A List of Banks That Offer A PPF Account
Published On Oct 25, 2021
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A Public Provident Fund is a fixed income saving scheme wherein you can invest for a long term and get a guaranteed rate of return on your investment. A PPF Account can be opened easily with an authorized bank or post office and then you can deposit money into the account for saving tax as well as for building a secured corpus for your financial goals.
Opening of a PPF Account can be done online as well as offline. You can open a PPF account with a bank or a post office. Usually, almost all reputed banks allow you to open a PPF Account with them.
List of Banks Offering PPF Accounts
- Allahabad Bank
- Corporation Bank
- Bank of Baroda
- HDFC Bank
- ICICI Bank
- Axis Bank
- Kotak Mahindra Bank
- State Bank of India and its subsidiaries which include the following –
- State Bank of Travancore
- State Bank of Bikaner and Jaipur
- State Bank of Hyderabad
- State Bank of Patiala
- State Bank of Mysore
- Canara Bank
- Bank of India
- Union Bank of India
- Oriental Bank of Commerce
- Central Bank of India
- Bank of Maharashtra
- Dena Bank
- Syndicate Bank
- United Bank of India
- Indian Overseas Bank
- Vijaya Bank
- IDBI Bank
- Andhra Bank
- Punjab National Bank
- UCO Bank
- Punjab and Sind Bank
These are some of the common PPF Account opening banks. There are other banks too and if you hold a savings account with another bank which is not on the list, you can find out whether the bank is a PPF Account opening bank or not.
Offline Account Opening
To open the PPF Account offline, visit the branch of the bank which offers a PPF Account. At the branch there is a PPF Account opening form. Fill up the form stating your name, age, address and other details. Submit the form along with your KYC documents which include your photographs, identity proof and address proof. Also make the initial deposit for opening the PPF Account. Once the application form and your documents are verified by the bank, the PPF Account would be opened in your name.
Online Account Opening
Many leading banks like SBI, HDFC Bank, ICICI Bank, Axis Bank, etc. allow you to open a PPF Account online from your home or office. Under the online mode of opening the PPF Account, you don’t have to visit the branch and fill up an application form. The application form can be filled up online itself and submitted to the bank along with your KYC documents. The first deposit to open the PPF Account can also be paid online along with the application. Once your application is reviewed and verified, the bank would open your PPF account online.
Eligibility Criteria To Open PPF Account
You can choose any bank from the PPF Account opening banks but you would be allowed to open a PPF Account provided the following eligibility parameters are met –
- You should be an Indian resident
- You should be aged 18 years and above
- You can open only one account in your name
- For minors aged below 18 years, either of the parents of the minor child can open a PPF Account in the name of the child
- Grandparents are allowed to open a PPF Account in the name of a minor child provided they are the legal guardian of the child after the death of the parents
- Things to remember about opening a PPF Account
- You can choose a bank from the list of banks offering PPF Account and open an account online or offline as allowed by the bank that you choose.
The interest rate on the PPF Account is fixed by the Government and reviewed every quarter. The interest rate for the quarter starting 1st October 2020 stands at 7.1% per annum
Invest in a PPF scheme to earn guaranteed returns and choose any of the above-mentioned banks to open a PPF Account with. The account opening formality is simple and once opened you can invest over a long term period and build up a good corpus without fearing market volatility.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.