Public Provident Fund (PPF), the popular long-term savings scheme, which matures in 15 years is currently giving 7.1% interest annually. A PPF account can be opened in a Post Office. Even some banks like the State Bank of India (SBI), ICICI, and HDFC also provide the option of opening a PPF account online
How to open an SBI PPF account online
1) Log in to your SBI online account
2) Now, click on the ‘Request and enquiries’ tab.
3) Click and select the ‘new PPF Accounts’ option from the drop-down menu.
4) You will be redirected to the ‘New PPF Account’ page. Existing customer details including PAN (Permanent Account Number) are displayed on this page
5)Your personal details – address and nomination- need to be verified. Once verified, click on ‘Proceed’.
6) After submitting, a dialogue box says, ‘Your form has been successfully submitted’. It will also have the reference number.
7) Now you need to download the form with the reference number given.
8) Print the account opening form from the tab ‘Print PPF Online Application’ and visit the branch with KYC documents and a photograph within 30 days.
How to open HDFC Bank PPF account online
1)Sign in to HDFC Bank NetBanking.
2)Under the Offers Tab, click on the banner for ‘Public Provident Fund.’
3)Existing customer details including PAN are displayed on this page. Confirm the details
4)If your Aadhaar is linked to your account already, your form will be submitted, and you will receive a message that your account will be opened in one working day.
5) If your Aadhaar is not linked, you must first link it, to be able to complete the process.
How to open ICICI Bank PPF account online
1)Login to your ICICI Bank account via Netbanking
2)Go to Bank Accounts >> PPF Accounts
3)Fill in the details, set up standing instructions, and E-Sign
Once you have opened a PPF Account online, you can transfer funds directly from your Savings Account to your PPF Account in HDFC or ICICI Bank.
PPF allows a minimum of ₹500 and a maximum of Rs. 1.5 Lakhs for each financial year. It has a minimum tenure of 15 years, which can be extended by a five-year block. The current PPF interest rate is 7.1% (Q4 of FY 2023-24). The interest gained, as well as the maturity value, is also tax-free for principal, interest, and maturity amounts, which makes the whole fund exempt-exempt-exempt. Section 80C allows a deduction for the principal sum expended up to ₹1.5 lakh.
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Published: 04 Feb 2024, 12:47 PM IST