PPF Account- What is PPF Account and How to Open a PPF Account Through Post Office Internet Banking?

Looking to open a PPF (Public Provident Fund) account at the Post Office now it is just a tap away. The Department of Posts (DOP) has made it possible for Post Office Savings Bank (POSB) account holders to open and close Public Provident Fund (PPF) accounts through its Internet banking service. On August 30, 2022, the department issued a circular in this regard. If you already have a post office savings bank (POSB) account, you can now open a new Public Provident Fund (PPF) account or close your existing PPF account with the postal department using the Department of Posts' Netbanking service. You do not need to go to the post office to open a new PPF account or close an existing one.Let's take a look on how to open and close a PPF account online?

What is a PPF account?

The Public Provident Fund (PPF) account is one of the most popular long-term investment options for people with a low risk, returns, and tax benefits. Investors use the PPF to build a corpus for retirement by putting money aside on a regular basis over long periods of time (PPF has a 15-year maturity, and the facility to extend the tenure).

How to open PPF account through Post Office Internet Banking

• Enter your id and password to access the DoP e-banking portal.
• Go to Service Requests by clicking on the General Services Tab. Select New Requests.
• Choose PPF Accounts and then Click the Open a PPF Account button.
• Fill out the required information.
• The minimum deposit is Rs.500, and the maximum deposit is Rs.1.5 lakh.
• Choose the POSB account associated with your internet banking account.
• Now, accept the terms and conditions.
• Enter the password and then submit.
• After a successful transaction, you can view or download the receipt.

How to close PPF account through Post Office Internet Banking

• Enter your ID and Password to access the DoP e-banking portal.
• Select service request and then new request from the General Services tab.
• Select PPF Account Closure.
• Select the PPF account to be closed and the SB account to which the funds should be credited. Press the submit button.
• Submit the application after entering the transaction password.
• View or save the transaction receipt for future reference.