Post Office PPF Account

Post Office PPF Account:- One of India’s largest and oldest institutions is the Department of Post, also known as the “Post Office”. It currently has the world’s largest postal distribution network. Along with letter delivery, the Post Office provides a variety of financial services, including savings plans such as the Public Provident Fund (PPF). Individuals can use a PPF Post Office to park extra assets and earn risk-free returns, allowing them to build significant savings. Read the below article to know about Post Office PPF Account in detail.

The PPF scheme is a popular long-term retirement savings and investment product that provides guaranteed, fixed returns as well as tax savings. The PPF was established in 1968 by the Finance Ministry’s National Savings Institution. Because of the account’s extended term of 15 years, most investors consider PPF to be a retirement savings vehicle. To keep the account operational, you must make deposits at least once per financial year. Furthermore, you can choose to prolong the account in five-year increments upon maturity. The extension can be requested multiple times and with or without additional cash, depending on your option.

Post Office PPF Account Details in Highlights

Name	Post Office PPF Account
Minimum Investment amount	Rs.500 per annum
Maximum Investment amount	Rs.1,50,000 per annum
Tenure	15 years (extendable)
Tax benefit	Upto Rs.1,50,000 per annum
Interest Rate	7.1% per annum (compounded yearly)

Post Office Public Provident Fund

The Central Government offers many plans, such as the Public Provident Fund, to encourage individuals to make institutional savings. This fund follows the principles of the PPF Scheme, 2019. Individuals can contribute to the Post Office PPF plan regularly to receive substantial returns as well as many tax benefits. However, to make sound investing decisions, a greater grasp of this program is required.

Eligibility Criteria for Opening a PPF Account at Post Office

The following are some important eligibility requirements for starting a post office PPF account:

Any resident Indian, whether salaried, self-employed, or pensioner, can create a PPF account at a post office.
An individual can only open one PPF account, including a post office PPF account, and joint operation is not allowed.
A parent or guardian can open a minor PPF account on their child’s behalf at a post office. This is limited to one minor PPF account per child.

Post Office Monthly Income Scheme

Documents Required

ID proof

Voter’s ID
Passport
Driving license
Aadhaar Card

Address proof

Voter’s ID
Passport
Ration Card
Aadhaar Card
PAN card

How to open a PPF Account at a Post Office?

To open a PPF account at a post office, follow these four simple steps:

Get an application form from your local post office or subpost office. The application form can also be obtained online.
Complete the form and send it together with the relevant KYC documents and passport-sized image.
The first deposit for opening a post office PPF account is Rs. 500. However, the maximum deposit allowed each year is Rs.1.5 lakh. Investments can be made in one single sum or in a maximum of twelve installments.
The applicant will be given a passbook for the PPF account after submitting all paperwork and making the initial deposit. The passbook will contain all of the facts, such as the account holder’s name, PPF account number, branch name, and so on.
A PPF is a fantastic investment option if you are risk-averse and do not want to expose your money to market volatility. It is a convenient savings channel due to its simple functioning and convenience of use online. Don’t forget that the maturity amount is tax-free.

How do I open a PPF Account Online?

Access your bank account via internet banking or mobile banking platforms.
Choose the ‘Open a PPF Account’ option.
If the account is for yourself, select the ‘Self Account’ option. If you’re opening an account on behalf of a minor, use the ‘Minor Account’ option.
Fill out the application form with all of the essential information.
Enter the total amount you want to deposit in the account per fiscal year.
Submit your application. An OTP will be issued to your registered mobile number. Enter it into the appropriate field.
Your PPF account will be created instantly! Your PPF account number will appear on the screen. An email will be sent to your registered email address verifying the details.
Your PPF account will be created instantly! Your PPF account number will appear on the screen. An email will be sent to your registered email address verifying the details.

How can I close a PPF account?

According to PPF account rules, you can only withdraw your whole balance after the account has been open for 15 years. After the 15 years, you can view the entire account amount, withdraw it completely, and end the account. You cannot withdraw the entire account balance at any point before the account’s full duration. However, after 5 years, you can take up to 50% of your account balance. This is only permissible in certain circumstances.

How do I transfer a PPF account?

You can move your PPF account to another branch of the bank/Post Office, switch from bank to Post Office, or switch from Post Office to bank by following the steps below:

Go to the bank or Post Office branch where your PPF account is maintained.
Request an application form to transfer the PPF account and fill it up with the necessary information.
The branch representative will process your application and send it to the new branch, together with a certified copy of the account, nomination form, account opening application, specimen signature, and a cheque/DD for the PPF account’s outstanding balance.
Once the new branch has received your application and supporting documentation, you must submit a new PPF account opening application together with the old PPF account’s passbook. You can modify the nomination at this point.
Once this application is processed, your PPF account will be successfully transferred to the new branch.

How can I link an SBI PPF account to an SBI account online?

A PPF account kept with SBI does not need to be linked to an SBI savings account. When you open a PPF account, whether online or offline, you will supply your existing savings account number with the bank. This implies your new PPF account gets created using your existing customer ID. By default, your PPF account is connected to your savings account. As a result, you can use the same login credentials for internet banking to access both your savings account and PPF account information from a single platform.

How can you find out your PPF account number?

When you open a PPF account offline, the bank or Post Office will provide you a passbook. The passbook provides all of the relevant information regarding the PPF account, including the account number, bank/PO branch data, account balance, transactions, and so on. To acquire the most up-to-date information, get the passbook frequently updated. On the other hand, you can access your account through the internet banking interface. On the home page, select the PPF account to view account information such as the account number, balance, recent transactions, and more.

How do I withdraw money from my PPF account before it matures?

Follow the steps below to withdraw money from my PPF account before it matures

Determine whether you are eligible for premature withdrawal.
If you are eligible, obtain Form C from the bank or Post Office and fill it out with the necessary information.
If the account is in the name of a minor, you must make an extra statement confirming that the money you are withdrawing is for the benefit of the minor and that the minor is still alive.
Deliver the form and any accompanying documentation to the bank or Post Office branch.
If all of the information and papers you provided are correct, the bank or PO will finalize the transaction and release the funds.