You can open a PPF account through a Post office or a Bank. SBI, ICICI, HDFC etc are some of the banks offering PPF account opening facilities. You can open a PPF account either online through bank site or offline by filing a form A and submitting it.
Some of the banks provide a facility for online application of PPF account opening. To make an online application:
- You should have a savings account with a respective bank,
- You should have net banking mobile banking activated,
- Aadhaar must be linked to the account,
- Your mobile number should be linked to Aadhaar.
Step-by-step process to open a PPF account online:
- Go to a respective bank site
where you have a savings account already
- Login to the net banking portal
And select the PPF account opening option
- Select the account from where contributions will be made.
Link all personal details registered with the bank to the account.
- Aadhaar e-verification process needs to be done.
An OTP is sent to the registered mobile number for verification. Once OTP is submitted, the PPF account is opened.
Once the account is active, you can undertake the following activities:
- Transfer funds online from your linked savings account
- Set standing instructions for a deposit on a regular interval
- View account statement online
List of Documents required to open a PPF account offline:
- Duly filled Form A
- 2 passport size photographs of the individual opening the account
- Copy of PAN card
- Residence proof of the individual
You can open one PPF account every 15 year. However, at any given time, you can only have one PPF account in your name.
Yes, you can transfer your PPF account to and from permitted branches of nationalised or private sector banks or Post Offices. You have to submit a transfer request to the existing accounts office of Bank/Post office.
Yes. You can make one withdrawal every year, from the 7th financial year. However, the withdrawal limit will be 50% of the balance at the end of the fourth year immediately preceding the year of withdrawal or the amount at the end of the preceding year, whichever is lower.