PPF Account Form A (Account Opening Form)
PPF or Public Provident Fund was a government scheme that was launched back in 1968. It is a government-run small investment scheme which is known for offering one of the most attractive interest rates offered by any investment vehicle in the same category.
Being a government-backed investment area, PPF is also one of the most secured investment options available in market. There are many flexible features of PPF. Let us take a quick look at some of the most important features before we start exploring the PPF Form A.
Some Features of PPF
- Allows small investments of minimum INR 500.00 a year.
- The maximum investment allowed in a year is capped at INR 150,000.00.
- Deactivated accounts can be reactivated by making necessary investments.
- Investments made into the account are not taxed.
- Interests earned by the investments are not taxed either.
- Since the PPF account is to be run for a period of 15 years, the accumulated fund actually works as a retirement corpus.
- Account holder can opt for loan against PPF account (subject to certain conditions) at a very low rate of interest.
Well, there are many more features but since this article is meant for providing information on Form A associated with PPF, we will limit our discussion on PPF account here and divert our attention to Form A.
What is PPF Account Form A?
PPF Form A is the first form one has to come accross when someone plans on openning a PPF account. In other words, this form is the form that one has to fill up and submit when someone wants to open a PPF account.
Where is PPF Form A found?
This account opening form is available with all banks that are authorized by the government to open a PPF account. The form can also be availed at a post office because a PPF account can also be opened at a post office. However, one needs to understand that Form A from post office will not be accepted by banks and vice versa. Similarly, Form A from one bank will not be accepted by another bank.
- PPF Form A SBI (Account Opening Form)
- PPF Form A Post Office (Account Opening Form)
- PPF Form A ICICI (Account Opening Form)
- PPF Form A PNB (Account Opening Form)
What is there in PPF Form A?
It is a simple form which asks for the details of the person who is willing to open up a PPF account. The form has several components that must be filled up properly with accurate information. The information provided in the form will be cross-verified with the information found on the documents that will be submitted along with the form. Also, the information on the documents will be cross-verified with information stored with the issuers of those documents. Hence, providing accurate information in Form A is mandatory.
Let us take a look at the components of Form A in a tabular format:
|Component||What is Required|
|Photograph field||Requires a color passport-sized photo clicked recently.|
|PAN field||PAN details are to be provided.|
|Name field||Here the name of the person who wants to open the PPF account is to be provided. However, if the person wants to open the PPF account in someone else’s name the name of the other person is to be provided accordingly. The person opening the account needs to be the guardian of the person on whose name the account will be opened.|
|Address field||This is where the person – who is either himself or herself the subscriber or is the guardian of the person on whose name the account is being opened – has to provide the permanent residential address.|
|Minor Details Segment
In case a person wants to open a PPF account for a minor, this segment becomes mandatory or else, one can safely ignore this section.
|DOB field in Minor Details Segment||This is where the date of birth of the minor is to be provided in case the account is being opened for a minor.|
|Relation field in Minor Details Segment||Here the relationship between the person opening the account and the minor on whose name the account is being opened is to be provided.|
|Other PPF accounts’ details in Minor Details Segment||The person who is opening the PPF account for a minor may already have existing PPF accounts. These existing accounts may be in his/her own name, in name of other minors, for Hindu Undivided Family or he or she may maintain a PPF account for as Association comprising of several persons or inviduduals. Details of all such PPF accounts are to be provided accurately in this section.|
|Date and Signature field||These are the last fields of the form that the person needs to take care of. In the signature field, the applicant can actually provide a thumb impression in place of a signature.|
Depending on the bank or the post office from where the form is collected, there may be additional fields for official use (that is for use by bank or post office personnel). Those fields are to be left untouched. Sometimes the officials can actually ask the applicants to fill in some basic information that section and leave the stamp field and signature field empty for the officials.