In this blog, we will discuss how to open PPF account online? Public Provident Fund (PPF) is the preferred savings funds by the working class. This long term investment can also helps you to avail tax benefits. A PPF account can be opened by any individual at any post offices or banks branches offline.
The minimum deposit that can be made in a year are Rs.500 and maximum amount Rs.1.5 lakh, which you can made in easy lump-sum or by a maximum of 12 installments in a year. Under Section 80C of the Income Tax Act, tax benefits up to Rs.1.5 lakh is provided for any contributions towards the account and the duration of the scheme is 15 years. Currently interest rate offered by all banks is 7.1%. Individual can easily access PPF account by using net-banking facility and also transfer from any bank account.
To open a PPF account mandatory conditions is mention below:
- The individual must have a savings account with the respective bank.
- Net-banking facility must be activated.
- Aadhaar number must be link to the savings account.
- The individual’s mobile number must be link to the Aadhaar.
Eligibility to open PPF account:
- Only Indian residents are allow to open a PPF account.
- Hindu Undivided Families (HUFs) are not allow to open a PPF account.
- An individual can have only one account under single Aadhaar.
- Individuals can open a PPF account on behalf of a minor as well.
Steps to open PPF account online:
1: Login to your online account on the bank’s internet banking/mobile banking platform.
2: Select an option that allows you to “Open a PPF Account” option.
3: Now, Certain banks will give you an option to choose between a self-account and a minor account. find the “Self Account” option and click on it.
4: Fill out an application form by entering the required details like nominee details, bank details, Permanent Account Number (PAN). Make sure that you verify all details before submission.
5: Specify the amount that you plan to deposit in your PPF account for opening.
6: Here, you can also set standing instructions to transfer this amount automatically each month or lump-sum amount from your savings account and into your PPF account.
7: After a thorough review, submit this application. You will then receive an OTP on your registered mobile number or you can receive transaction password.
8: Submit it to confirm your identity and authorize this transaction.
9: You will receive a message on your screen and an email indicating a successful account creation.
You can make a note of the account number that is display on the screen for your reference purpose.
Some banks, might ask you for a print-out of the details that have been entered online along with the reference number and you also need to submit it at the bank with the Know Your Customer (KYC) details.
Related blog – How to withdraw from EPF account?