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:
|Eligibility criteria to open PPF account|
|Only Indian resident|
|An Indian citizen settled abroad can continue operating his/her PPF account|
|Parents/guardians on behalf of their minor children|
|Only one PPF account per individual can be opened|
|Hindu Undivided Families cannot open PPF account|
How to Open a Public Provident Fund Account?
There are two ways to open a PPF account- Online and Offline
- 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
- 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-
|Documents to open PPF account|
|PPF account opening form|
|ID proof– PAN card, Driving license, Passport, Voter ID card, Aadhaar card|
|Address proof– Electricity bill,Telephone bill, Aadhaar card, Ration card|
|Passport size photographs|
|Pay-in-slip at the bank branch to transfer the amount to the PPF account or a signed cheque|
|Birth certificate to open minor PPF account|