Documents required to open a PPF account with HDFC Bank
To open a PPF account, you will need the following documents:
- Proof of identity (voter card / PAN card / Aadhar card)
- Proof of address
- Passport-size photographs
- Payment slip (available at a bank branch / post office)
- Nomination form
Prerequisites to open an HDFC Bank PPF account online
â¢ You must have an HDFC bank savings account and your account must be activated for NetBanking / MobileBanking banking services.
â¢ Your account must be connected to your ‘Aadhaar’ number.
â¢ Your mobile number linked to Aadhaar must be active in order to obtain an OTP, which is necessary to instantly e-sign / e-authorize the opening of a PPF account.
How to open a PPF account online with HDFC Bank?
If you have an HDFC account, you can open a PPF account online at any time, digitally. Here is a step by step guide:
Step 1: Log into your HDFC Bank NetBanking account.
Step 2: Click on the âPublic Provident Fundâ banner under the Offers tab.
Step 3: Confirm the information on the next screen and then enter the amount you want to deposit.
Step 4: Select whether or not you want to add a candidate, then click Submit.
Your form will be submitted if your Aadhaar is already linked to your account, and you will receive an email stating that your account will be activated within one business day.
If your Aadhaar has not yet been bound, you will need to do so before continuing. You can transfer funds directly from your savings account to your PPF account once you have opened a PPF account online.
How to invest in the PPF online?
- If your savings and PPF accounts are both at the same bank, you can make deposits online using a funds transfer or third-party transfer.
- To deposit online, first log into your NetBanking account and add your PPF account as a beneficiary. You can quickly send funds to your PPF account once you add it as a beneficiary through NetBanking or MobileBanking.
- You can automate the process by giving your bank standing instructions that will automatically credit your PPF investments.
Points to note
- The minimum deposit to create a PPF account at the post office is Rs. 500, with a maximum sum of Rs. 70,000 for the initial investment.
- The maximum deposit that can be made in one year is Rs. 1.5 lakh for tax benefit.
- PPF depositors are also eligible for services such as loan advances, account extensions, and other benefits.
- PPF will continue to gain 7.1% for the quarter ending Dec.31, 2021, according to the latest government circular.
Read also: Public provident fund: 15 lesser known but important rules
Also Read: 7 Reasons Why PPF Is One Of The Best Tax Saving Investments
Read also: 7 things to know about the Public Provident Fund