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How to open a PPF account?

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Varsha Vats
Varsha VatsJun 16, 2022 | 17:17

How to open a PPF account?

A Public Provident Fund (PPF) account is a long-term saving as well as an investment scheme. The biggest benefit of a PPF account is that it helps you avail tax benefits. Investment in a PPF offers stable and guaranteed returns. It is a risk-free investment which will offer you an interest rate of 7.1% per annum backed by the central government.

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It is one of the most common saving tools used for retirement. An individual can have only one PPF account. The PPF scheme was first launched in 1968 by the National Savings Organisation.

WHO CAN OPEN A PPF ACCOUNT IN INDIA?

You need to fulfill the following criteria to open a PPF account in India:

1. Only Indian citizens can open a PPF account

2. NRIs can access the PPF account for 15 years after shifting to a new country

3. Minors require legal age proof to open a PPF account

HOW TO OPEN A PPF ACCOUNT

Any Indian citizen can open a PPF account. You can open the account from a post office, a bank and even online.

BANK AND POST OFFICE

Just like any other bank procedure, you need to fill a form to open a PPF account which the bank or the post office will provide you. And you are done. The rest depends on the bank and the post office and how fast they process this.

OPEN A PPF ACCOUNT ONLINE

1. Go to your bank’s official website and log into your account on the internet banking or mobile banking portal.

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2. You will find an option of ‘Open a PPF Account’, click on it.

3. If you are opening the account for yourself, choose the ‘Self account’ option. If you are opening it for a minor, choose the ‘Minor account’ option.

4. Now fill the digital form with all the details and the total amount you are planning to deposit.

5. Then you will get an OTP on your registered mobile number.

6. Enter the OTP and you are done.

7. You will get a confirmation message on your phone as well as on the registered email address.

The amount will be deducted from your savings account and will be added to your PPF account.

Last updated: June 28, 2022 | 10:40
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