Public Provident Fund (PPF) is a highly popular and safe savings scheme for small investors, which helps them to create a large fund over the long term. This saving scheme offers tax exemption and guaranteed returns, making it an ideal option for investment. Let us know how you can open a PPF account, what is the eligibility for this and which documents will be required.
Eligibility for opening PPF account
- Any Indian resident can open a PPF account.
- Parents or legal parents can also open a PPF account on behalf of a minor child.
- The NRI (NRI) is not eligible to open new PPF accounts.
- PPF account can be opened online or by going to any bank or post office.
Required documents
You will need the following documents to open a PPF account:
- Identification proof: Aadhaar card, PAN card or passport.
- Address proof: Aadhaar card, voter ID card or electricity bill.
- Photo: Recently taken passport size photo.
- Form A: PPF account opening form.
PPF account opening process:
Online process:
- Log in on your bank’s net banking portal.
- Go to the PPF section and click on ‘Open New Account’.
- Fill the necessary information, upload the documents and enter the initial deposit of at least ₹ 500.
- Certify the transaction through OTP or net banking. After this your account will open.
Offline process:
You can easily open a PPF account by going to any bank or post office by submitting Form A and necessary identity documents.
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