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Opening a PPF account in HDFC



Updated on: Dec 30th, 2022


14 min read

Public Provident Fund (PPF) is a popular long-term investment option scheme. It is backed by the Government of India and also offers an attractive interest rate with ensured safety. These returns are fully exempted from tax under Section 80C of the Income Tax Act. Investors can look at saving tax on the amount ranging from Rs. 500 to a maximum of Rs. 1,50,000 in one financial year, and can get added facilities such as loans against the deposit, partial withdrawal and the extension of your account. PPF is a good alternative for self-employed people or those who are from unorganised sectors since EPF/GPF is not available for them.

Product Features of the PPF

  • An attractive interest rate of 7.1% p.a. that is fully exempted from income tax under section 80C
  • Good long-term investment of 15 years
  • Your deposit amount can start as low as Rs.500 and go up to a maximum of Rs.1,50,000 in one financial year
  • Deposits can be made in a maximum of 12 transactions
  • A loan can be availed between the 3rd to the 6th financial year against your deposit
  • A partial withdrawal facility can be availed from the 7th financial year onwards
  • The account can be extended in a block period of 5 years after maturity

Opening a PPF Account

Usually, a PPF account can be easily opened in a designated post office or a bank branch. However, if you are an HDFC Bank customer, opening a PPF account is an even simpler task that can be completed in only a few minutes without any hassle. HDFC customers can now open a PPF account online anytime, 24X7. HDFC Bank has announced the launch of a digital service that enables customers to open a Public Provident Fund (PPF) account instantly in a completely paperless manner, done entirely online. An HDFC Bank customer has the option of opening a PPF account conveniently anytime, anywhere using the bank’s digital channels of internet banking or through the bank’s Mobile App.

Opening a PPF account online in HDFC

Here is what you need as pre-requisites to open an instant PPF account online with HDFC Bank:

  • You must be a Savings Bank account customer of HDFC Bank.
  • You must have net banking/Mobile banking enabled for your account.
  • Your ‘Aadhaar’ number should be linked to your account.
  • Your mobile number, linked to your Aadhaar, should be in the active status to receive the OTP (one-time-password) used to e-sign/e-authorize the opening of the PPF account instantly.

The process to open a PPF account

  1. Visit the HDFC Bank portal and log in with your credentials.
  2. Click on ‘Public Provident Fund’ and select the ‘PPF Accounts ‘option.
  3. Select and click ‘Open Now’.
  4. Enter relevant details of the bank account number you would like to contribute to your PPF account and the PAN number. Provide the bank branch details.
  5. Your personal details need to be verified. These might include address, nomination data, etc. and then click on the ‘proceed’ button.
  6. On the next screen, your Aadhaar number will need to be verified. If your bank account is already linked to your Aadhaar, you can click on ‘Generate OTP’; else, you will need to update your Aadhaar online.
  7. There is also an option to e-sign with the Aadhar OTP to open a PPF account online instantly.
  8. Once you do this, your PPF account is instantly created in a matter of seconds, and the account number of your PPF is displayed instantly. It must be noted that the statement of transactions and the annual statement of the PPF account can be availed via internet banking.

Important Points to Note When Opening a PPF Account

  • As per Indian law, an individual is allowed to open only one PPF account in their name.
  • The minimum deposit is Rs.100 as an initial deposit amount.
  • Minors can not open a PPF account through online mode; you will need to visit any of the HDFC Bank branches.
  • NRIs cannot open a PPF account.
  • You can visit the nearest HDFC Bank branch and submit a request for nomination updating /change (if required).
  • Joint account holders cannot open a PPF account online.
  • Customers need to visit the branch to get the passbook for their PPF account.

Frequently asked questions

How does the PPF account work?

An adult can open a PPF account for self or on behalf of a minor. The account tenure is 15 years and the lock-in period for the account is 15 years. You can deposit to a PPF account ranging from Rs.500 up to Rs.1.5 lakh per financial year, either in lump sum or instalments. There is no restriction on the number of instalments per financial year. The deposits must be made every financial year during the tenure, and such deposits are exempt from income tax u/s 80C.

