PPF Account Opening Banks
Several banks in India offer the facility of opening PPF accounts. You can open a PPF account in the following banks- State Bank of India, Bank of Baroda, Union Bank of India, Canara Bank, Punjab National Bank, and Indian Bank. This investment scheme is available for individuals and allows accounts to be opened on behalf of a minor child by their natural or legal guardian.
Features of PPF Account
- Only one account per individual is permitted.
- Deposits can range from a minimum of Rs.500 to a maximum of Rs.1,50,000 in a financial year.
- The minimum period is 15 years, extendable in 5-year blocks.
- Interest rates are subject to quarterly government notifications.
- Partial withdrawals allowed after five years.
- Premature closure is possible under specific circumstances with valid documentation.
- Subscribers can avail themselves of a loan of up to 25% of the credit balance after the first year and before completing five years from the initial subscription.
- Deposits are exempted under section 80C of the Income Tax Act.
Banks with PPF Account Facility
You can open a PPF account in India Post as well as in the following banks:
- State Bank of India
- Bank of Baroda
- Union Bank of India
- Canara Bank
- Indian Bank
- Punjab National Bank
- HDFC Bank
- ICICI Bank
- Axis Bank
- Bank of India
- Kotak Mahindra Bank
- IDBI Bank
- Bank of Maharashtra
Note: Not all branches of these banks are authorised to offer PPF opening facility so please check with the bank before visiting the branch.
How to Open PPF Account in a Bank (Offline)
Follow the steps given below to open a PPF Account offline at a bank:
Step 1: Select the nearest Bank offering PPF service.
Step 2: Request for the PPF Account form at the branch.
Step 3: Fill in your personal details, including your name, age, address, and other necessary information.
Step 4: Submit your KYC (Know Your Customer) documents, including photographs, identity proof, and address proof, along with the filled form.
Step 5: Make the Initial Deposit of a minimum of Rs.500 for opening the PPF Account.
Step 6: The bank will verify the details provided in your application form and the submitted documents.
Step 7: Once the bank completes the verification process, your PPF Account will be opened in your name.
How to Open PPF Account in a Bank (Online)
You can open a PPF Account without visiting a physical bank branch by following the instructions given below:
Step 1: Visit the official website of the bank where you want to open the PPF Account.
Step 2: Click on the PPF account services.
Step 3: Fill in the online PPF account opening application form with relevant details, including name, age, address, etc.
Step 4: Upload KYC Documents: Upload the necessary KYC documents, such as photographs, identity proof (Aadhaar, PAN card), and address proof (utility bills, driver's license, etc.).
Step 5: Pay the initial deposit (a minimum of Rs.500) to open the PPF Account online through the bank's online payment portal.
Step 6: Submit the completed application form and your online payment confirmation.
Step 7: The bank will review and verify the information provided in your online application.
Step 8: After the bank's review and verification, your PPF Account will be opened, and you will receive confirmation online.
How to Transfer PPF Account to a Different Bank
When transferring a PPF (Public Provident Fund) account from one bank to another, the process involves specific steps:
Step 1: Visit the current bank where your PPF account is maintained and request the transfer form.
Step 2: The current bank will forward a certified copy of the PPF account, the account opening application, a nomination form, and a cheque or demand draft for the outstanding balance to the new bank.
Step 3: Submit the new account opening form and your old PPF account passbook to the new bank.
Step 4: It may take a few days or weeks for the new PPF account to be visible in your internet banking portal at the new bank.
PPF Top Pages
- PPF
- PPF Balance
- PPF Online Payment
- PPF Deposit Limit
- PPF Calculator
- PPF Rules
- How to Open PPF Account Online
- PPF Interest Rate
- PPF Account Opening Form
- Change Nominee Name in PPF
- PPF Withdrawal Rules
- Axis Bank PPF Account
- Bank of Baroda PPF Account
- Central Bank of India PPF Account
- Union Bank ppf account
- PPF Claim Status
- PPF Tax Benefits
- PPF Death Claim Form
FAQs on PPF Account Opening Banks
- Which bank is the best for opening a PPF account?
PPF (Public Provident Fund) accounts are not specific to any bank as they are offered by the Government of India. All banks provide the same features and benefits for PPF accounts. The interest rate for PPF accounts is determined by the government, so it remains consistent across all Banks.
- Is it preferable to open a PPF account in a bank or a post office?
There is no significant difference between opening a PPF (Public Provident Fund) account in a bank or a post office in terms of eligibility, interest rates, lock-in period, or access to a loan against PPF. You can opt for either option based on your personal convenience.
- Can a PPF account be transferred from a Post Office to another bank or branch without any charges?
Yes, on the account holder's request, a PPF (Public Provident Fund) account can be transferred from the Post Office to another bank or branch, and this transfer is conducted free of charge.
- Is it possible to have two PPF accounts in different banks?
Individuals are not permitted to open more than one Public Provident Fund (PPF) account in their name. While a PPF account can be opened either in a bank or at a post office, only one account is allowed per individual. If multiple PPF accounts are found under the same individual's name, they are required to close one of the accounts.
- What happens to my PPF account if the bank where it is deposited closes?
In the case of a bank closure, your PPF account is usually transferred to another bank or a post office. The Indian government guarantees the safety of PPF deposits, so your funds remain secure even if the bank fails.
Disclaimer
Credit Card:
Credit Score:
Personal Loan:
Home Loan:
Fixed Deposit:
Copyright © 2025 BankBazaar.com.