HDFC PPF Account: Interest Rate, How to Open, Eligibility & Withdrawal

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HDFC PPF Interest Rates 2024

The HDFC PPF account interest rate is subject to periodic change (up to once every quarter) as per announcements made by the Finance Ministry and the current rate is 7.1% for Q3 FY 24-25. To know the historical HDFC PPF interest rates*, click here.

Key Features of HDFC PPF Account

• The maturity period of the scheme is 15 years from the date of account opening. It can be extended further in blocks of 5 years after maturity
• Minimum annual investment in HDFC PPF account is Rs. 500, maximum is Rs. 1.5 lakh
• If minimum Rs. 500 is not deposited in a financial year, Rs. 50 is applicable as a penalty
• Interest earned on deposits made in HDFC PPF account up to Rs. 1.5 lakh is exempt from tax under Section 80C
• Passbook is issued by the HDFC Bank once you open a PPF account

Eligibility Criteria for HDFC Bank PPF Account

The following are the key eligibility criteria for opening an HDFC Bank PPF Account:

• Any resident Indian over 18 years of age is allowed to open an HDFC PPF Account
• Parents/guardians can open a PPF account on behalf of a minor
• One individual can have only one PPF account across all eligible institutions
• NRIs are not allowed to open PPF accounts. However, if a resident with a PPF account becomes an NRI prior to maturity, he/she can continue to subscribe to the scheme until maturity on a non-repatriation basis

Documents Required to Open HDFC Bank PPF Account

The following is a list of documents required to open an HDFC PPF account:

• Identity proof (PAN card, Aadhaar card, Voter id)
• Address proof
• Passport size photographs
• Pay-in slip (available at post office/bank branch)
• Nomination form

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How to Open PPF Account in HDFC Online

HDFC customers with an active savings account and who have net-banking/mobile banking enabled can open a PPF account anytime. Here is the process of PPF online account opening in HDFC Bank.

Please note: To open a PPF account online, you need to have net-banking/mobile banking enabled for your account, your Aadhaar card should be linked to your bank account, and your mobile number linked to your Aadhaar should be active and registered at the bank.

Step 1: Log-in to HDFC net banking or mobile banking using your respective banking credentials

Step 2: Select ‘Public Provident Fund’ under the Offers tab

Step 3: On the next screen, you will see a PPF account opening form. Fill the form and then enter the amount which you want to deposit

Step 4: If you wish to add a nominee, enter his/her details and then proceed

Step 5: If your Aadhaar card is linked to your bank account, your form will be submitted and a confirmation message will be sent to your registered mobile number. But, if your Aadhaar card is not linked, you need to link the same first to proceed

Step 6: Once your PPF account is opened, you can make contributions to your PPF account directly from your savings account

How to Open PPF Account in HDFC Offline

To open your PPF account at the bank, follow these steps-

Step 1: Obtain an application form from HDFC Bank branch

Step 2: Fill the PPF account opening form and then submit it with the required KYC documents and passport size photograph

Step 3: An initial deposit of a minimum of Rs. 500 should be made to open the PPF account

Step 4: Once all the formalities are done, you will receive your PPF passbook which will contain all the details such as the name of the account holder, PPF account number, branch name, etc.

How to Access HDFC Bank PPF Account Passbook

HDFC Bank lets users access their PPF account passbook both online and offline. With HDFC Bank PPF account passbook, users can check key details relating to both accounts, credits and debits.

How to Access your PPF Account Passbook Online

• To access PPF passbook online or avail online services, you should get net-banking activated for your account
• Log-in to HDFC Bank website using your user ID and password
• Now, select the suitable option to access your passbook
• You can download as well as print your HDFC PPF account passbook

Steps to Access your PPF Account Passbook Offline

• Visit the nearby HDFC Bank branch
• Get your PPF passbook updated and check all the transactions easily

HDFC Bank PPF Account Statement Download

You can download your HDFC PPF account e-statements online using net banking. For this, you simply need to log in to netbanking using your user id and password. You can use these e-statements to keep a track of all the debits and credits made in your HDFC Bank PPF account.

How to Check PPF Account Balance in HDFC Bank

The following are some pointers to help you check HDFC PPF account balance:

• Get your PPF account linked to your existing HDFC Bank savings account
• Ensure that you get internet/mobile banking facility enabled
• Now you can log on to your HDFC account using your online/phone banking credentials to check your HDFC PPF Account Balance online
• To check your PPF account balance offline all you need to do is get your PPF passbook updated and it will show details of all credits and debits made in your account

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HDFC PPF Calculator

The HDFC PPF calculator can be used to:

• Calculate the maturity value of your PPF investment
• Get a clear idea about interest associated with the account
• Performance of the account with respect to Principal and Interest earned

Note: Interest is calculated and paid only up to a maximum contribution limit of Rs.1.5 lakh in a year. Amounts exceeding the maximum limit are not taken into consideration while calculating the interest. Moreover, the excess amount is not eligible for any tax benefits.

