Bank customers can open their PPF accounts either online or by visiting a nearby bank branch.
New Delhi: Public Provident Fund or PPF is a popular savings instrument among investors who wish to build wealth by depositing small amounts of money on a monthly basis. The investment scheme offers investment decent returns coupled with tax benefits under Section 88 of the Income Tax Act.
Bank customers can open their PPF accounts by visiting a nearby bank branch. A few banks in the country allow their customers to begin their investment journey with the PPF scheme via net banking facility.
List of Banks Offering Online PPF Facility
As of now, only select banks allow investors to open their PPF accounts and put their money in the savings scheme completely online. Here’s the list of banks that offer online PPF accounts:
– SBI Bank
– Axis Bank
– ICICI Bank
– Bank of Baroda
Read More: PF Rule Change: EPFO Wants PF Members to File e-Nomination by Next Week; How to Do It
List of Banks Offering Offline PPF Facility
Most banks, especially public sector banks, in India, don’t have the online infrastructure supporting online PPF facilities, as of now. Customers of such banks are required to visit a nearby bank branch to open a PPF account. Here’s the list of banks that offer PPF facilities only offline:
– IDBI Bank
– Canara Bank
– Indian Bank
– Punjab National Bank
– Bank of Maharashtra
– Union Bank
– Indian Overseas Bank
Read More: How to check PF details via UMANG mobile app: Check details
PPF Scheme Investment Rules
– An investor can invest a minimum of Rs 500 and a maximum of Rs 1.5 lakh per annum in the PPF Scheme.
– PPF investment comes with an initial lock-in or maturity period of 15 years. Investors can extend the scheme for one or more blocks of five years each to maximise the returns on investment.
Benefits of PPF Investment
Currently, the Central government is offering an interest rate of 7.10% per annum on PPF investment. The rates are fixed by the government on a quarterly basis. Moreover, investors can avail of tax benefits against their PPF investments under Section 88 of the Income Tax Act.
Moreover, investors are also provided with a nomination facility wherein they can decide who receives the money in case of the demise of the investor. Investors can also decide the shares of nominees.
