A PPF, or Public Provident Fund, is the best way for small investors to build long-term wealth by making frequent little investments. They do provide excellent investment opportunities, as detailed here. The most frequently requested question, however, is “how to open PPF account in HDFC online?” The solution is straightforward. A PPF account can open at any bank or post office. You can do an HDFC Bank PPF account open online in minutes if you are an existing HDFC Bank customer. You can also visit a branch if you prefer the traditional manner of banking to learn how to open PPF account in HDFC.
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What is the procedure for HDFC PPF account opening online?
A youngster or an adult can register an HDFC bank PPF account open online. The account has 15-year account tenure and a 15-year lock-in duration knowing how to open PPF account in HDFC. You can make lump-sum or installment deposits to an HDFC PPF account by opening an online account ranging from Rs.500 to Rs.1.5 lakh per financial year. The number of installments per financial year is unrestricted for HDFC bank PPF accounts open online. During the tenure, the deposits must compel every financial year, and they are tax-free under section 80C.
A minimum annual deposit of Rs.500 is necessary to keep the account functional. If you do not make this deposit, your account will be canceled. To reactivate your account, you must pay an Rs.50 penalty and make a minimum deposit of Rs.500.
The deposit earns a 7.1 percent annual interest rate (Q2 FY22). The PPF balance can use to obtain a loan. You can also make partial and premature withdrawals from your PPF account, but only under particular circumstances. You have the choice of extending your account with or without additional contributions after your term is up. You can also delete your account.
Features of how to open PPF account in HDFC Online
The following are some of the features of opening a PPF account with HDFC online.
- Attractive 7.1% interest rate that is tax-free under Section 80C.
- HDFC bank PPF account open online is the best long-term investment for 15 years.
- After the account matures, it can extend for another five years.
- In a Financial Year, you can deposit as little as Rs 500 and as much as Rs 1,50,000.
- The above-mentioned maximum limit of Rs 1,50,000/- applies to deposits made by persons in their accounts as well as accounts formed on behalf of minors.
- A penalty of Rs 50/- would be ley if the minimum amount of Rs 500/- is not deposited in any financial year.
- Customers will receive passbooks.
- PPF can transfer to HDFC Bank from another bank/post office. Loan facility and partial withdrawals:
- After 5 years, discarding the first fiscal year, 50% of the sum can remove.
- A loan can be taken out at any time between the third and sixth financial years, i.e. from the third to the fifth financial year.
- If you’re a current customer, go here to open a PPF account online (T&C applies). You can also use this link to find the nearest branch to open a new PPF account.
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PPF account to HDFC Bank transfer
PPF accounts can move to HDFC Bank from another bank or post office. The PPF account will regard as a continuing account in this situation. The procedure is as follows:
- A PPF transfer request needs to submit by the customer at the bank/post office where the PPF account is abided.
- The existing bank/Post office will arrange for the relevant documentation to send to the HDFC Bank branch address provided by the customer, along with a cheque/DD for the outstanding balance in the PPF account.
| PPF Account InformationWe have compiled a list of some key details about the PPF account below. | |
| Investment Limits | Every financial year, you should invest at least Rs.500 and up to Rs.1.5 lakh in a PPF. |
| PPF Tenure | A PPF has a 15-year minimum tenure. This is renewable in 5-year increments. |
| Deposit Frequency | You must deposit money into your PPF account once a year for a period of 15 years. |
| Opening Balance | You can create a PPF account for as little as Rs.100, and annual investments of more than Rs.1.5 lakh do not generate interest. |
| Nomination | You can name a nominee for your PPF account when you open it or afterwards. |
| Mode of deposit | You can fund your PPF account using a check, cash, demand draught, or online fund transfer. |
| Risk factor | The PPF is risk-free and provides guaranteed returns because it is backed by the Indian government. |
| Joint accounts | A PPF account can only be held in the name of one person. |
| Interest rate | 7.1% |
| Eligibility | You are an Indian citizen.Unless your second PPF account is in the name of a minor, you can only have one. |
Can we open PPF account online?
Generally, we can open a PPF account online. A PPF account can usually open at a designated post office or bank branch. If you are a member of HDFC Bank, however, an HDFC Bank PPF account open online is a much easier job that can finish in a matter of minutes. Customers of HDFC can now learn how to open a PPF account in HDFC online at any time, 24 hours a day, 7 days a week.
HDFC Bank has revealed how to open a PPF account in HDFC online by developing a digital tool that allows consumers to open a PPF account in a paperless, online process. An HDFC Bank user can open a PPF account after knowing how to open PPF account in HDFC online at any time. It can access from anywhere via the bank’s digital channels, such as online banking or the mobile app.
