Posted by: Girija Gadre on Apr 23, 2018, 12.27 PM IST
A Public Provident Fund (PPF) account can be opened either at a post office or a bank that is allowed to accept such deposits.
To make the account opening process easier and more accessible, it is now possible to open PPF accounts online.
Where to open Online account opening is available only with banks. Some banks offer partial online account opening facility, while some banks provide a complete online account opening facility
Banks make the following conditions mandatory:
• Subscriber should have a savings account with the bank.
• Subscriber should have netbanking mobile banking activated.
• Aadhaar must be linked to the account.
• Subscriber’s mobile number should be linked to Aadhaar.
Account opening The customer can log in to the Net banking portal and select the PPF account opening option. The account from where contributions will be made must be chosen. All personal details registered with the bank can be linked to the PPF account
Aadhaar verification Once initial details are submitted, the Aadhaar e-verification process begins. On entering the Aadhaar number, a verification OTP is sent to the mobile number. Once OTP is entered, the account is opened.
Partial process Here the application form can be created online. Once application is submitted, the same can be printed, signed and submitted with KYC documents at branch where account is to be opened.
Points to note
1. A minimum of Rs 500 must be deposited in the account on opening and every financial year.
2. The subscriber can make a maximum contribution of Rs 1.5 lakh in each financial year.