How to open a PPF account?

PPF or Public Provident Fund is one of the best ways to save for the future. An individual can receive the principal amount as well as the earned interest after maturity by contributing a small amount of money each year. It is a savings and long-term investment instrument that encourages an individual’s saving habits.

There are two ways to open a PPF account- online and offline. In this blog, we will go over both methods for opening a PPF account as well as a few things to keep in mind when doing so.

How to Open a PPF Account Online?

Before opening an online PPF account, the individual must have a bank account and access to internet banking. The steps to open a PPF account are as follows; however, it should be noted that the steps may differ slightly from one bank to the next.

Log in to the respective bank’s net banking portal
Find the option that allows you to open a PPF account
A self PPF account and a minor PPF account may be available. Select one of the available options
Enter the necessary information, such as bank account information, as well as the nominee’s name
Following that, enter the amount you want to deposit into your PPF account
Choose whether you want the money deducted at regular intervals or all at once
Enter the one-time password (OTP) that was emailed to your registered mobile phone number (this step might vary from bank to bank)
Your PPF account will be created once the preceding steps are completed. Make a note of the account number and other relevant information for future reference
Some banks require an individual to submit physical copies of all supporting documents and information to be submitted for KYC purposes

How to Open a PPF Account Offline?

It is simple to open an offline PPF account by following the instructions-

Visit your respective bank’s branch
Connect with the banking personnel to open a PPF account
Fill out the PPF account opening form next
Submit all required supporting documents as well as the PPF account balance
Your PPF account will be opened once the verification process is completed

Important Things to Take Care of When Opening a PPF Account

A PPF account has a 15-year lock-in period and an individual cannot withdraw the entire amount before maturity; thus, it is wise to consider the following factors before opening a PPF account:

Individuals must have a savings account with the respective bank in order to open a PPF account
Netbanking should be accessible and activated
It is mandatory to link your Aadhaar card to your bank account
To receive OTP and other important information, a mobile number must be linked to the Aadhaar card
The person must be an Indian citizen
The minimum deposit to open a PPF account is Rs 500, and the maximum deposit is Rs 1.5 lakh
NRIs are not permitted to open a PPF account; however, individuals who had a PPF account prior to relocating to another country may continue to operate their PPF account
Hindu Undivided Families cannot open a PPF account
An individual who wishes to open a PPF account should only have one account in his or her name
Individuals can open a PPF account for their minor children

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 PPF account’s lock-in period?

A PPF account has a 15-year lock-in period.

Can I withdraw my overall money from the PPF account before maturity?

No, you cannot withdraw the entire balance of your PPF account before the lock-in period expires.

Is it mandatory to visit the bank to open a PPF account?

Individuals can open a PPF account by visiting a bank or using the bank’s net banking service.

What is the minimum value to deposit in a PPF account?

The minimum deposit amount in a PPF account is Rs 500, and the maximum deposit amount in a year is Rs 1.5 lakh.

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 obtain a loan against the PPF deposited value; however, it is best to first contact the relevant official to obtain a detailed understanding of the loan against PPF.