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

Among the post office savings schemes, the Public Provident Fund Account (PPF) has the most appeal among investors due to its high-interest rate of 7.1 percent per annum (compound yearly), which is higher than current interest rates on bank fixed deposits. Investing in PPF is a solid alternative for long-term investors who want to build a significant financial fortune since it has a maturity period of 15 years and the built-in liquidity option has its own perks, as you know. A PPF account can be opened by going to your nearest post office, but in this digital age, no one wants to step out. As a consequence, investors who want to register an account with leading banks such as State Bank of India (SBI), HDFC Bank, and ICICI Bank, can do so digitally.

Eligibility and deposit limit

A resident Indian citizen, or a guardian on behalf of a minor or a person of unsound mind, is limited to one PPF account, which can be opened at any post office or bank in the nation. A minimum deposit of Rs. 500 is required to open an account, with a maximum annual deposit limit of Rs. 1.5 lakhs.

Account-holders can make deposits in either a lump sum or in installments. Deposits are also eligible for a tax deduction of up to Rs 1.5 lakhs under Section 80C of the Income Tax Act which investors should keep in mind. A PPF account will be closed if a minimum deposit amount of Rs. 500 is not made in any financial year.

If a minimum deposit of Rs.500/- is not made in any financial year, the PPF account will be closed. The depositor can restart a terminated account by depositing a minimum fee of Rs. 500 plus Rs. 50 default charges for each missed year until the account matures.

Steps to open a PPF account with SBI online

To open an online PPF account, you must have an active SBI savings account, an active net banking account, your savings account must be linked to Aadhaar, and you must have your mobile number handy.

• Visit https://www.onlinesbi.com/ and under the 'Personal Banking' section, click on 'Login'.
• Now you will be redirected to this page https://retail.onlinesbi.com/retail/login.htm where you need to click on 'Continue To Login'.
• Now under the 'Login to OnlineSBI' section, enter your login credentials and click on 'Login'.
• Now under the 'Request & Enquiries' option, click on 'New PPF Account'.
• Now under the 'Apply For PPF Account' section, enter the required details such as Name, Address, CIF Number, and PAN.
• If you are opening a PPF account on behalf of a minor then tick on the box and enter the branch code.
• Now click on 'Get Branch Name' and on the next page enter the nomination details.
• Now click on 'Submit' and upon successfull verification, you will get a confirmation message on your registered mobile number.
• Now click on the 'Print PPF Online Application' tab and make a print-out of it. Visit your nearest branch with the application form along with the KYC documents and submit it within 30 days of the online application process.

Steps to open a PPF account with ICICI Bank online

ICICI Bank customers can open a PPF account online using net banking or mobile banking. To do so, follow the steps outlined below.

Through net banking

• Visit https://www.icicibank.com/Personal-Banking/investments/ppf/ppf.page and click on 'Apply Now'.
• On the next page under the 'Login to Internet Banking' section enter the login credentials to sign in to your account.
• Now go to the 'Bank Account' section and select 'PPF'.
• Now enter the contribution amount and click on 'Proceed'.
• Now by entering the Aadhaar Number and OTP received on your mobile number, complete the e-signature process.
• Now you will get a successful message on the page.

Through mobile banking

• Open ICICI Bank iMobile Pay app on your mobile phone and sign in to your mobile banking account.
• Now tap on the PPF/NPS option and then tap on 'Apply Now'.
• Keep in mind that valid Aadhaar is mandatory for opening a PPF account online at ICICI Bank.
• Now you will be redirected to the 'PPF Account Benefits' page where you need to accept the terms and conditions and tap on 'Let's Get Started'.
• Now enter the investment amount, select your debit account number, and enter your personal details and tap on 'Submit'.
• Now enter your valid Aadhaar Number and tap on 'Proceed'.
• Now under the 'eSign Service' section enter your Aadhaar Number/Virtual ID and accept the acknowledgment.
• Now tap on 'Request OTP' and enter the one-time password received on your registered mobile number.
• Now tap on 'Submit' and your eSign verification will be successful.
• Now you will get a Pre-Confirmation page, tap on 'Confirm' and on the next page you will get this message 'Your PPF account has been created successfully'.
• You can view and download the application and you can view your account details under the PPF Section within 24 hours.

Steps to open a PPF account with HDFC Bank online

Customers of HDFC Bank can also create a PPF account online, but they must have their KYC documents on hand, such as proof of identity and proof of residence. They must also remember that they must have a savings account and an active net banking or mobile banking account, their savings account must be seeded with Aadhaar, and that they must have an Aadhaar-linked mobile number.

• Visit https://netbanking.hdfcbank.com/netbanking/ and enter your Customer ID/ User ID number in order to sign in to your account.
• Under the 'Offers' section, click on 'Public Provident Fund' and confirm the terms and conditions.
• Now enter the required investment amount, and enter the nominee details if any.
• Now enter the personal details and select your savings account from which you want to deduct the PPF contribution amount.
• Now submit the application form and you will get a successful message on your registered mobile number and email address.
• You can transfer funds directly from your Savings Account to your PPF Account once you've established your PPF Account online.