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How should you open your PPF Account?

  • Highlights

  • Fill out Form A and E to start your PPF

  • Carry your address and ID proof

  • Carry a cheque for initial deposit

  • Collect your passbook

Public Provident Fund or PPF is a Government-backed long-term investment scheme offering a variety of benefits. Whether you are salaried or self-employed, PPF remains one of the best avenues to park your hard-earned or surplus money since it offers risk-free returns at good interest and tax savings too.

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What is the procedure to open PPF account offline?

If you’re looking to start investing in PPF, here’s a guide on how to open a PPF account in your name.

a) Find out where you can open a PPF Account: Although you can open your PPF account in post office and banks, not all bank branches accept PPF deposits.

b) Fill and submit the PPF account opening form: This is commonly known as Form A and while banks and post offices may have different versions of it, the basic format remains the same.

You will need to fill in the following details:
- PAN card number
- Date of birth
- Amount you want to deposit
- Permanent address
- Date on which you are applying
- Your occupation
- Marital status
- Debit mandate and debit account number or Cheque number and date of issue
- Standing instructions for your bank (such as frequency of your PPF deposit if you choose to link your account to PPF as a recurring deposit)
- Declaration that you do not have any other PPF account with signature

Additional Read: How to apply for PAN Card Online

c) Verification with Documents: For verification of the information you have filled, you need to provide the following documents:
- Your PAN card or Driving Licence or Voter ID card or Passport as proof of identity
- Your telephone bill or electricity bill or ration card as address proof
- Two recently clicked current photographs
Apart from this, you will need to submit:
- A pay-in slip mentioning the amount you want to deposit. This will be available at the bank or post office.
- The bank or post office may also request a cancelled cheque from the bank from which the recurring amount is being withdrawn in case you are linking your PPF to your bank account.

d) Fill in an additional Form-E: This is a nomination form and filling it in at the time of opening your PPF account helps you avoid future hassles.

What should you keep in mind when opening the PPF account?

When you’re opening your PPF account, it is important to consider several different factors, so that you can maximise the gains from your investments.

a) Carry original documents: Do not make the mistake of heading to the bank or post office with copies of your documents as this will not be enough for verification.

b) Notarise or self-attest all important documents: In certain cases, you may need to get documents notarised. Where notarization is not mandatory, you will need to self-attest the documents with a signature.

c) Ensure that there is no discrepancy in name or address: Carrying different documents with different addresses or changes in name will cause unnecessary problems. So, as far as possible, ensure that your address and name matches. In case they don’t, have a legal reason for the discrepancy. For example, in case you have gotten married recently, which has led to a change in your name, carry your marriage certificate.

d) Collect your passbook: When you open a PPF account, you are entitled to get a passbook. Do not forget to collect this as it not only enables you to check the entries every month but is also required for you to claim tax deductions under Section 80C of the Income Tax Act.

When submitting the PPF account opening form make sure you have signed declarations that you do not have another PPF account and that you have read and understood the monetary requirements to keep your PPF account operational.

Remember that grandparents cannot open PPF accounts in the names of their grandchildren. You cannot open a PPF account if you are a non-resident Indian (NRI).

If you have opened a PPF account before becoming a NRI you can contribute to the fund on a non-repatriable basis. However, this account is not valid five-year extension at the time of maturity.You can also open a PPF account online, but you may need to visit your bank branch for document verification.


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