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PPF account can be opened in banks and post offices this will give exemption in income tax,check details

Few things are necessary to open PPF account online. For this, the person should have a savings account in the bank. Netbanking facility must be activated.

Public Provident Fund (PPF) is a reliable investment. In which investors never get disappointed. Along with this, tax exemption on the amount invested in it, tax-free returns on maturity and government support are available. Now if we talk about where we can open PPF account. So for this you can go to any branch of Indian Post Office. At the same time, you want to open a PPF account sitting at home. So you can open your PPF account online in State Bank of India, Punjab National Bank, ICICI Bank and HDFC Bank sitting at home. For this you only have to use net banking. Let us know, how you can open a PPF account in the post office and bank and how much and how much benefit you will get in it.

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Open PPF Account in Post Office like this 

For this you have to visit your nearest post office branch. Where you can open an account of either an adult or a minor with the help of Form 1. If you want to open PPF account of your two minor children. So in one of them the father and in the other mother can become the caretaker. At the same time, to open a PPF account in the post office, you will have to deposit Rs 500. At the same time, you can deposit a minimum of Rs 500 annually in the PPF account and a maximum of Rs 1 lakh 50 thousand annually in lump sum or installments for 15 years.

PPF account can be opened in both government and private banks 

If you want to open PPF account in the bank while sitting at home. So for this you have to use the net banking of the respective bank. For example, in HDFC Bank, you have to click on the banner of Public Provident Fund. Some banks give the option in this whether you are opening an account for yourself or want to open an account in the name of a minor, choose the option accordingly. After this, fill the details of the person you are nominating, bank details etc. Along with this, enter your Permanent Account Number (PAN) number as well. Make sure that the details entered are correct. Once you have filled the details, enter the amount you are filling in the account.

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Some banks will have arrangements to deposit the money in installments or all at once. Then enter the OTP or Transaction Password sent to your registered mobile number. After this your PPF account will be opened. Note down your PPF account number for future reference. However, in some banks you will have to take a print out of your details along with the reference number and submit it to the bank. Along with this, KYC details will also have to be given.

Things required to open PPF account online 

Some things are necessary to open PPF account online. For this, the person should have a savings account in the bank. Netbanking facility must be activated. Aadhar number should be linked with your savings account. It is also necessary to link the person’s mobile number with Aadhaar.

Features of PPF Account 

A person has to deposit at least Rs 500 in his PPF account. A person can deposit a maximum of Rs 1.5 lakh in a year. Its maturity period is 15 years. You can deposit money in PPF account in one go or in installments. You can also deposit a different amount each time. The amount deposited in PPF account can be claimed as deduction under section 80C of the Income Tax Act. The interest earned on this is completely tax free. Wealth tax is also not to be paid on PPF deposits. Subject to certain terms and conditions, an individual can take a loan against PPF deposits. Loan can be taken between 3 years to 6 years.

Parvesh Maurya
Parvesh Maurya
Parvesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ praveshmaurya24@gmail.com
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