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About HOW TO OPEN A PPF ACCOUNT IN BANKS
The person can start investing into the PPF account with an amount as low as Rs. 500. The maximum contribution to the PPF account that can be made in a financial year is Rs. 1,50,000.
The current interest rate on PPF accounts is 7.1% for the quarter starting from 1st April 2021 and the tenure of the PPF account is 15 years. This tenure can, however, be extended at the discretion of the investor in blocks of 5 years.
The facility to open a PPF account is available in all the post offices across the country and also in many affiliated/authorized banks. The list of such authorized banks is given below.
Some of the banks from the above list have the facility to provide online facilities from opening and operating the account to transferring the funds to the account as well. However, some of the banks from the above list provide for only online transfer of funds. The complete process of opening an account online is not available with such banks. The applicant can fill the form online and submit the necessary KYC documents by physically going to the branch of the bank.
The list of such banks that provide for only online transfer of funds and not a complete online procedure to open an account is provided here.
A person can open a PPF account either by physically visiting the post office or the authorized bank, filling the application form for the same and submitting it along with the necessary documents required as per the scheme along with any additional documents required as per the KYC norms of the bank.
The process to open a PPF account online is more or less similar in case of all the authorized banks. Some banks, as mentioned above, do not provide a complete online process to open a PPF account. The investor has to physically visit the bank’s branch to complete the process of opening the PPF account. While some banks provide a complete online procedure thereby eliminating the need to physically visit the bank. The process in both the cases is mentioned below.
Partial online process to open the PPF accounts (e.g. SBI)–
Complete online process to open the PPF accounts (e.g. HDFC)–
The list of documents required for opening a PPF account is,
Public Provident Fund (PF) is one of the most popular and sought after savings instruments in the country. It has an array of features and benefits that place it above or give it a niche over other savings instruments available in the market. The various benefits of PPF include higher and assured returns, tax benefits, accessibility, loans against the PPF account, etc.
1. Who can open a PPF account?
Any person who is a resident of the country can open a PPF account in his/her name or on behalf of a minor or a person of unsound mind.
2. What is the tenure of a PPF account?
he minimum tenure of a PPF account is 15 years.
3. Where can a person open a PPF account?
A person can open a PPF account in any post office across the country or any of the authorized banks in their authorized branches.
4. What is the current interest rate on PPF?
The current interest rate on PPF is 7.1% p.a.
5. Does the applicant have the option to apply for PPF online?
Some of the banks offer the applicant to apply for opening of the PPF account in partial or complete online procedure depending up on the bank.
Allahabad Bank PPF Account
Andhra Bank PPF Account
Axis Bank PPF Account
Bank Of Baroda PPF Account
Bank Of India PPF Account
Bank Of Maharashtra PPF Account
Canara Bank PPF Account
Central Bank Of India PPF Account
Deposit Limit Of PPF
How To Change Nominee Name In PPF
ICICI Bank PPF Account
IDBI Bank PPF
Indian Overseas Bank PPF Account
Investment On PPF
PPF Account Balance
PPF Account For NRI
PPF Account Opening Form
PPF Account Transfer
PPF Age Limit
PPF Closure Form
PPF Death Claim Form
PPF Interest Rate
PPF Lock In Period
PPF Premature Withdrawal
PPF Withdrawal Rules
Punjab And Sind Bank PPF Account
SBI PPF Account
UCO Bank PPF Account
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