To apply for the PPF Provident Fund ( PPF ) Scheme, 1968, you are required to fill up Form A and submit it at any post office/ a bank along with KYC documents. You are free to open a PPF account in any post office/bank which are authorised to open this account. Though opening a PPF account is very simple but if you still face any problem, the officials of respective post office/bank would help you with the account opening process where you want to open your account.
It is always better to open your PPF account in that bank where you already have your savings account in order to save the additional hassles. For your convenience, you can also apply for opening a PPF account online.
Following documents are required to open a PPF account:
Public Provident Fund (PPF) account can be opened by:
The points to remember are:
Following cannot open PPF account:
Minimum Subscription: Rs.500/- can be invested in lump sum or in 12 instalments in each financial year
Maximum Subscription: Rs.1, 50,000/- can be invested in lump sum or in 12 instalments in each financial year
The minimum number of times you have to deposit money to your account is 1 and the maximum is 12.
How Many Nominees can be Appointed?
PPF Account Nomination can be made in favour of one or more persons. Nominations cannot be made for minor's PPF account. If PPF account holder has made single nominee then he/ she will get 100% share. In case, more than 1 person have been made nominees, then the PPF account holder needs to declare the percentage share that each nominee will get.
Who can be Appointed a Nominee?
Any person such as parents, spouse, relatives, children, friends, etc. of the PPF account holder can be appointed nominee/s.
Which Form is Used for PPF Nomination?
Form E is used to appoint a nominee to the PPF account. This form needs to be signed by the PPF account holder and two witnesses. Signature of the nominee/s is/are not required.
When to Appoint a Nominee?
Nominee can be appointed at the time of opening of PPF account. However, nominee/s can also be appointed at any time during the tenure of the PPF account. The form has to be submitted at the same bank/post office branch where the PPF account is opened.
Can Nomination be Changed?
PPF account holder can change, cancel or alter the nomination any time during the tenure of the PPF account. These changes can be done by filling up Form F.