Procedure: How to Open a PPF Account

  1. PPF is a secure, long term, tax-free investment option, yielding 8.8% a year
  2. On the flip side, long term returns are unlikely to beat inflation
  3. Learn to expect pretty poor customer service from most of these banks
  1. PPF account can be opened in one of the public sector banks or post offices
  2. You can even open this in the name of your minor children and have yourself as the guardian. HUFs, however, can no longer open PPF accounts. Nor can NRIs. Also, you cannot open more than one PPF account for an individual
  3. You will need a proof of identity (preferably PAN card)
  4. Just like a savings account, you get a passbook. To keep this account alive, you need to invest a minimum of Rs. 500 in a Financial Year
  5. You can invest up to Rs. 1,00,000 in a Financial Year. Maximum of 12 investments can be made in a year. After the first payment you can link PPF account to your bank account and give standing instruction for subsequent investments.
  1. The amount you invest is locked in for 15 years
  2. However, after six years, you can do part withdrawals. You can take loan against your account from third year to fifth year for very low interest rate.

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