You are required to make a minimum deposit of Rs.500 per financial year to keep the account active. If you fail to make this deposit, the account will be discontinued. You will have to pay a penalty of Rs.50 along with a minimum deposit of Rs.500 to reactivate the account.

An interest rate of 7.1% p.a. (Q2 FY22) is applied to the deposit and is compounded annually. A loan facility is available on the PPF balance. Also, you can make partial and premature withdrawals on the PPF account subject to certain conditions. Upon completing the tenure, you can choose to extend the account with or without making additional contributions. You also have the option to close the account.

How to know your PPF account number?

When you open a PPF account offline, the bank or Post Office will provide you with a passbook. The passbook contains all the necessary information about the PPF account, such as the PPF account number, bank/PO branch details, account balance, transactions made in the account, etc. You can get the passbook updated regularly to access the latest data.

On the other hand, you can log into your account on the internet banking portal. On the home page, choose the PPF account to see the account details, such as the account number, account balance, recent transactions, and others.

Where to open a PPF account?

You can open a PPF account either at the Post Office branch nearest to you or at a participating bank branch based on your convenience. The participating banks that offer a PPF account are given below.

  • Bank of Baroda
  • HDFC Bank
  • ICICI Bank
  • Axis Bank
  • Kotak Mahindra Bank
  • State Bank of India
  • Bank of India
  • Union Bank of India
  • Oriental Bank of Commerce
  • IDBI Bank
  • Punjab National Bank
  • Central Bank of India
  • Bank of Maharashtra
  • Dena Bank
Which bank is the best for a PPF account?

PPF accounts are offered by the Government of India and are not specific to a bank. Also, all banks provide the same set of features and benefits when you open a PPF account. The interest rate is set by the government and it remains the same wherever the PPF account is held. Therefore, there is no best bank that offers a PPF account.

How to open a PPF account online?

Step 1: Log into your bank account on the internet banking or mobile banking platform.

Step 2: Select the ‘Open a PPF Account’ option.

Step 3: If the account is for self, click on the ‘Self Account’ option. If you are opening the account on behalf of a minor, select the ‘Minor Account’ option.

Step 4: Enter the relevant details in the application form.

Step 5: Key-in the total amount you want to deposit in the account per financial year.

Step 6: Submit the application. An OTP will be sent to the registered mobile number. Enter it in the relevant field.

Step 7: Your PPF account will get created in an instant! Your PPF account number will be displayed on the screen. An email will be sent to your registered email address with all the details confirming the same.

How to open a PPF account in a Post Office?

Step 1: Get an application form from your nearest post office or online.

Step 2: Fill up the form and submit it with the required KYC documents and passport size photograph.

Step 3: Make the initial deposit required to open a post office PPF account. The amount can range from Rs.500 up to Rs.1.5 lakh per financial year.

Step 4: Once your application is processed, a passbook will be given to you for the PPF account opened.

Who can open a PPF account?

Any resident Indian adult can open a PPF account. In the case of a minor or a person with an unsound mind, a legal guardian can open the account on their behalf.

How to withdraw money from a PPF account?

Step 1: Fill in Form C with relevant details. You can download this from your bank or Post Office website or at the branch.

Step 2: Submit the form to the bank or Post Office branch where your PPF account is held.

How to link Aadhaar with a PPF account online?

Step 1: Log on to your internet banking account.

Step 2: Click on the ‘Registration of Aadhaar Number in Internet Banking’ option.

Step 3: Enter your 12-digit Aadhaar number therein and click on ‘Confirm’.

Step 4: Select the PPF account to link it to the Aadhaar number and done.

Step 5: Click on the ‘Inquiry’ option on the homepage to check if the Aadhaar linking request is completed.

How to check the PPF account balance online?

Step 1: Log in to your internet banking account.

Step 2: Open the PPF account details to check the latest PPF balance and the recent transaction details.

How to check PPF account balance online?

Step 1: Log in to your internet banking account.

Step 2: Open the PPF account details to check the latest PPF balance and the recent transaction details.

What is the minimum lock-in period for a PPF account?

The minimum lock-in period for a PPF account is 15 years, the actual tenure of the PPF account.

How many PPF accounts can be opened?

An individual can open only one PPF account across the country.

How many years a PPF account can be extended?

