Public Provident Fund (PPF) is a very popular and safe savings scheme for small investors, which helps them build a large fund in the long term. This savings scheme offers tax exemption and guaranteed returns, making it an ideal option for investment. Let’s know how you can open a PPF account, what is the eligibility for it and what documents will be required.
Eligibility to open a PPF account
- Any Indian resident can open a PPF account.
- Parents or legal guardians can also open a PPF account on behalf of a minor child.
- NRIs (Non-Resident Indians) are not eligible to open new PPF accounts.
- PPF account can be opened online or by visiting any bank or post office.
Required Documents
You will need the following documents to open a PPF account:
- Identity Proof: Aadhar Card, PAN Card or Passport.
- Address Proof: Aadhar Card, Voter ID Card or Electricity Bill.
- Photograph: Recent passport size photograph.
- Form A: PPF account opening form.
Process to open PPF account:
Online Process:
- Log in to the net banking portal of your bank.
- Go to the PPF section and click on ‘Open New Account’.
- Fill in the required information, upload documents and place an initial deposit of at least ₹500.
- Authenticate the transaction via OTP or net banking. After this your account will be opened.
Offline Process:
You can easily open a PPF account by visiting any bank or post office and submitting Form A and required identification documents.
