List of banks authorized to open PPF accounts online and Offline
PPF or Public Provident Fund is a scheme governed by the Indian Government that offers a bank account which brings forth lucrative interests and returns. Any return or interest payments that occur in this account are fully tax free. Unlike other saving accounts the minimum limit of the PPF account is Rs.500 only which means anyone with as low as 500/- can open the account.
In one financial year you can deposit not-more-than 1, 50, 000/- in this account. However you can easily get a loan or withdrawals against this account. Also the account can be easily opened by a minor as well. It has a lock-in period of 15 years within that period of time you will not be able to draw any money from the account. It is kind of fixed asset with exemption of tax.
Only an Indian Citizen can open a PPF account. Even if you are a minor, anyone who is your local guardian/legal guardian can open PPF account on your behalf.
List of Banks authorised to open PPF accounts
The account was started with post offices and all nationalised banks. But now you can open a PPF account with private banks as well. The list of authorised banks:
- State Bank of India
- State Bank of Patiala
- State Bank of Bikaner & Jaipur
- State Bank of Hyderabad
- State Bank of Travancore
- State Bank of Mysore
- Bank of Baroda
- Bank of India
- Central Bank of India
- Canara Bank
- Oriental Bank of Commerce
- Bank of Maharashtra
- Allahabad Bank
- Corporation Bank
- Vijaya Bank
- Andhra Bank
- Dena Bank
- Punjab National Bank
- Indian Overseas Bank
- Indian Bank
- United Bank of India
- UCO Bank
- Syndicate Bank
- Union Bank of India
- Axis Bank
- Industrial Development Bank of India – IDBI Bank
- HDFC Bank
- ICICI Bank
These banks have the authorisation to open or transfer the PPF accounts. But note that all the branches of these mentioned banks do not have authorisation. So it is recommended to check with your nearest branch of your bank whether they have the authority or not.
PPF account Rules
To open a PPF account you need some documents such as a form by your bank branch, your identity proof and address proof and some other documents like photographs and such. To know more about the details of PPF rules and how to open the account, please visit your bank branch or website. Read the rules carefully before you open an account.
PPF account backed by Indian Government has the biggest tax benefit. The other benefits are:
- Simple rules and no such eligibility to open an account
- High interest rate
- Lock-in period of 15 years. You cannot withdraw money before that period.
- No debt-liability, no tax payment
- The account can be opened for minors as well
- Risk-free investment
- Loans and withdrawals are available.
- Some of the bank branches allow you to link your personal account with your PPF account with the same branch so that you can easily transfer your money.
As a whole:
|Rules & Eligibility:||Must be Indian citizen|
|Time Period:||15 years|
|Minimum Amount:||Rs. 500|
|Maximum Amount:||Rs. 1,50,000|
|Loans & Withdrawals||Yes|