Public Provident Fund is a popular product of long-term investment and savings. Individuals who invest in the account may also benefit from tax benefits. It is feasible to open a PPF account at both post offices and banks. Individuals can now open a PPF account online to facilitate the process of opening an account. Individuals are permitted to open a PPF account online only at banks.
Opening a PPF account online at post
offices is not feasible.
Following is the process:
Log in to your portal of net banking.
Next, click the option to open a new PPF
account.
Many banks will have the option of choosing
between a self-account and a minor account. Select the appropriate option.
By entering the nominee details, bank
details, etc., you can start creating the PPF account. Some features will be
displayed, such as your Permanent Account Number (PAN).
You need to check that all the details
shown on the screen are correct.
Once the details get entered, input the sum
to get deposited in the account.
At certain branches, standing orders are
set up in intervals or a lump-sum automatically.
The next step would be to enter the OTP,
which was sent to your registered mobile number or password for the
transaction, depending on the bank.
Upon completion of the above stage, the PPF account gets
generated. You can note the account number for reference purposes that get displayed
on the screen.
For some banks, however, you must print out
the details entered along with the reference number and submit them to the bank
with the details of the Know Your Customer (KYC).
Mandatory requisites to open a PPF
account online
The mandatory requirements to follow for
account opening online are:
With the respective bank, the individual
must have a savings account.
It is essential to enable the net banking
facility.
It is important to connect the Aadhaar
number to the savings account.
The mobile number of the individual must
get connected to the Aadhaar.
Eligibility to open a PPF account
The eligibility conditions are as follows:
Only residents of India are permitted to
open a PPF account.
If an account has been opened by a
non-resident Indian (NRI) when he or she was an Indian resident, the account gets
maintained for 15 years. Nevertheless, there is no choice for NRIs to extending
the account.
Any person can have under their name, only
one account.
