We all can open a PPF account. After all, it is one of the most effective tools for tax saving and small investment, that would provide us a long term financial security at a time when we need it most. Through investing in PPF, you not only accumulate wealth for your old age days, but also save money that you would otherwise pay to the income tax department. In our article we will discuss about Documents Required Opening PPF Account.
A PPF account can be opened for any Indian national for self as well as on behalf of a minor. You can read about it in our article PPF Account for Minor. It is noteworthy here to mention, that any Indian national can have only one PPF account under their name, unless the additional account is in the name of a minor and the individual acts as the depositor or caretaker of the minor’s account.
Also, grandparents are not authorized to open a PPF account for their grandchildren. Only one of the parents can open a PPF account for the minor. A PPF account can be opened in any bank.
Documents required opening PPF Account
Following is the list of Documents Required Opening PPF Account:
- Duly filled Form A
- A passport size photograph of the individual opening the account
- Copy of PAN card
- Residence proof of the individual
As you can see, there are only few basic Documents Required Opening PPF Account. It is better to get your PPF account opened in any of the bank where you already have your saving account. This way, you would be saved of the additional hassles.
However, you are free to open a PPF account anywhere and the officials would help you with the account opening process. All you have to do is walk up to any nearest bank and meet the person taking care of PPF account opening. If you want to transfer PPf account, so it is also possible. You can read article Transfer PPF Account Post Office Or Bank
On a convenient side, you can also apply for a PPF account online. If you have net banking activated on your saving or current account, you can apply online and the system would generate for you an online form that you can take print out of and visit your branch for document verification and submission.
Opening a PPF account is quite easy. The minimum deposit that you need to do at the time of account opening is just Rs 500 and thereafter you can deposit any amount into your PPF account. The maximum limit of amount you can deposit in your PPF account is Rs 1.5 lakh.
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