Digitisation has made banking in India so much more efficient and hassle-free. Today you can even open an account for Public Provident Fund online. The facility is available through banks such as State Bank of India (SBI) and ICICI Bank, among others.

The Government of India introduced the PPF scheme in 1968. With a PPF interest rate of 8.1%, it remains a popular long-term saving and investment tool. It is especially useful for building a retirement corpus. Have you ever wondered how to invest in PPF? This simple guide walks you through the process.

How to open a PPF Account online

Many banks offer the facility of online application for a PPF account. It is a good idea to avail the online facilities of banks. For one thing, it cuts down on your having to run around. You save time, effort, and energy by using online facilities.

  1. Log in: You no longer need to visit a busy bank branch to collect a form for PPF account opening. All you need to do is log on to the bank’s website. You can go about this in two ways:
    1. For accountholders: If you have an account with the bank, simply log in to your online banking account. For example, say your account is with SBI. Log in with your user ID and password. Then go to ‘e-Services’. Click on ‘New PPF account’ and then on ‘Apply for PPF account’.
    2. For non-accountholders: If you do not have an account with the bank, click on the online PPF account opening section. This will direct you to another web page. Here, you will have to fill in basic details such as your name, date of birth, mobile number, and email ID. Next, a password will be sent to your registered mobile number. Once you type in that password, you will get access to the PPF application form.
  2. Nominee and other details: For SBI, there is an additional step at this point. You will have to fill in nominee details. You would also have to fill in minor details if you are opening this account for a minor. Click on submit. You will get access to a PDF version of the PPF account opening form.
  3. Submit application: Once you get the application form, download it and fill it in. Then submit it to the nearest bank branch within 30 days.

Opening a PPF Account: Details

When you fill in the PPF application form, take it to the authorised branch of the bank. Make sure to carry the following with you:

  1. ID proof: passport, driving license, voter’s ID, PAN card, or Aadhar card
  2. Address proof: telephone bill, electricity bill, ration card, Aadhar card, or passport
  3. Passport-sized photographs
  4. Details of the minor, in case you are opening the account for a minor
  5. Money for the initial deposit

Carry the original documents as well as photocopies. Make sure to self-attest all photocopies. Once your account is opened, you will receive a passbook.

Opening a PPF account does not have to be a harrowing process. Bypass the queues and wastage of time by simply applying online. Start your long-term investment journey with ease.

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