Public Provident Fund (PPF) scheme is a very popular long term government backed investment scheme. PPF savings offers you both safety and good interest rates which are exempted from tax. To ensure accessibility of PPF schemes, the government of India has expanded the PPF schemes from nationalized banks, post offices to major private banks in the country.
HDFC Bank offers many benefits to its PPF customers. Know all details regarding HDFC PPF accounts here.
There are many benefits of opening a PPF account in HDFC bank. PPF Account with HDFC Bank offers benefits as,
- Transfer funds online from linked Savings Account.
- Standing Instruction facility can be set online
- View account statement online
To open a PPF account in HDFC bank, you need to submit some documents. Visit the bank branch with documents including ID proof, Address proof, two photographs, etc. The applicant needs to carry original documents to the bank branch for quick verification and process. ID proof can be Passport, PAN card, Driving license, Voter ID card, etc. Address proof can Telephone bill, Ration card, Electric city bill, etc.
Where to open the account?
You can't open a PPF account at all HDFC bank branches. It can be opened only at specified bank branches only. The list of PPF designated bank branches can be availed from any HDFC branch or Bank's call centre. How To Pay Your HDFC Credit Card Bill? These Are 7 Ways
There are some eligibility criteria for opening PPF account in HDFC bank.
The account can be opened by Resident Individuals and Individuals on behalf of a minor of whom he is the guardian.
No joint PPF accounts are allowed.
Non-resident Indians (NRIs) are not eligible to open an account under the Public Provident Fund Scheme. However, a resident who becomes an NRI during the 15 years' tenure prescribed under Public Provident Fund Scheme may continue to subscribe to the fund until its maturity on a non-repatriation basis.
An individual can open only one PPF account and declare the same at the time of account opening.
Minimum deposit amount of Rs 500 and maximum of Rs 1,50,000 in a Financial Year. If the minimum amount of Rs 500 is not deposited in any financial year, a penalty of Rs 50 will be charged. Deposits can be done the maximum in 12 transactions. How To Link Aadhaar With Your BSNL Mobile Number?
Loan and withdrawal
HDFC offers an option for loan facility and partial withdrawals with PPF accounts. Loan facility can be availed anytime between the third financial year to sixth financial year, i.e., from the third financial year up to end of the fifth financial year. 50% of the balance can be withdrawn after the expiry of 5 years, excluding the first financial year. How To Open PPF Account In SBI? Few Things To Know