How to open PPF account online in SBI, PNB, ICICI Bank, or HDFC Bank
A Public Provident Fund (PPF) account is a long-term saving and investment product that also helps you in saving taxes on investments up to a specified limit every financial year.
Nowadays, other than physically going to a bank or post office, you can open a PPF account online. ET Wealth online lists steps to open a PPF account online through the Net-banking portal for four leading banks, namely State Bank of India (SBI), Punjab National Bank (PNB), ICICI Bank, and HDFCBank.
For SBI and PNB, the PPF account process is not completely online, one has to physically visit the bank branch to hand over the documents to complete the process. On the other hand, for ICICI Bank and HDFC Bank, the process of opening a PPF account is completely online, you don’t have to visit the bank branch. Once you have submitted the details, you can start depositing money instantly.
1. Opening online PPF account in SBI
Step 1: You must be an SBI savings account holder. To open a PPF account online in SBI, you need to have access to the bank’s Net banking portal. Once you get the log-in credentials from the bank, visit onlinesbi.com and enter the secure User ID and password to login.
Step 2: Under the ‘request and enquiry’ option, you need to click on ‘new PPF account’ tab. Then, you will be redirected to ‘apply for PPF account’ portal. Enter your bank details, nominee details, etc. on the Net banking portal. Some of your existing details, including your PAN (Permanent Account Number) details, will already be displayed on the portal.
Step 3: You need to enter the Branch Code of the branch where you want to open the PPF account. This information is mandatorily required. Hence, enter the bank branch details and proceed further. The portal will automatically show a drop-down list of the respective bank branch names. You need to select one from the list.
Step 4: After that, you need to enter the nomination details. All the details will be verified including your address details. Once the details are verified, click on the ‘Proceed’ tab.
Step 5: Once you are through with the process, your PPF account will get created and, the PPF account number will get displayed on the Net-banking portal. To finally complete the process , you need to take a print of the form and visit the bank branch, as mentioned, with KYC documents within 30 days.
2. Opening online PPF account in PNB
Step 1: You must be a PNB savings account holder. To open a PPF account online in PNB, you need to have access to the PNB Net banking portal. Once you get the log-in credentials from the bank, visit pnbindia.com and enter the secure User ID and password to login.
Step 2: Go to ‘My short-cut’ option, click on the PPF account tab and then click on ‘Open a PPF Account’. The PPF account opening form will populate on the portal.
Step 3: From the drop-down menu, choose either ‘self-account or minor account’. Fill up all the PPF account opening details required. Select the name of the authorised bank branch where you want to open the PPF account from the drop-down list available on the Net-banking portal and then click on the submit tab.
Step 4: After clicking on the ‘submit’ tab, the ‘request for confirmation’ tab will appear. Once you click on it, you need to enter your transaction password and click on the submit tab again.
Step: 5: A reference number will get generated on the Net banking portal. Remember you have to submit these details you filled online in a physical form (printed) at the bank within 7 days, else the information submitted online for opening the PPF Account will lapse.
Step 6: Download the PDF form which you have filled online, take a print-out and enter the reference number. Hand-over the account opening form along with KYC documents to the authorised bank branch selected by you for opening the PPF account.
3. Opening online PPF account in ICICI bank
Step 1: You must be an ICICI Bank savings account holder. To open a PPF account online in ICICI Bank, you need to have access to ICICI Bank’s Net banking portal. Once you get the log-in credentials from the bank, visit icicibank.com and enter the secure User ID and password to login to your net banking account.
Step 2: Go to ‘my account’ option. Click on the PPF Account tab. On the next screen, you can select your savings bank account number from which you would like to contribute to PPF account, enter initial deposit amount, nomination details, etc. Some of your existing details, including your PAN (Permanent Account Number) details, are already displayed on the portal. You can also set-up ‘standing instruction’ for making automatic debit at periodic intervals from your ICICI savings bank account to your PPF account.
Step 3: Verify details including your address details, personal details, nomination, etc. Once the details are verified, click on the ‘Proceed’ tab.
Step 4: Now, your PPF account is created. For reference purpose, take a note of the PPF account number displayed on the Net banking portal.
4. Opening online PPF account in HDFC Bank
Step 1: You must be an HDFC Bank savings account holder. To open a PPF account online in HDFC Bank, you need to have access to HDFC Net banking portal. Once you get the log-in credentials from the bank, visit hdfcbank.com and enter the secure User ID and password to login.
Step 2: After login, click on the ‘public provident fund’ tab under the ‘accounts section’.
Step 3: To start creating your PPF account enter your bank details, nominee details, etc. on the Net banking portal. Some of your existing details, including your PAN (Permanent Account Number) details, are already displayed on the portal. Confirm the details shown on the next page and then, enter the amount you want to deposit.
Step 4: You need to have an active mobile number to receive an OTP which is used to e-sign/ e-authorise the opening of the PPF account instantly.
Step 5: Once the details are verified, the PPF account is created. Take a note of the PPF account number as displayed on the Net banking portal. Once you have opened a PPF account online, you can transfer funds directly from your savings account to your PPF account.
Points to note
- For all of these banks you can view the statement of the transaction, an annual statement of the PPF account, on your Net-banking portal itself.
- You need to deposit a minimum of Rs 500 in the PPF account on opening and every financial year till maturity.
- You can make a maximum contribution of Rs 1.5 lakh each financial year to avail tax benefit under section 80C of income tax act.
- [“source=economictimes.indiatimes”]