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.