Documents to start a PPF account with HDFC online
The following documents are necessary for the HDFC bank PPF account open online:
- Voter ID/PAN Card/Aadhar Card as of identity proof.
- Identification as a resident.
- Photographs that are passport size.
- Pay-in slip (at the bank or post office).
- Form for nominations.
Requirements for HDFC PPF Account Opening Online
Here are the requirements for a fast HDFC bank PPF account open online:
- To learn how to open PPF account in HDFC Bank, you must first have an HDFC Savings Bank account.
- Your account must lay up for net/mobile banking.
- For HDFC PPF account opening online, your “Aadhaar” number should link to your account.
- Your Aadhaar-linked cellphone number must be active to obtain the OTP (one-time-password) required to e-sign/e-authorize the HDFC PPF account opening online.
How to open a PPF account online in HDFC bank
You must follow the steps outlined below in order to open a PPF account:
- Use your credentials to log in to the HDFC Bank website.
- Under ‘Public Provident Fund,’ select the ‘PPF Accounts’ option.
- Choose ‘Open Now’ and click it.
- Enter the bank account number and PAN number of the bank account you want to contribute to your PPF. Give the location of your bank’s branch.
- Your personal information must validate. These may contain your address, nomination information, and so on, and then click the ‘continue’ button.
- Your Aadhaar number must validate on the next screen. You can click ‘Generate OTP’ if your bank account is already linked to your Aadhaar; otherwise, you will require to update your Aadhaar online.
- To register an HDFC bank PPF account open online, you can also e-sign using your Aadhar OTP. It’s worth noting that the PPF account’s transaction and annual statements can both access through internet banking.
Important Considerations for an HDFC Bank PPF Account Open Online
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The majority of banks allow you to open a PPF account online. Here are a few things to think about before opening an HDFC Bank PPF account online.
- According to Indian legislation, anyone can learn how to open PPF account in HDFC in their name.
- The first deposit amount is Rs.100.
- Minors cannot open a PPF account online; instead, they must visit any HDFC Bank branch.
- Non-resident Indians are unable to open a PPF account.
- You can file a nomination update/change request at your nearest HDFC Bank branch (if required).
- Joint account holders are unable to register an HDFC bank PPF account open online.
- Clients must pick up their PPF account passbook from the branch.
- When HDFC Bank receives PPF transfers in paperwork, branch staff will notify the consumer.
- To complete the transfer processes, the consumer must visit the branch.
FAQs
Q. Who may register a PPF account and how to open PPF account in HDFC?
Ans. A PPF account can open by any adult Indian resident. A legal guardian can open an account on behalf of a youngster or someone who is mentally ill.
Q. Who can start a PPF account?
Ans. PPF accounts are available to every Indian citizen. You can open one for yourself or a minor.
Q. How long does it take for an HDFC PPF account to open online?
Ans. If your Aadhaar is already linked to your account, your form will be submitted, and you will receive an email confirming that your account will authorize within one working day.
Q. What is the PPF account’s minimum lock-in period?
Ans. A PPF account’s minimum lock-in period is 15 years, which corresponds to the account’s real tenure.
Q. How many HDFC PPF account are being opened online?
Ans. In the country, a person can only have one PPF account.
Q. How long can an HDFC PPF account opening online be extended?
Ans. When a PPF account reaches maturity after 15 years, it can be expanded in five-year increments an unlimited number of times.
Q. Is there a price for an HDFC PPF account opening online?
Ans. In a Financial Year, you can deposit as little as Rs 500 and as much as Rs 1, 50,000. A penalty of Rs 50/- will be levied if the minimum deposit of Rs 500/- is not made in any given financial year.
Q. Is it secure for an HDFC PPF account opening online?
Ans. Yes, an HDFC bank PPF account open online is safe.
Q. Is it possible to withdraw funds from an HDFC PPF account opening online?
Ans. You can access your account information and make loan and withdrawal requests online using the HDFC bank PPF account open online tool. Maintaining how to open PPF account in HDFC online is quite flexible.
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Hello there, my name is Phulutu, and I am the Head Content Developer at Nivesh Karlo. I have 13 years of experience working in fintech companies. I have worked at Policybazaar, Paytm Money, Investopedia, and others. I love writing about personal finance, investments, mutual funds, and stocks. All the articles I write are based on thorough research and analysis. However, it is highly recommended to note that neither Nivesh Karlo nor I recommend any investment without proper research and read all the documents carefully.