A PPF account can be extended in the blocks of five years any number of times upon the maturity of the account after 15 years from the date of opening the account.

How many times can a PPF account be extended?

PPF account can be extended any number of times without any restrictions.

When to deposit money in a PPF account?

There is no specific due date as to when you should deposit money in a PPF account. However, it is beneficial for you to deposit money between 1 April and 5 April of a financial year. If you can’t make the full year’s deposit at the beginning of the year, you can make monthly deposits within the 5th of the month to earn maximum benefits.

How to withdraw money from a PPF account before maturity?

Step 1: Check if you are eligible for premature withdrawal.

Step 2: If you are eligible, get Form C from the bank or Post Office and fill it up with relevant details.

Step 3: If the account is in the name of a minor, you will have to provide an additional declaration stating the money you are withdrawing is for the sake of the minor and that the minor is alive.

Step 4: Submit the form and any supporting documents to the bank or Post Office branch.

Step 5: If all the information and documents you have provided are satisfactory, the bank or PO will process it and release the payment.

How much money can be withdrawn from a PPF account?

You can withdraw the money partially after completing five years from the date of opening the account. However, you can only withdraw up to 50% of the total account balance at the end of the fourth year from the date of opening.

How to convert a minor PPF account to a major?

When a minor PPF account holder becomes a major or turns 18 years old, you can submit a revised application form along with necessary documents stating the age of the account holder to change the status of the account from minor to major. The guardian can submit the application and the account holder’s signature on the application form as an attestation.

How to close a PPF account?

As per the rules governing PPF accounts, you cannot entirely withdraw your PPF account balance only after the account completes its tenure of 15 years. Upon completing the 15-year term, you can access the entire account balance, withdraw it entirely, and close the account.

Any time before completing the full tenure of the account, you cannot withdraw the entire account balance in any circumstances. However, premature withdrawal of up to 50% of the account balance is allowed after completing five years. This is permitted under special circumstances only.

How to transfer a PPF account?

You can transfer your PPF account to another branch of the bank/Post Office, switch from bank to Post Office, or switch from Post Office to a bank. Here is the procedure.

Step 1: Visit the bank or Post Office branch where your PPF account is held.

Step 2: Request for the application form to transfer the PPF account and fill it up with the relevant details.

Step 3: The branch representative will process your application and forward it along with the certified copy of the account, nomination form, account opening application, specimen signature, and the cheque/DD for the outstanding balance of the PPF account to the new branch.

Step 4: Once the new branch receives your application and supporting documents, you have to submit a new PPF account opening application along with the old PPF account’s passbook. You may change the nominee at this point.

Step 5: Once this application is processed, your PPF account is successfully transferred to the new branch.

How to activate an inactive PPF account?

In order to reactivate an inactive PPF account, you can follow the steps below:

Step 1: Submit a written letter to the bank or PO branch requesting to reactivate it.

Step 2: Pay a minimum amount of Rs.500 for each year you have not made any contributions along with the penalty of Rs.50 per inactive year.

Step 3: The bank or PO will process your request and reactivate the account.

How to close a PPF account in a Post Office?

You can close a PPF account after completing 15 years from the date of opening the account. The procedure is given below.

Step 1: Fill up the relevant information in Form C and attach your PPF passbook.

Step 2: Submit this to the relevant Post Office branch where the account is held.

Step 3: Your application will be processed and the account will be closed. You will receive the payment in your savings account linked to the PPF account.

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About the Author

DVSR Anjaneyulu, known by the name AJ, I've got a vast experience in accounting, finance, taxes and audit. I'm always keen to simplify laws for the readers and learn about the Indian finance ecosystem. I also love listening to music, travelling, and, most importantly, conversing with people to better understand the world.. Read more


Quick Summary

Public Provident Fund (PPF) offers attractive interest rates and tax benefits, with facilities for loans, partial withdrawals, and extension. HDFC Bank now allows its customers to open a PPF account online, instantly and paperless. Key features include a minimum deposit of Rs. 500, a lock-in period of 15 years, and an interest rate of 7.1% p.a. Questions: How to open a PPF account? What are the benefits of a PPF account? Can a PPF account be extended?

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