PPF is one of the most popular investment options for retirement in India. The Indian Government has expanded the PPF schemes from nationalized banks, post offices to major private banks in India so that PPF scheme is accessible to more people in India. In this post, we will see how to open PPF account in HDFC bank.
HDFC is the latest bank to join in providing PPF scheme to mobilize retirement savings in India. The PPF Scheme offers an investment opportunity with decent returns coupled with income tax benefits in India.
Currently PPF account can be opened in selected HDFC branches, SBI and its associated banks, Post offices, ICICI, PNB, Andhra Bank, BOB – Bank of Baroda, Central Bank of India, Vijaya Bank, Allahadbad Bank, Oriental Bank of Commerce, Canara Bank, Axis Bank, Indian Bank etc.
A PPF account can’t be opened at all HDFC bank branches. It can be opened only at specified bank branches. The list of PPF designated bank branches can be availed from any HDFC branch or from Bank’s call center.
How to open PPF account in HDFC bank?
- Documents checklist: Get the basic documents ready before visiting to the bank branch. Documents including ID proof, Address proof, two photographs etc. Carry original documents to the bank branch for quick verification and process.
ID proof can be any one of the following like Passport, PAN card, Driving license, Voter ID card etc.
Address proof can be any one of the following like Telephone bill, Ration card, EB bill etc.
- Choose the HDFC branch: While opting for opening a Public Provident Account in HDFC, you must first check the nearest PPF designated HDFC branch which offers PPF facility. Visit the HDFC branch and ask them for a PPF account opening form (Form A). Then, fill the form A and submit the supporting documents along with your photographs. All the submitted documents needs to be self attested.
Once PPF is opened, you will be issued a PPF Account passbook from HDFC branch.
How to transact online in HDFC PPF account
Now that your PPF account in HDFC is opened, you can invest your money in your PPF account by offline and online payments.
The HDFC bank offers online fund transfer from the individual’s savings account to their PPF account or you can also avail Standing Instruction facility like auto-debit or ECS can be set online for making PPFcontribution.
You can also deposit cash in your PPF account by visiting any of the HDFC bank branches.
You need to furnish a separate form for auto-debit or ECS form along with your PPF account opening form and mention the amount to be deducted and the time intervals at which this should be deducted. Minimum deposit of Rs 500 and maximum of Rs 1,50,000 can be deposited in a Financial Year with a maximum of 12 transactions allowed.
How to transfer your existing PPF account to HDFC
PPF account can be transferred from any post office or from one bank to another bank easily. In case if you want to transfer your existing PPF account from post office or other designated bank like SBI, ICICI toHDFC bank then you requires to submit PPF transfer request in the bank/post office where your PPFaccount is held.
The Post office/bank will then arrange to send all the PPF account related original documents to HDFCBank branch address provided by the customer. PPF related original documents including certified copy of the account, nomination form, Cheque/DD of the outstanding balance etc.
Once PPF transfer documents are received by HDFC branch, the official will inform customer about the receipt of documents. Then customer needs to submit fresh PPF account opening form, Nomination form, along with the existing original PPF passbook. This PPF account will be considered as a continued PPFaccount by HDFC.
If you have any doubts regarding HDFC PPF account, kindly leave your comments. We would try our level best to address those.