Read more: PPF Calculator

How to Transfer HDFC Bank PPF Account

With HDFC Bank, you can transfer your PPF account from one branch to another. Besides you can also transfer your PPF account with another bank/Post office to HDFC Bank.

PPF Account Transfer within the Same Bank or Post Office

• Write and submit an application clearly giving the reason for transfer
• Mention details including your branch name, address & IFSC Code of the current branch as well as the branch to which the account is supposed to be transferred
• Duly sign the application formand submit the form at the bank branch/Post Office where the PPF account is currently held

PPF Account Transfer from Post Office or Bank to HDFC Bank

• Visit your current bank branch/post office where the PPF account is currently held and submit a PPF transfer request
• The existing Post offfice/bank then sends the necessary documents along with cheque/DD of the outstanding balance in the PPF account to the HDFC Bank branch address provided by the customer.
• Once PPF transfer in documents are received at HDFC Bank, you will be intimated about the same by the branch official
• Following this you will be required to visit the bank branch to complete the transfer formalities

Mode of Deposit

You can deposit money into HDFC PPF account either online via internet/mobile banking or offline via cash/cheque. Given below are details relating to the available modes of making HDFC PPF account deposits-

• To make online transfers to your HDFC PPF account, you can link your existing HDFC Bank savings/current account to your PPF account
• You can also fund your HDFC PPF account from other bank accounts via interbank transfer options like NEFT, ECS and standing instructions
• You can also make PPF deposits offline using cash, cheque or draft

Loan Facility against HDFC PPF Account

Subscribers of HDFC PPF account can opt for a loan against PPF option subject certain key criteria:

• Loan against HDFC PPF can be availed between the 3rd and 6th years of account opening
• The maximum amount that can be availed in such cases is up to 25% of the PPF account balance recorded at the end of the 2nd year
• The HDFC PPF loan interest rate is 2% over the applicable PPF interest rate

Premature Withdrawal Facility in HDFC

You have the option to prematurely withdraw up to 50% of the money deposited in your PPF account after completion of 5 financial years after account opening. Premature closure of PPF account is also possible after the completion of the 5th year subject to payment of applicable penalties. Key criteria for premature closure of PPF account is as follows:

• Treatment of life-threatening diseases/serious ailments of account holder/spouse/dependent children or parents
• Higher education expenses of children

Read More on PPF Withdrawal

HDFC PPF Account Extension

• You can extend the tenure of your HDFC PPF account after it has matured i.e. subsequent to completion of 15 years from the date of account opening
• The HDFC PPF account extension request needs to be made within 1 year of maturity of the account
• HDFC PPF extension can be made in a block of 5 years with or without additional deposits as per the subscriber’s convenience
• The PPF account will continue to earn interest at the applicable rate on the account balance during the extension period
• NRIs do not have the option to extend HDFC PPF account after maturity

HDFC Bank Customer Care

In case of any doubts, queries or discrepancies, you can call on the HDFC Bank customer care numbers mentioned below to get the queries solved instantly:

1800 1600 / 1800 2600

FAQs

Q. Is it safe to open a PPF account in HDFC Bank?
Ans. Yes, it is completely safe to open your PPF account in HDFC Bank. The bank allows customers to use their online banking account and open a PPF account anytime, 24×7.

Q. Can multiple nominees be added in the PPF account in HDFC Bank?
Ans. Yes, you can nominate one or more nominees to your PPF account. However, in such a case, the account holder is required to specify the percentage of share for each nominee.

Q. Is there a limit to the number of installments in which I can deposit money in my HDFC Bank PPF account?
Ans. The minimum amount that you can deposit to your HDFC Bank PPF account is Rs. 500 while the maximum is Rs. 1.5 lakh in a financial year. You can deposit the same in as many installments as you wish or in lump-sum.

Q. Do I need to have a savings account with HDFC Bank to open a PPF account with them?

Ans. Yes, you need to have a savings account with HDFC Bank in case you want to open a PPF account with them online. However, you can open an HDFC PPF account offline by visiting an HDFC Bank branch even if you don’t have a savings account with them.

Q. Are there any charges to open an HDFC PPF account?
Ans. No, there are no charges to open an HDFC PPF account. However, you do need to make an initial deposit of at least Rs. 500 to open a PPF account.

HDFC PPF Interest Rates Historical

*The compounding in case of PPF account occurs on an annual basis.

Read More: PPF Calculator – PPF Interest Rate, Loan, Maturity & withdrawal Calculator