Ppf account open process: Public Provident Fund (PPF) is a popular savings scheme among small investors. In this, investors get risk -free returns with tax exemption. This savings scheme supported by the government is an ideal option for investors seeking safety, stability and financial development. This scheme launched by the National Savings Organization in 1968 allows you to claim income tax benefits under Section 80C. Also, it is currently getting interest at the rate of 7.10% per annum. Let us know how you can start investing by opening a PPF account.
Investment starts with 500 rupees
The duration of investment in PPF is 15 years, which can be extended to the block of five years. The PPF account can be opened with a minimum amount of minimum ₹ 500, while the maximum annual deposit limit in a financial year is ₹ 1.5 lakh. Any Indian citizen can open a PPF account, while parents can also open it on behalf of the minor. However, NRI and HUF are not eligible to open PPF account. The documents required to open the account are form, ID proof, address proof, passport size, photos and others. PPF account can be opened both online and offline.
Offline method:
You can open an offline PPF account by going to the nearest bank or post office.
Step 1: Get PPF application form from bank branch or post office.
Step 2: Fill the relevant information in the form.
Step 3: Attach the required documents with the form.
Step 4: Submit it to the bank or post office branch representative.
Step 5: After submitting documents with money deposit, individuals will be handed over a passbook for PPF account. In this way the account will open and investment will begin.
Online method:
To open an online PPF account, you must have a savings account and have net banking or mobile banking for your account.
Step 1: Log into your account on internet banking or mobile banking platforms.
Step 2: Go to the ‘Open PPF account’ option.
Step 3: Fill the application form with relevant details and upload the required documents.
Step 4: Enter the deposit amount that you are planning to deposit per year and submit the application.
Step 5: To confirm your identity, deposit the OTP received on the registered mobile number.
Step 6: You will receive an email with all the details that confirm the opening of your account. After this the account will open.
Latest business news
