Public Provident Fund (PPF) is one of the most trusted long-term investment plan offered by Indian government for citizens in the country. PPF is also one the selected investments that give account holders the benefit of EEE status, which means exempt on investment, interest earned and maturity proceeds.
You can open a PPF directly through a post office or via a bank.
Steps to open the PPF Account Online
A person cannot be open a PPF account at all branches of any bank, only specified branches offer the facility. Some designated bank branches are available at the bank website or are available at any bank branch itself.
To open the account you will be required to submit the following documents:
1. The opening form of a PPF Account is available at the specified bank branch or the Indian Post portal.
2. Any of the below-mentioned type of ID proof:
Passport
PAN card
Driving licence
Voter ID card
3. The online application process is different in all banks, but the basic documentation and submission of application is pretty much the same.
4. Address proof, which can be any of the following:
Telephone bill
Ration card
Electricity bill
5. Two recent photographs
6. Pay-in slip, which will be available at the bank branch to transfer amount to your PPF account.
Points to remember while opening a PPF account online:
1. Do take all your original documents to the bank for quick verification
2. All documents have to be self-attested by the applicant.
3. A PPF account passbook similar to a bank passbook is offered to the applicant only after the account is opened. All transactions in the PPF account are updated in this particular passbook.
4. Please note that the name of the payee should match the name as mentioned in the PPF account passbook.
5. Opening a PPF account with a bank is more convenient than opening one at the post office. The bank offers online fund transfer from the individual’s savings account to their PPF account, the same way he or she would make online funds transfer to other bank accounts.
