1. What is a PPF account?

PPF stands for Public Provident Fund which is a long term investment scheme declared by the government of India. It is a safe deposit scheme that offers tax exemptions and attractive interest rates. Apart from public and private sector banks, a PPF account can also be opened through post offices

2. Eligibility criteria for opening PPF account in post office

• Any individual who either works for a private company, is a pensioner or self-employed, or belongs to any other category can open a PPF account in post office.
• Only one PPF account can be opened per individual. In case you open more than one, only the principal amount will be refunded without any interest from the second account and it will be closed.
• Either the father or mother (not both) can open a PPF account in the name of their child. In case of the death of father or mother, the minor cannot continue with the account, it will be closed and the money will be refunded.
• An NRI cannot open a PPF account. In case he/she opened while residing in India, he can continue it for 15 years i.e. until the maturity of the account.

3. Documents required to open a PPF account in post office

• ID proof: Voter’s ID, Passport, Driving license etc.
• Address proof: Voter’s ID, Passport, Driving license etc.
• PAN card

4. Features of a PPF account in post office

The process of opening a PPF account in post office can be completed within the following 4 simple steps:

1. Get an application form from the nearest post office or sub-post office in your area. The application form can also be acquired online.
2. Fill up the form and submit it with the required KYC documents and passport size photograph.
3. The initial deposit required to open a post office PPF account is Rs. 500 and the maximum amount allowed initially is Rs. 70,000. However, the maximum deposit allowed within a year is Rs. 1.5 Lakh.
4. Once all documents are submitted with the initial deposit, the applicant will be handed over a passbook for the PPF account. The passbook will contain all the details such as the name of account holder, PPF account number, branch name etc.

5. Steps to open a post office PPF account

The process of opening a PPF account in post office can be completed within the following 4 simple steps:

1. Get an application form from the nearest post office or sub-post office in your area. The application form can also be acquired online.
2. Fill up the form and submit it with the required KYC documents and passport size photograph.
3. The initial deposit required to open a post office PPF account is Rs. 500 and the maximum amount allowed initially is Rs. 70,000. However, the maximum deposit allowed within a year is Rs. 1.5 Lakh.
4. Once all documents are submitted with the initial deposit, the applicant will be handed over a passbook for the PPF account. The passbook will contain all the details such as the name of account holder, PPF account number, branch name etc.

Similar Banks Offering PPF account

• Income Tax Department Portal