PPF account
• Fill out the form, submit the required documents and the desired amount to deposit
• The PPF account will be opened following verification

2. Open PPF account online

The steps to open a PPF account are as follows; however, these steps may differ from one bank to the next-

• Log in to the respective bank’s internet banking portal
• Select the option to open a PPF account.
• Select one of the following options- account for oneself or a minor account
• Fill out all of the required information
• Enter the amount of money you want to deposit
• Read the instructions to see if the bank should deduct the amount at regular intervals or in a lump sum
• Obtain the OTP to finish the verification process
• The PPF account will be opened once the verification is completed
• Save the account number that appears on the screen for future use

Also Read: How to Check PPF Balance Online and Offline?

Documents Required to Open PPF Account

Following is the list of documents that are required to be submitted to open a PPF account-

FAQs

What is the lock-in period of a PPF account?

The PPF lock-in period is 15 years.

Can I open a PPF account for my child?

Yes, parents/guardians can open a PPF account on behalf of their minor child.

Can grandparents open a PPF account for their grandchildren?

Grandparents are not allowed to open their grandchild’s PPF account when the parents of the minor are still alive.

What documents do I need to submit to open a minor’s PPF account?

A child’s birth certificate is required to open a minor’s PPF account.

Which form do I need to submit to open a PPF account?

Form A must be submitted in order to open a PPF account.

Which form should be submitted to withdraw the partial amount from the PPF account?

Which form should be submitted to withdraw the partial amount from the PPF account?

Priyanka Juyal

Priyanka Juyal- a Writer with a curious mind & vision to create the best out of words. Other times, see her playing the guitar, sketching or narrating folk tales!