PPF or Public Provident Fund is a government-backed, long-term investment and savings scheme which comes under the EEE (Exempt-Exempt-Exempt) category of tax implications. A PPF account can be opened at the Post Office or any authorized bank. Some banks like HDFC, SBI, Axis Bank allow the customers to open a PPF account online with convenience. Let us learn more about how to open a PPF account online.
Prerequisites of opening PPF Account Online
You can open a PPF account online only when your respective bank is net-banking enabled.
- Operating savings account at the bank
- Activated internet banking services
- Aadhaar number linked to the savings account
- Mobile no. registered at the bank and linked to the savings account
Post Office PPF Account, Click Here
Process of opening a PPF account online
After all the prerequisites are fulfilled, you can follow these steps to open a PPF account online:
Step 1: Log-in to your respective bank’s net-banking website using your customer ID and password
Step 2: Navigate to the menu bar and select the ‘Open a New PPF Account’ option
Step 3: On the next screen, you will see two options- self-account or minor account. Select either of the options and proceed.
Step 4: Now, enter your details such as bank details, nominee details, PAN details. Review all the details carefully to avoid entering the wrong details
Step 5: Enter the bank name, branch code, and branch name where you want to open your PPF account
Note: Some banks like ICICI allow the investors to enable automatic payments at periodic intervals from a savings account to the PPF account.
Step 6: Enter the amount which you want to deposit into your PPF account. You can deposit up to Rs.1.5 lakh in your PPF account in one financial year. The minimum amount is Rs.500 p.a
Step 7: You will receive an OTP in your registered mobile number. Enter the same to authenticate the transaction and click on ‘Proceed’
Step 8: After the bank completes its verification process, your PPF account will be opened. A confirmation mail/SMS will be sent to your registered email id/mobile number
Important: For some banks like PNB only allow partial opening on a PPF account online. This implies that after submitting all the details, the PPF applicant will have to download the PDF of PPF form filled at the time of online registration along with the reference number received and submit the same at the bank within 7 days.
List of Banks that Open PPF Account
Following banks are authorized to open a PPF account for its account-holders:
| Indian Overseas Bank | Axis Bank | State Bank of India | IDBI Bank |
| ICICI Bank | Bank of Baroda | Punjab National Bank | Corporation Bank |
| Oriental Bank of Commerce | Bank of India | State Bank of Bikaner & Jaipur | State Bank of Hyderabad |
| Allahabad Bank | Central Bank of India | Canara Bank | Union Bank of India |
| Indian Bank | United Bank of India | Dena Bank | Vijaya Bank |
| Bank of Maharashtra | State Bank of Patiala | State Bank of Travancore | State Bank of Mysore |
Related Article: List of Banks offering PPF account
How to check PPF balance online?
Individuals are required to activate net banking to check PPF balance online:
- Log in to your PPF account using your internet banking customer ID and password
- After logging in, your current PPF account balance will be displayed on the screen
- Logging in to your account using internet banking allows you to transfer funds to your account online, set up standing instructions for your PPF account, download your account statement, and submit your PPF loan application, etc.
Who can open a PPF account?
The eligibility criteria for opening a PPF account is as follows-
- Any Indian resident can open a PPF account
- An NRI can continue to contribute in the PPF account till maturity only if the account was opened when he/she was an Indian citizen
- PPF account cannot be opened by a Hindu Undivided Family (HUF)
- A PPF account can be opened for a minor
Features of Public Provident Scheme
Here are some of the primary features of public provident fund scheme:
- Interest rate: The current PPF interest rate for Q4 of FY 2024-25 is fixed at 7.1% p.a. The same interest rate was fixed for Q3 FY 2024-25
- Lock-in period: PPF has a lock-in period of 15 years with partial withdrawals allowed after completion of continuous contributions for 5 financial years from the date of account opening. The tenure can be extended by 5 years once the original tenure of 15 years end
- Minimum and maximum investment: Individuals need to make a minimum investment of Rs. 500 annually. A maximum investment of Rs. 1.5 lakh can be made in one year in PPF account
- Tax Implication: PPF comes under the Exempt-Exempt-Exempt (EEE) category of tax policy which implies that the principal amount, the maturity amount, as well as the interest earned is exempt from taxes
- Loan against PPF: A PPF account holder can take a loan against the balance from the beginning of 3rd financial year till the end of the 6th year from the date of account opening
Frequently Asked Questions
Q. Can I open a PPF account online?
Yes, you can open a PPF account online if your respective bank has enabled net-banking service. Also, you need to have an active savings account and net-banking account to avail PPF services online.
Q. Can I extend my PPF account online?
Yes, you need to log-in to your PPF account using your net-banking credentials to apply for PPF extension online. If you do not have a net-banking account or your bank has not enabled PPF online, you won’t be able to access PPF accounts online.
Read More: Extension of PPF Account Tenure
Q. Can I pay PPF contributions online in SBI?
Yes, you can make PPF contributions online in SBI from your savings account. For that, you need to have a PPF account number and the IFSC of the bank branch where your PPF account is held. If both your savings and PPF accounts are held at the same bank, you can make direct online fund transfer. Otherwise, NEFT or ECS mandate can be used to initiate deposits from a savings account held at a different bank.
Q. How can I check my PPF balance online?
To check your PPF balance online, you can log-in to your internet banking account using the customer ID and password. Then, go to ‘PPF Account’ and click on ‘View Balance’. Your outstanding balance will be displayed on the screen.
Q. Which bank is best for opening a PPF account online?
Several banks allow opening a PPF account online. However, some banks like PNB only provide a partial opening of PPF accounts. So, you can choose a bank which provides complete access to PPF accounts online and also allows automatic payments like SBI, ICICI, HDFC, etc.