Once you've decided to save through a PPF account, the next questions are practical ones. How do I open a PPF account? Can I open a PPF account online? And how do I check my PPF balance online?
Opening a PPF account is about as easy as opening a savings account. Not every bank offers PPF, but you can open one at the post office, at any public sector bank and at several private banks authorised by the government. Go to your nearest branch of a bank that offers it, or to the post office. Fill in the form, attach a photograph and give your Aadhaar and PAN, and that's it. Once the formalities are done, you get a passbook that records all your PPF transactions.
Please note: you can have only one PPF account in your name at any time in your life.
You can also open an account in the name of a minor child you are the parent or guardian of.
That is the child's account, though, and you are only the guardian. Joint
accounts are never allowed.
If you're ever found to have more than one account in your own name, the extra account is irregular. Under rules in force since 1 October 2024, its balance is merged into your main account as far as that year's deposit limit allows, and anything beyond that is refunded without interest.
Having a General Provident Fund or Employees' Provident Fund account doesn't stop you from having a PPF account. There's no restriction.
That brings us to the next question.
How to open a PPF account online
Most banks let you start a PPF account online. Log in to your bank's net banking, and you'll find an option to open a PPF account or download the PPF account opening form. The details differ from bank to bank, but the process is broadly the same. If you download the form, take a printout to the bank along with any supporting documents it asks for.
These are the documents you need to open a PPF account.
Documents required for a PPF account
They are much the same as for any other bank account.
- A recent passport-size photograph
- Your Aadhaar number (mandatory for all small savings accounts since 2023) and your PAN card, with the originals for verification
- A copy of your address proof, with the original for verification
- The PPF account opening form (available on the bank's website)
- The pay-in slip for the PPF account (available on the bank's website)
- The PPF nomination form (available on the bank's website)
- Your savings account number at that bank (if you have an account there)
- The best time to deposit in your PPF account is between the 1st and 5th of the month, because interest is worked out on the lowest balance between the 5th and the last day of the month. Money deposited by the 5th earns interest for that month.
Once your PPF account is open and you've started depositing, you'll want to see how your money is growing.
There are two ways to check.
- The passbook: when you open a PPF account at a bank, you get a passbook, just like a savings account. Whenever you want to know your balance, take it to the bank and ask them to update it.
- Online: most banks let you check your PPF balance through net banking. For that, your PPF account must be linked to your savings or current account. If it isn't linked yet, you may need to visit the branch and fill in a form. After that, you can see your PPF balance when you log in, and you can also deposit money into your PPF account through net banking.