How to open PPF account online? Here are procedure, eligibility, documents required and more
PPF Account Opening Online: Public Provident Fund (PPF) is a government-backed scheme. It has EEE status in Income Tax Filing. PPF investments are exempted on investment, interest earned and maturity proceeds that makes it one of the best investment options in the market. Backed by the Indian Government, the Public Provident Fund (PPF) is a famous long-term investment scheme due to its decent investment rates and safety in returns.
A PPF account can be opened at any commercial bank that accepts such deposits or at post offices. It is also possible to open PPF accounts online as the process is easier and much more convenient.
Know how to open a PPF account online:
1. The subscriber should hold a savings account with the bank.
2. Net-banking and mobile banking should have been activated by the subscriber.
3. Aadhaar Card must be linked to the account.
4. The subscriber’s mobile number must be linked to the Aadhaar Card.
Important documents required-
1. ID document required (anyone):
– PAN card
– Driving license
– Voter ID card
2. Address proof (anyone):
– Telephone bill
– Electricity bill
– Ration card
3. Two current photographs
4. Pay-in-slip, which will be available at the bank branch to transfer amount to the PPF account.
Important points to keep in mind:
1. During account opening and every financial year, a person is required to deposit a minimum amount of Rs.500.
2. Rs.1.5 lakh is the maximum contribution that a subscriber can invest in one year.
3. One needs to carry his\her original documents to the bank for the easy verification process.
4. All the documents must be self-attested by the applicant.
The PPF passbook is required to claim tax deductions under Section 80C of the Income Tax Act. It can be opened with any of the commercial bank or post office. It provides an 8 per cent interest p.a at present.