Post Office PPF Account Opening Form
The Public Provident Fund (PPF) is a well-known savings plan with guaranteed returns and tax advantages. The government permits customers to open a PPF account through India Post Offices to make PPF accessible to everyone, especially those in distant places.
In terms of main characteristics, interest rates, and other requirements, a Post Office PPF Account is identical to one opened with a public or private bank. Opening a PPF account at a post office follows a similar procedure and requires the same paperwork. Here’s everything you need to know about opening a PPF account at a post office.
Eligibility
A PPF account can be opened at a post office by any resident Indian, including salaried, self-employed, pensioners, and others.
An individual’s total number of PPF accounts, including post office PPF accounts, is limited to one, and joint operations are not permitted.
A parent or guardian can open a minor PPF account on behalf of a minor kid at a post office. This, too, is limited to one PPF account for minors per child.
A new PPF account cannot be opened by a non-resident. However, if a resident Indian becomes an NRI before the PPF account matures, he or she can continue to use the account until it matures.
Document Required
- Identity Proof
- Pan Card
- Address proof
- Photograph
- Nomination form – Form E
Interest Rates
PPF account interest rates are maintained uniformly across all post offices and banks that offer the opportunity because it is a Government of India-backed scheme. For Q2 FY 2021-22, the relevant post office PPF interest rate is 7.1 percent.
Davidson