Oct 112015
 

PPF account in Chennai

If you are residing in any of the four metros in India, you must have a PPF account as it is going to save you when you require a huge amount in your hand or you require money after your retirement. Chennai is a place where you can find all sorts of facilities and happiness, but the same time, you should have something secured. The whole procedure of the PPF account, it has become very easy as everything is done through the online. Almost each and every bank opens such kind of accounts. But, the real fact is they don’t support such accounts as banks earn very less profit and they support savings account over a PPF account. This is a government initiative so the banks cannot deny it.

Select a branch

PPF accounts are not opened by each and every branch. So, your first step would be selecting a branch in Chennai that opens a PPF account and it would be better is it is near to your residence. You can simply visit the internet and find out those branches that offer PPF account services or you can simply contact the nearest branch of yours which will provide you with a list of branches.

Documents required

The documents which you provide for a normal savings account, you are going to provide the same set of documents while opening a PPF account.

  • A recent passport size photograph
  • Your identity proof along with the original one to verify
  • Your address proof along with the original one to verify
  • Your savings account number in the respective branch
  • All photocopies should be self-attested

Form

While opening a PPF account, you have to fill up a form. You can download it through the internet or you can simply contact the branch. If it is a minor account, you will have to provide the guardian details along with some extra details.

Challan

Along with the form, you have to submit a minimum of Rs. 500 challan in order to open your PPF account. Money orders and demand drafts are not acceptable.

Processing

Generally it takes 1 or 2 days to dispatch the passbook of your PPF account. But sometimes it can take only 24 hours to deliver it. Your passbook will bear the starting date of your PPF account and your maturity date along with all your personal details.

Deposits

As per government’s rule, you have to deposit at least Rs. 500 and it is mandatory too.

Account transfer

PPF accounts are transferable to any other branch of the bank. Provided that the branch must have an access to the PPF accounts. So, whenever you are moving to a new place, you don’t have to worry much as you will get the facilities around you.

It is also transferable from the post office to the bank. Transferring from one branch to another is a bit troublesome, but when you are transferring from the post office to a branch, it is a bit easier process.

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