Bank Lane: PPF- Public Provident Fund- At a Glance

What is PPF?

It is a long term investment scheme for all Indian citizens with associated income tax benefit under section 80C upto Rs 1.5 lac. Minimum amount to invest in PPF account is Rs 500 per financial year (Penalty of Rs 50 will be imposed for each inactive year) and maximum limit is Rs 1.5 lac. Maximum 12 installments are allowed in a financial year. PPF has 15 years of maturity period with 7 years of lock in period for premature partial withdrawal.

Who are eligible to open a PPF account?

Any Indian citizen can open a PPF account. A PPF account holder can have only one PPF account.

Which documents are needed to open a PPF account?

You have to submit Proof of Identity and Proof of Address along with application form with passport sized photograph and duly signed.

Proof of Identity

Copy of Ration card having photograph of the applicant
Copy of passport
Copy of Elector's photo identity card
Copy of driving license
Certificate of address in original signed by a member of Parliament
Certificate of address in original signed by Member of Legislative Assembly
Certificate of address in original signed by a Municipal Councilor
Certificate of address in original signed by a Gazetted Officer
Copy of AADHAR card issued by the Unique Identification Authority of India
Copy of pensioner card having photograph of the applicant

Address Proof

Copy of electricity bill
Copy of landline telephone bill
Copy of depository account statement
Copy of credit card statement
Copy of bank account statement
Employer certificate in original
Copy of passport
Copy of Elector's photo identity card
Copy of latest property tax assessment order
Copy of driving license
Copy of AADHAR card issued by the Unique Identification Authority of India
Copy of domicile certificate issued by the government
Copy of property registration document
Copy of consumer gas connection card or book or piped gas bill
Copy of water bill
Copy of broadband connection bill

Bank staffs can ask any other document if it is required

Where can you open a PPF account?

You can open PPF account in authorized banks or in post office.

Authorized PSU Banks

State Bank of India
State Bank of Travancore
State Bank of Hyderabad
State Bank of Mysore
State Bank of Bikaner and Jaipur
State Bank of Patiala
Andhra Bank
Allahabad Bank
Bank of Baroda
Bank of India
Bank of Maharashtra
Canara Bank
Central Bank of India
Corporation Bank
Dena Bank
IDBI Bank
Indian Overseas Bank
Oriental Bank of Commerce
Punjab National Bank
Punjab and Sind Bank
Union Bank of India
United Bank of India
UCO Bank
Vijaya Bank

Authorized Private Bank

ICICI Bank
Axis Bank

All the branches of above mentioned banks are not authorized to open a PPF account. You can find nearest authorized branch of your bank in respective bank's official website.