Now you can open PPF account online instantlyEarlier, you could open a Public Provident Fund (PPF) account only at the post office. Then, banks started offering the service. Even then, it took quite a bit of time to open a PPF account because you had to submit several documents physically and it had to get them approved.

Now, you can open a PPF account online almost instantly. The first bank to offer this service is ICICI Bank.

ICICI Bank customers can open a PPF account online anytime. This facility is available 24×7. The best part is that the whole process is completely digital. With this new facility, customers of ICICI Bank need not visit a branch and submit physical documents to open the account.

You don’t need to go through any of that paperwork. It’s all digital. How do you open an account? You can use ICICI Bank’s internet banking and mobile banking channels to open the PPF account. 

The process

As an ICICI Bank customer, you can log in to the bank’s internet banking portal or use its mobile banking and apply for a PPF account using just a few steps.

 If you are using internet banking, here’s what you need to do.

  • Login into ICICI Bank’s internet banking account: On the ICICI bank internet banking portal, choose personal banking. Log in to your ICICI Bank account. Go to the ‘My Accounts’ section and click on ‘PPF accounts’.
  • Fill in those details: Some of the details such as your account number and PAN will be auto-populated. You have to fill in other details like where you want your account to be opened and you can give standing instructions to put in money into your PPF account.
  • Authenticate your account: Provide your Aadhaar number and an OTP will be sent to your registered mobile number. Once you enter the OTP, the account will be opened.

The PPF account number is displayed instantly once your Aadhaar is authenticated. After opening the account, you can view your PPF transactions and the annual statement by logging into your internet banking account. If you want to use mobile banking, the steps are almost similar.

Transferring your PPF account

You cannot transfer your PPF account online. You will have to go through the regular process of submitting a request for transfer. Your documents will be forwarded to the post office or bank you want your PPF account to be transferred to. After receiving the documents, you will be asked to fill a new account opening form along with your Know Your Customer (KYC) documents.

As of now, no other bank is offering instant PPF account services. However, if ICICI Bank could, then it might be a matter of time only when the other prominent banks would start offering this service.

Author
Staff Writer

This article is written by RupeeIQ editorial staff.