How to Open Public Provident Fund Account?
Public Provident Fund (PPF) is one of the safest investment options available in India. It not only provides guaranteed fixed returns but also offers tax rebate under section 80 C of Income Tax Act, 1961. A person can open PPF Account either with a Bank or with a Post Office.
We can open the PPF Account in:
(1) Bank
(2) Post Office
There are two ways to open your PPF Account, which are as follows:
- Opening PPF Account Offline by visiting authorised Bank or Post Office
- Opening PPF Account Online by visiting authorised bank's official website or through third-party financial services provider's web portal providing this facility.
(1) Opening PPF Account Offline by visiting authorized Bank or Post Office
You can visit personally to an authorized Bank or Post Office in order to open your PPF Account. You need to fill up a PPF Account Opening Form and have to submit it along with the required documents (as detailed below) with initial deposit which has to be made for opening your account. The PPF account opening charges are Rs. 100. This one-time charge has to be paid by the investor, over and above the minimum amount of Rs 500 at the time of opening of the PPF Account.
(2) PPF Account Opening Online
You can visit authorized bank's official website or through third-party financial services provider's web portal providing this facility online. You need to fill up PPF Account Opening Form and required documents (as detailed below) have also to be uploaded along with deposit of the PPF account opening charges, which are Rs. 100 (one-time charges), over and above the minimum amount of Rs 500 which can be transferred online through net-banking facility.