How to Open PPF Account Step by Step
PPF account is a long term investment account that Central government of India offers to its residents. This one is a long term investment that everybody prefers to invest in and thus here we have come with the whole process to open a PPF account for you.
How to Open PPF Account
1. Introduction To PPF Account:-
A PPF or a Public Provident Fund account as I stated earlier is an account authorized by the Indian government for money savings as well as income tax savings. This one was introduced in 1960 by the National Savings Institute of the Ministry of Finance and aims to invest your small savings in a government authorized plan that offers reasonable returns to you along with the added income tax benefits that you get from it.
2. Who Can Avail A PPF Account?
In order to avail a Public Provident Account, you should first of all be a resident of India and then if you are the head of the family, you can get the account opened by your own by just going to the concerned office with your proper documents, but if you are a minor according to you5r age, you will have to depend on your guardian to get it opened. You are eligible for just a single and only account for yourself and if you are residing in some other country, you are not eligible for it.
3. Documents Needed For A PPF Account:-
You will need the necessary documents like ID PROOF, to show up you are a resident of India and the other documents like PAN Card, that will benefit you later on with your income tax as it is your personal account number, Your driving license, voter ID Card, passport and two recently clicked photographs as well. You can put up your Telephone Bill, Electricity Bill or even your Ration Card as your address proof. You will need to self attest all of these documents as well.
4. Approach To Follow For A PPF Account:-
First of all, you will need to go to the authorized bank branch concerned with it and then ask for a ppf account opening form and fill it properly fixing your photograph on it and attaching the requisite documents that I mentioned above with it. You need to sign it duly and get it verified after self-attesting it. You will be asked up to pay the amount fees for it and after verification of your documents by the bank authorities, you will be issued a passbook that you can use for further deposits and withdrawals from the concerned bank. Your account has been opened. You can now enquire about the terms and conditions from the associated in-charge and you can even read up the instructions in the manual.