The Government of India launched a tax free saving scheme and named its as “Public Provident Fund”. The main objective of this scheme is to make people to have small savings from their investment and in return they will get the good amount with attractive rate of Interest.
Also Check – PF Withdrawal Online | PF Claim Status Check
PPF Account Open Process:-
One can open the PPF Account by visiting nearest Private or Nationalized bank and Post office. You will be asked to fill a form to open a PPF Account and need to submit the relevant documents like Aadhaar Card, PAN Card, Address Proof, Passport Size Photo etc.
Once done, you have to submit the form to the Bank/Post office. After the verification process, your PPF Account will be opened and you will be given a PPF Account Passbook, very much similar to Bank Passbook.
Also Check – EPF Passbook Check | EPF Balance Check
Eligibility Criteria to open Account under PPF Scheme:-
- Must be a citizen of India
- Joint Account Holders can not avail the benefits under this scheme.
- NRI’s can not apply for this scheme.
- If an Indian Citizen applied for this scheme and after opening the account he become an NRI, he can continue the scheme till maturity.
- For Minor one’s, their parents can open the account.
- One can open this account with a small investment Amount i.e Rs 500 and maximum limit is Rs 1.5 Lakh.
- As the PPF is fully supported by the Government of India, so risk factor is very minimum.
- You can deposit money in this account via cash, cheque or Online transfer.
- You will get the benefits under tax- deduction.