Any Indian resident can open a PPF account

How to open a PPF account: Eligibility, documents, process 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 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. Here’s how to open an account.

Eligibility
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.

Documents
The following documents are needed:
Identity proof: Aadhaar card, PAN card, or passport.
Address proof: Aadhaar card, voter ID, or a utility bill.

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Photograph: A recent passportsized photo.
Form A: PPF account opening form.

Process
One can open a PPF account either online or by visiting a bank or post office.
1. Online

• Log 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. Offline
At a bank or post office, submit Form A and ID documents.

Accounts for minors
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.

Points to note

• 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.
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)

This story originally appeared on: India Times - Author:Faqs of Insurances