The Public Provident Fund (PPF) is a risk-free, government-backed investment option offering secure returns. It provides the benefit of tax-free interest and tax-free maturity. The PPF account has a 15-year investment tenure, with the interest rate for FY 2024-25 set at 7.1% per annum.

Eligibility to Open a PPF Account

• Indian citizens are eligible to open a PPF account.
• Parents or guardians can open a PPF account on behalf of their minor children.
• Non-Resident Indians (NRIs) are also permitted to invest in a PPF account.

Investment Limits and Tax Advantages

• The minimum deposit to open a PPF account is ₹500.
• You can contribute up to ₹1.5 lakh per year to your PPF account.
• Investments of up to ₹1.5 lakh are eligible for tax benefits under Section 80C.

Opening a PPF Account Online

If you have an account with major banks like SBI, HDFC, ICICI, or Bank of Baroda, you can open a PPF account online. Follow these simple steps:

1. Log In to Your Bank Account: Visit the official website or open the mobile banking app of your bank and log in.

2. Go to the Investment Section: Find the Investment or Services section in your online banking portal.

3. Choose 'Open PPF Account': Select the option to open a PPF account.

4. Fill in Personal Details: Provide your personal information, including your name, address, and contact details.

5. Enter Nominee Information: Specify the nominee details for the account.

6. Submit Required Documents: Upload scanned copies of your Aadhaar card and PAN card as identification.

7. Initial Deposit: Make an initial deposit of at least ₹500 to activate your account.

8. Account Confirmation: After submitting your information, the bank will process it and confirm your account setup.

9. Account Activation: Once approved, your PPF account will be successfully opened.

Maturity and Withdrawal Details

• Maturity: PPF accounts mature after 15 years.
• Extensions: You can extend your PPF account for two additional 5-year terms.
• Partial Withdrawals: After 7 years, you can make partial withdrawals if needed.

Disclaimer: All financial investments are made at your own discretion. IEN is not responsible for any investment outcomes.