Are you wanting to open an account in PPF? But don’t know what documents are required? Then this article is for you. At present time, there are many people who are making PPF accounts. But those who are new do not know how this account is opened. That will be discussed in today’s report. A public provider fund is a secure investment option that is supported by the government. This scheme is a great way to create long-term savings, in which you also get tax benefits and guaranteed returns. If you also want to open a PPF account, then here we are going to give information related to your process, necessary documents, and terms and conditions.
Who can open a PPF account?
Any Indian resident can open a PPF account. Apart from this, parents or legal guardians can also open the account for their minor child. However, NRIs (non-resident Indians) cannot open a new PPF passport.
To open a PPF account, you need some of these documents…
Identity proof: Aadhar Card, PAN Card, or Passport.
Address proof: Aadhaar card, voter ID, or any utility bill (such as an electricity or water bill).
Photograph: A recent passport-size photograph
Form A: PPF Account Opening Form
PPF Account Opening Process
There are two ways to open a PPF account: online and offline.
1. Online Method:
Login to your bank’s net banking portal.
Go to the PPF section and click on the ‘Open new account’ option.
Fill in the requested information, upload documents, and make a deposit of at least Rs 500.
Authenticate transactions with OTP or Net banking.
2. Offline Method:
Go to the bank or post office and submit Form A and the required ID documents.
You can deposit the deposit after opening the account.
PPF Account for Children If you want to open a PPF account for a minor, the parents or guardians are responsible for it.
The rules of the account and the deposit limit remain the same, but the guardian manages the account.
Keep these things in mind
The tenure of a PPF account is 15 years, which can be extended in blocks of 5 years.
A minimum deposit of Rs 500 and a maximum of Rs 1.5 lakh can be made every year.
