Where can one open PPF account?
Posted on October 01 2020
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The Public Provident Fund scheme is operated via Post Office and Nationalized Banks and Private Banks like ICICI bank offers this account. The account can be opened with a minimal amount of deposit of Rs. 100 at any branch of the State Bank of India (SBI) or branches of its associated banks like the State Bank of Mysore or Hyderabad. An account can be interchanged between post offices or banks but this will involve some running around work, but this account cannot be transferred from a particular person to the other person.
Some banks offers online access to the PPF accounts open through them like SBI and ICICI. Choosing this facility you can make deposits online subsequently, but the account opened with the Post Office has no facility as such.
Documents Required: For opening a PPF account, you are required to fill up the Form A, photograph(s), PAN Number and proof of address is needed.
PPF online and State Bank of India:
· The savings account can be opened in any bank, it is necessary for the PPF account to be in an SBI branch.
· You are required to link the PPF account with the savings account in the same branch.
· Both your PPF account and savings account are in different SBI branches or even in a different bank then you can simply add it to the PPF account in your Net banking list of the third party and continue using it smoothly with all the transaction.
PPF Online and ICICI Bank:
· To open the PPF account, you are required to open an account in ICICI in any branch before opening the PPF account.
· For opening the PPF account, each city is required to be designated for opening PPF account in any ICICI Branch.
· ICICI Bank also offers the facility online to open.
· ICICI bank lack issuing a PPF passbook when opening an account. But customers can view his/her transaction through his/her statement of the account which is available online on the website. If you really require it then you have to in writing and it will be processed given.
· You are required to linked your PPF account and Bank account together and then check the status of your PPF account too. You even get online transactional rights for your PPF account; through this facility you can make PPF additions online too.
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