PPF Account in PNB (Punjab National Bank)
PPF or Public Provident Fund is a long term investment option brought to Indian citizens by Government of India. What’s best about PPF is that it can accommodate any kind of person irrespective of the risk-taking ability he or she display. Opening and operating a PPF account comes with tax benefits and on top of that, it also gives financial security to a person.
Opening a PPF account is not really difficult. However, at times things may become slightly difficult because PPF account opening takes place through banks belonging to both public and private sector. Many banks joined the PPF bandwagon and PNB or Punjab National Bank is one of them. In case you are wondering how to open PNB PPF account, you have stopped at the right place. This article will tell you the steps required for opening a PNB PPF account depending on your tech-savviness.
Opening PNB PPF Account Using Traditional Route of Bank Branches
Not everyone is tech-savvy. Some get chills when they hear the name of internet. So for them, offline banking has always been the best available option. In case you belong to this category, all you have to do is head for an authorized branch of PNB where PPF account opening services are rendered to its customers.
Here is a list of all branches of PNB that have been authorized to open PPF accounts for their customers: Authorized Branches (PDF Document).
Once you have located the nearest branch, you have to do the following:
- Fill up the account opening form. You can download this form from here, get a print out and fill it up.
- Download and take a print of the PPF deposit slip from here.
- Get two recent passport-sized photographs.
- Get a photocopy of your ID proof and your address proof. For ID proof you can use passport, voter ID, driving license and PAN card. For address proof you can use ration card, telephone bill or electricity bill.
Once you have everything in place, walk in to the nearest branch and submit all the documents. You will have to carry the originals of your ID and address proofs so that banks can quickly carry out the verification process.
Once the documents are accepted, you need to fill up the pay-in slip that you can collect from your authorized branch and submit. The money will be transferred directly to your PPF account once the bank completes the account opening process. A separate passbook will be issued to you for your PPF account.
Opening PNB PPF Account Using Internet Banking
If you happen to be like us who prefer not to step out just to carry out banking operations, you will love the e-PPF facility of PNB. For this however, you will need to have an active Internet Banking facility associated with your account. Assuming that you have it, use the following steps to open your e-PPF account with ease:
- Log in to your internet banking portal with your ID and password.
- Find the link called My Shortcut. There you will see PPF Account and then Open a PPF Account. Click on it.
- You will see a form. On the form, select Minor A/C or Self A/C.
- Provide the details depending upon your selection. Here you need to select the nearest authorized branch where the account will be opened and can be accessed conventionally.
- Hit submit button and you will see a screen which says ‘Request Confirmation’.
- You will receive a Transaction Password. Enter the password on the screen and click on submit button.
- Once you submit, the system will generate a Cyber Receipt which will have GBM Reference Number. The information you receive here will be valid for only and only 7 days.
- Once the receipt is generated, click on the button which reads “OK’. Once you click OK, the account opening form with GBM reference number will be downloaded to your local hard drive. Take out a print.
- Paste a passport-sized photograph on the printed form, attach KYC documents and carry it to the bank branch you selected initially. Submit the documents and you are done. The branch will then open the account and you will be notified.
Unfortunately, you will have to do some physical work and carry the documents physically to the branch. However, that’s just a minor step and should not take you long unlike the offline method mentioned above. Best thing is that in future, you can control all your PPF transactions online 24×7!