We all know enough about Public Provident Fund, which can be opened designated post office or any bank branch. Infact, it is advised to open it online to ease out the trouble of undergoing a long drawn process. These public provident funds can be easily shifted between post offices or banks for greater mobility and use. Especially when the eligibility to open an account is so flexible. Any age of a person works to open a PPF quickly.
So, how do we know if at all we qualify to open a PPF or not?
- One needs to be an Indian resident to open a PPF account.
- Only one PPF account can be opened by an individual.
- NRIs too can open and use the account for 15 years with no possible extension.
- Even minors can open PPF based on the legal age of proof
- HUFS now cannot open PPFs after 13th May 2005.
The above broadly outlines what is the eligibility criteria for a PPF account, however we still have to see the steps towards a PPF account.
A PPF account can be essentially opened in the designated branches of SBI, ICICI and Axis. HDFC Bank, Central Bank of India, Bank of India (BOI), IDBI, Central bank of India, Punjab National Bank, Indian Overseas Bank are some other banks that open a PPF account.
Documents required for Opening a PPF Account
A PPF Account opening form found at the bank branch or the Indian Post website.
Any valid ID proof out of the options listed below:
a) PAN card
b) Driving license
c) Voter ID card
e) Aadhaar Proof
If you are willing to apply online, different processes are applied to different banks. Ofcourse, the basic documents and application remains the same.
Any valid address proof, out of the options listed below:
a) Telephone bill
b) Electricity bill
c) Ration card
d) Aadhaar Card
Two recent passport size photos.
Pay-in-slip submitted at the branch to transfer the PPF amount or a signed cheque towards PPF.
In case of a minor, a birth certificate works best as the age proof.
All documents used have been self-attested and submitted along with the originals at the time of opening the account.