How To Open A PPF Account In SBI, ICICI, HDFC, & PNB Bank Online?

Updated: Wednesday, March 3, 2021, 17:05 [IST]

A PPF account is a long-term saving and investment scheme that lets you save taxes on investments up to a certain amount per financial year. You can now open a PPF account without having to physically go to a branch or post office. PPF is backed by the government and promises a favourable interest rate and secure returns. The steps to open a PPF account online via a Net-banking platform for leading banks, such as State Bank of India (SBI), Punjab National Bank (PNB), ICICI Bank, and HDFC Bank are covered below.

Open PPF Account In SBI

PPF accounts are normally easy to open at a specified post office or bank branch. If you are a customer of SBI Bank, however, opening a PPF account is a simple procedure that can be completed in a matter of minutes. Customers of SBI can now open a PPF account online 24x7x365. SBI also confirmed the introduction of an online service that helps customers to open a Public Provident Fund (PPF) account online. Customers of SBI Bank can open a PPF account using the bank's digital platforms, such as the internet and mobile banking/Mobile App, at any time and from anywhere.

Points to consider while opening a PPF account in SBI

The following are the requirements for opening an instant PPF need an account online with SBI:

You must have a Savings Bank account with SBI
Your account must have enabled with online and mobile banking facility
Your account must be linked to your 'Aadhaar' number.
Your Aadhaar-linked mobile number must be active in order to obtain an OTP (one-time password) that can be used to instantly e-sign/e-authorize the opening of a PPF account.

Steps to open a PPF account with SBI

Visit www.onlinesbi.com and sign to your account using the required credentials i.e. User ID and Password.
Now click on the 'New PPF Accounts' option and you will be redirected to the 'New PPF Account' page on the SBI portal.
This page displays current customer details, including your PAN specifics.
Insert the bank account number and PAN number from which you want to contribute to the PPF account.
Now enter your branch specifics and branch code.
Now verify your personal details and click on 'Proceed'.
Your PPF account will be generated in a matter of seconds, and the PPF account number will be displayed. It's worth mentioning that the transaction statement, as well as the PPF account's annual statement, are also available via online banking.
Within 30 days, print the account opening form from the tab 'Print PPF Online Application' and submit it to the branch with your KYC documents and a passport size photo.

Procedure to open a PPF account in HDFC

If you already have an HDFC Bank account, you can open a PPF account online in a matter of minutes. You can also visit a branch if you like the old-fashioned style of banking. The following documents are required to open a PPF account:

Identity proof
Residence proof
Passport size photographs
Application form
Salary slip

Points to consider while opening a PPF account in HDFC

A PPF account can be opened by any Indian resident. The account can be opened under your name or on behalf of a minor. If you have an HDFC account, you can open a PPF account online at any time, anywhere. The procedure is therefore simple and paperless. However, there are a few things to bear in mind while opening a PPF account with HDFC Bank.

You must have a savings account with HDFC Bank
You must be a NetBanking or MobileBanking banking user
Your account must be linked to your 'Aadhaar' number.
Your Aadhaar-linked mobile number must be active in order to obtain an OTP, which is used to automatically e-sign/e-authorize the opening of a PPF account.

Steps to open a PPF account with HDFC Bank

Login into the HDFC Bank NetBanking account
Now click on 'Public Provident Fund' under the 'Offers' tab and confirm the specifics displayed on the next screen.
Now add your nominee details if any and click on 'Submit'
Your form will be submitted if your Aadhaar is already linked to your account, and you will get a confirmation saying that within one working day your account will be activated.
If your Aadhaar hasn't been linked yet, you'll need to do so before proceeding. You can transfer funds directly from your Savings Account to your PPF Account once you've opened a PPF account online.

Procedure to open a PPF account in ICICI Bank

You must have a savings account with ICICI Bank. You must have access to ICICI Bank's Net banking service in order to open a PPF account online.

Visit icicibank.com and sign in to your net banking account using the required credentials.
Click on 'PPF Account' option under the 'My Account' section
You can choose the savings bank account number from which you want to make a PPF contribution, as well as the initial deposit amount and nomination particulars on the next screen.
The portal also displays some of your current details, such as your PAN (Permanent Account Number). You can also create a 'standing instruction' to debit your ICICI savings bank account to your PPF account at regular intervals.
Verify details such as your address, personal information, nomination, and so on. Once you've double-checked your details, click the 'Proceed' button.
Your PPF account has now been created. For future reference please note the PPF account number displayed on your device screen.

Procedure to open a PPF account in PNB

You must have a PNB savings account in order to proceed. You must have access to the PNB Net Banking platform in order to open a PPF account online with PNB.

Once you've received your log-in details from the bank, go to pnbindia.com and log in with your secure User ID and password.
To open a PPF account, go to the 'My short-cut' option, click on the PPF account tab, and then on 'Open a PPF Account.' On the portal, a form for opening a PPF account will appear.
Select either 'self-account or minor account' from the drop-down menu. Fill out all the necessary PPF account opening details. From the drop-down list on the Net-banking portal, select the name of the designated bank branch where you want to open the PPF account, and then press the submit button.
The request for confirmation' tab will appear after you press the 'submit' button. After clicking it, you must enter your transaction password and then press the submit tab once more.
On the Net banking platform a reference number will be generated. Note that you must submit the details you entered online in a physical form (printed) at the bank within 7 days, or the details you entered online to open the PPF account will expire.
Take a printout of the PDF form that you filled out online and enter the reference number. Send the account opening form and KYC documents to the authorised bank branch where you want to open the PPF account.

Note

Starting on April 1, the Union Budget 2021 proposes to impose income tax on interest received by an employee on contributions to the provident fund of more than Rs 2.5 lakh per annum. To qualify for the tax benefit under section 80C of the Income Tax Act, you must contribute up to Rs 1.5 lakh every financial year. For the quarter of March 2021, the current PPF interest rate is 7.10 per cent.