How to open a PPF account online- Few easy steps to follow

How to open a PPF account

Public Provident Fund or PPF is one of the best ways to save money for the future. An individual, by contributing a small amount of money every year can get the principal amount along with the earned interest after maturity. It’s a saving cum long term investment instrument that encourages the saving habits of an individual.

There are two ways to open a PPF account– online and offline. In this blog, we will discuss both the ways to open a PPF account and a few things to take care of while opening a PPF account.

How to open a PPF account online?

Before opening a PPF account online, it is mandatory that the individual has an account with the bank and access to internet banking. Following are the steps to follow to open a PPF account; however, it is to be noted that the steps might slightly vary from one bank to another.

  • Log in to the respective bank’s net banking portal
  • Locate the option that will allow you to open a PPF account
  • There might be an option for a self PPF account and a minor PPF account. Choose one from the available options
  • Enter the required details like bank details along with mentioning the nominee too
  • Next, enter the amount you wish to deposit in your PPF account
  • Select whether you want the money to be deducted at fixed intervals or at one go
  • Enter the OTP which is sent to your registered mobile number (this step might vary from bank to bank)
  • Once the above-mentioned steps are completed, your PPF account will be created. Note the account number and other required details for future references
  • There are banks that require an individual to submit the physical copies of all the supporting documents and details to be submitted for KYC purpose

How to open a PPF account offline?

It is easy to open a PPF account offline by following the given instructions-

  • Visit your respective bank’s branch
  • Connect with the banking personnel to open a PPF account
  • Next, fill the PPF account opening form
  • Submit all the required supporting documents and the amount for the PPF account
  • Once the verification process is completed, your PPF account will be opened

Important things to take care of when opening a PPF account

The lock-in period of a PPF account is 15 years and an individual cannot withdraw the overall amount before maturity; thus, it is wise to take care of the following things before opening a PPF account-

  • To open a PPF account, it is mandatory for the individual to have a savings account with the respective bank
  • Netbanking facility should be accessible and activated
  • It is mandatory to link Aadhaar card with the bank account
  • Mobile number should be linked with the Aadhaar card to receive OTP and other important details
  • The individual should be an Indian citizen
  • The minimum deposit value to open a PPF account is Rs 500 whereas the maximum value is Rs 1.5 lakh
  • NRIs are not given the opportunity to open a PPF account, however, individual who already had a PPF account before shifting to another country can still operate his/her PPF account
  • Hindu Undivided Families cannot open a PPF account
  • An individual who would want to open a PPF account should have only one account under his/her name
  • Individuals can open a PPF account on behalf of their minor

Documents required to open a PPF account

Given below are the documents required to open a PPF account-

Documents to open PPF account
PPF account opening form- Form A
KYC documents like Aadhaar card, PAN card, Voter ID card etc
Proof of Address
Passport size photograph
Nomination form- Form E
PAN Card
FAQs
What is the lock-in period of a PPF account?
The lock-in period of a PPF account is 15 years.
Can I withdraw my overall money from the PPF account before maturity?
No, you cannot withdraw the overall money from the PPF account before the lock-in period.
Is it mandatory to visit the bank to open a PPF account?
An individual can open a PPF account either by visiting the bank or by using the bank’s net banking facility.
What is the minimum value to deposit in a PPF account?
The minimum deposit value to deposit in a PPF account is Rs 500 whereas the maximum deposit value is Rs 1.5 lakh in a year.
Where can I find the PPF account statement?
Get the PPF account statement by using internet banking.
Can I acquire a loan against the PPF deposited value?
Yes, an individual can acquire a loan against the PPF deposited value, however, it is good to first connect with the concerned official to get a detailed understanding of the loan against PPF.
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