Now that you have decided to start saving by investing in ppf account, very obvious question arises in one's mind is how do to i open ppf account? Is there any way to open ppf account online? or how can i check balance of ppf account online?
Well let's start answering question. Opening PPF account is very simple, it is as simple as opening any savings account in bank. Not all banks support ppf account scheme, but it can be opened in almost all nationalised banks and post office. You need to go to nearest branches of supported banks and post office. Fill in the form, attach a photograph, state your PAN Number, and you’re done. Once your formalities are completed, you will receive a pass book which will record all your PPF transactions. It's as simple.
Please note, At any point in your life, you are allowed to have only 1 PPF account in your name.
You can also have an account in the name of a minor child of whom you are the parent / guardian.
However that will be the child’s account, you will simply be the guardian. You can never have a joint
account.
If at any time it is seen that you have more than 1 account in your own name, the second account will be deactivated, and only your principal will be returned to you.
If you have a General provident Fund account, or an Employees Provident Fund account, you can still have a PPF account – there is no restriction.
Now coming to next question,
How to open PPF account online?
Well, most of banks provide opening ppf account online. You need to login into net banking for bank website, there will be option to open ppf account, or download ppf account opening form. This things very form bank to bank but overall procedure will be same. Once you download ppf opening form, you need to go to banks with print out of that form and all supporting documents (if needed) and you're done.
Below is list of documents required to open ppf account.
Documents Required for PPF Account
Followings are documents for the PPF account which are almost similar to the any other account in banks.
- A recent passport size photograph.
- Identity Proof copy with original to verify( Even PAN Card may be accepted as all tax payersare having it)
- Address Proof copy with original to verify
- Account opening form for PPF( available on Bank’s website)
- Paying in slip for PPF a/c ( available on Bank’s website)
- Nomination form for PPF ( available on Bank’s website)
- Account number of the saving account in respective bank( if you are having you’re a/c with the Bank)
- The best time for deposit in the PPF a/c is between 1st to 5th of the month as any amt deposited upto 5th of the month ( Interest is calculated on the balance between 5th and last day of the month)
Okay. You have opened ppf account, you have invested your savings in to it. Now, final question how to know how your money is growing? You have planted a seed, and now you wanted to know how it's growing!
Well it's simple. There are two ways
- Old School way When you open ppf account in bank, you'll receive a passbook same as any savings account. Whenever you want to know balance go to bank and ask bankers to fill passbook with latest entry and you know latest happenings.
- New Trend: Check ppf balance online. Most of banks provide ppf balance checking facility. For that you need to link your ppf account with your savings/current bank. If your ppf account isn't linked with your net banking, you might need to visit your bank branch, fill one form and you're done. After linking with your net banking, you can check ppf balance after login. And you can also direct invest money in ppf account by using net banking too. For all this facility, you just needed to link ppf account.
Hope this article provided basic guidance of how to open ppf account and how to open it online.