Planning to invest in PPF? Here's how to do it

New Delhi: A PPF, or Public Provident Fund, is an ideal approach for small investors to build long-term wealth by depositing small amounts of money on a monthly basis. A Public Provident Fund (PPF) account can be opened at any post office or at any bank that accepts such deposits.

The most frequently asked question, however, is 'how to open a PPF Account?' Individuals can only open a PPF account online at banks. It is not possible to open a PPF account at a post office online.

Documents required to open a PPF Account:

• Voter ID/PAN Card/ Aadhar Card

• Residence proof

• Passport size photographs

• Pay-in-slip 

• Nomination form.

Eligibility

• A PPF account can be opened by any Indian citizen. One can be opened in your name or on behalf of a minor.

• Only Indian citizens are eligible to open a PPF account.

• If a Non-Resident Indian (NRI) opens an account while an Indian resident, the account can be kept open for another 15 years. NRIs, on the other hand, do not have the option of extending the account.

• HUFs (Hindu Undivided Families) are not permitted to open a PPF account.

• An individual can only have a single account in his or her name.

• Individuals can also open a PPF account on behalf of a minor.

How to open an account online?

•Log in to your online banking account.

• Select the option to open a new PPF account.

• Select the appropriate option.

• You can begin building the PPF account by entering nominee information, bank information, and so on. Your Permanent Account Number (PAN) and other information will be presented. It would be helpful if you double-checked that all of the information on the screen is right.

• After entering the details, enter the amount that must be placed in the PPF account.

• The following step, depending on the bank, would be to provide the OTP that was given to your registered mobile number or the transaction password.

• The PPF account will be created once the preceding steps are completed. Make a note of the account number that appears on the screen for future reference.

• Follow the directions.