How to oppen a PPF Account in India: FAQs

If you want to open a PPF account in India, you have to approach a bank and then follow certain steps. Some of the banks may require you to open a savings account before getting a PPF account but it is not compulsory. Read this article to clear all your doubts regarding PPF account in India.

PPF is one of the most useful investment and saving scheme for Indian people. However, few of the investors especially the young people are not much aware about the different aspects of this scheme. In order to make the best possible use of the PPF facility, one needs to have detailed information about the PPF account. In this post I have compiled FAQ related to PPF accounts, so that one can get his doubts cleared.

How to open PPF account in India?

PPF account can be opened in any Post office in India or in banks like SBI, ICICI. For detailed information on how to open a PPF account in India, you can read the post "How to open PPF account in India".

Why should I open PPF account?

There are a number of benefits of having PPF account. You can claim tax rebate for up to Rs150000 every year showing the contribution to PPF account. PPF account gives good interest rate and the maturity amount (with interest) is also tax free.

At which age should I open PPF account?

In my opinion, you should open the account as soon as you start earning. The age of 20-30 is ideal in my opinion just because the account gets matured in 15 years. You can then extend the account too. Another benefit is that you can claim tax rebate too during this period.

Can I deposit money in PPF account online?

Yes, you can deposit money in the PPF account online too. You should have net banking activated on the savings account and then you will have to add the PPF account there. Then you can make the deposit whenever you want.

Is there any maximum and minimum limit in PPF?

Yes. After you open the account, you have to deposit minimum of Rs 500 per year. The maximum limit is Rs 150000.

How much should I deposit in PPF every year?

This depends entirely on your earnings and savings for a particular year. However, you should try to contribute as much as you can (maximum allowed is Rs.150000).

Can I see my PPF balance online?

If you have opened the PPF account in a Post Office, you will not be able to check the balance online. However, if you have opened it in SBI, you can check the balance online. For this purpose, you need to get online banking activated from the bank.

Can I open PPF account with private banks like ICICI? Is it safe?

Yes, you can open the PPF account at ICICI bank too. An important thing to note is that whether you open the account in post-office or any bank, the features remain same. The bank (in this case ICICI) is just an intermediary.

Can I deposit variable amounts in PPF?

Some people are also doubtful regarding the amount to deposit. Note that you can deposit for maximum of 12 times in an year. You can deposit in variable amounts like Rs1000. Rs5000, Rs 25000 and so on.

What about the withdrawal? When will I get my money back?

You can take 100% of the amount (money deposited with interest) after 15 years. However, there is option to take partial money from 6th year itself. Read this post for more information on "Withdrawals from PPF account in India" .

I hope this FAQ will be useful to address the general doubts in the mind of Indian investors. If you have any specific problem related to PPF, you can leave a comment below.

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