How to open a PPF account? Required Documents & Complete Process Explained

Public Provident Fund is a way of making a safe investment. This scheme is supported by the government. A large fund can be created by investing in this scheme for a long period. Along with this, tax benefits are also available. Now, if you want to open a PPF account, then we are going to tell you about it. Along with this, we will tell you about the necessary documents and terms and conditions.

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Who can open a PPF account?

Any resident of India can open a PPF account. At the same time, parents or legal guardians can also open an account for their minor child. But NRIs (Non-Resident Indians) cannot open new PPF accounts.

Documents required to open a PPF account

To open a PPF account, you will need either an Aadhaar card, a PAN card, or a passport (identity proof), Aadhaar card, voter ID, or any utility bill – like an electricity or water bill (address proof), a passport-size photo, and a PPF account opening form (Form A), etc.

Method of opening a PPF account

PPF account can be opened both online and offline. Let’s know…

Online method

• First, log in to the net banking portal.
• Go to the PPF section and click on the ‘Open new account’ option.
• Now fill in the information asked for and upload the documents, and deposit a fee of at least Rs 500.
• Authenticate the transaction with OTP or Net banking.

Offline method

• Go to any bank or post office and submit Form A and the necessary ID documents.
• After opening the account, start depositing the investment amount.
• If you open a PPF account for a child or minor, then it will be looked after by the parents or guardian.

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Keep these things in mind

• The duration of a PPF account is 15 years. However, it can be extended by 5 years each.
• You can deposit a minimum of Rs 500 and a maximum of Rs 1.5 lakh annually in this scheme.

If you are looking for a safe investment option for the long term, then PPF can be the best option. You can open an account in this scheme online or by visiting a bank/post office.