The Public Provident Fund, PPF, is one of the few investment options that offer EEE status. EEE stands for exempt on investment, interest earned and maturity proceeds. PPF is a long term investment scheme and fits in the portfolio of all investors with different risk appetite.
PPF is backed by the Government of India; it is a very popular long term investment option due to its attractive interest rate and safety. The returns on PPF account are fully tax exempt as per Section 80C of the Income Tax Act. A PPF account may be opened at banks and post office.
There is an option of opening PPF account online and the process is simple and hassle free. Only banks have this option, while post offices don’t offer online PPF account opening option. Few banks allow complete account opening option while others allow the partial account opening facility.
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You can open PPF account by logging in to netbanking facility. Post choosing the account from which the deposits would be made, subscribers can link personal details registered with bank and the PPF account. All details like address must be verified.
The conditions to open PPFs account online are mentioned below:
PPF accounts cannot be opened at all bank branches. A PPF account can be opened only at the authorized branches of SBI, ICICI Bank and Axis Bank.
Other banks authorized to operate PPF accounts are:
Punjab National Bank, Bank of India (BOI), HDFC Bank, Central Bank of India, IDBI, Union Bank of India, Indian Overseas Bank and some others.
Below mentioned are the documents required to open PPF accounts:
One of the following documents for ID proof:
You must submit one of the following documents as address proof:
The online application procedure varies across banks and few banks may need submission of additional documents. However, the basic documentation remains the same.
Apart from the above mentioned documents, you must also produce the following:
Note that copies of all documents must be self-attested, and originals must be produced at the time of opening the account for verification.
SEE ALSO: 12 Things To Know Before Opening PPF
The e – verification of Aadhaar commences the moment you submit details. An OTP would be sent to the registered mobile number and you must validate. The PPF account is opened on entering the OTP received.
Partial application is created online. On submitting the application, print it. Self attest the printed application and submit at the branch by attaching the requisite documents.
SEE ALSO: How To Invest PPF Online?
Opening PPF accounts with banks is way more convenient than opening with a post office. Most banks have online fund transfer option from the subscriber’s savings bank account to the PPF account.
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