Dec 19, 2024
By: Vidhi Verma, ET OnlineDo you want to open a PPF account? Let's see the paperwork involved, eligibility and documents required to open a PPF account
The Public Provident Fund (PPF) is a popular government-backed savings scheme that helps investors build a corpus over the long term. It offers tax benefits, guaranteed returns, and is an ideal option for safe investments.
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 are not eligible to open new PPF accounts.
The following documents are needed to open a PPF account:Identity proof: Aadhaar card, PAN card, or passport.Address proof: Aadhaar card, voter ID, or a utility bill.Photograph: A recent passport-sized photo.Form A: PPF account opening form.
One can open a PPF account either online or by visiting a bank or post office.1. OnlineLog in to your bank’s Net banking portal.Go to the PPF section and click ‘Open new account’.Fill in the details, upload documents, and deposit a minimum of Rs.500.Authenticate the transaction with OTP or via Net banking.2. OfflineAt a bank or post office, submit Form A and ID documents.
A parent or guardian can open a PPF account for a minor. The conditions and deposit limits remain the same, but the guardian manages the account.
The PPF account has a tenure of 15 years, which can be extended in blocks of five years. The minimum deposit is Rs.500 per year, and the maximum is Rs.1.5 lakh.Content courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.
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