How to open an PPF Account Online: Know how to open a PPF account online.
How to Open PPF Account Online: The last date for filing ITR is near. All taxpayers have to file their income tax by 31 July 2024. But if you are looking for tax saving options and are thinking of opening a Public Provident Fund account, then this is a great opportunity. You can easily open a PPF account online from home. Due to tax savings, returns and safety, PPF has become a popular long-term savings scheme. PPF offers tax benefits and good interest on deposits, interest and withdrawal.
What is a PPF account?
The amount deposited in a PPF account is exempted under Section 80C of the Income Tax Act. Interest is paid every quarter in this government scheme. Currently, an annual interest of 7.1 percent is offered on PPF.
The maturity of a PPF account is 15 years and investors use this account to create a fund after their retirement. By depositing a fixed amount in PPF every month, you can get a large amount after retirement. With good interest rates and tax benefits, PPF is a great option for small investors.
How to open PPF account online in ICICI Bank online
- Step 1: First login to your ICICI Bannk account through netbanking
- Step 2: After this go to Bank Accounts >> PPF Accounts
- Step 3: Keep your Aadhaar card ready
- Step 4: Now follow the instructions appearing on the screen and do E-Sign
After the PPF account is created, the funds will be debited from your ICICI Bank savings account. The online account can be viewed 4 hours after the PPF account is opened.
Premature closure
Under certain circumstances, the account holder can apply to close his account before maturity. Or the legal guardian of the minor can also request to close the account using Form 5A.
Contributions in PPF: PPF Contributions
According to the rules, a minimum of Rs 500 and a maximum of Rs 1.5 lakh is allowed to be deposited in a PPF account every year. The limit of Rs 1.5 lakh is for every account, whether it is in the name of a person himself or a minor. If you want, you can deposit the amount monthly or annually. But depositing more than 12 times in a financial year is not possible in PPF.
If the PPF account is closed: PPF Discontinued accounts
If your PPF account is closed midway, you will not be allowed any kind of loan and withdrawal until you deposit the minimum required amount along with penalty fees. However, interest will continue to be received on the account.
PPF Nomination: PPF Nomination
Nomination facility is also available in PPF account. A person can make any minor as the nominee of his account. However, the facility of nomination is not available for the account opened in the name of a minor.
PPF Transfer: PPF Transfer
PPF account holder gets the facility to transfer his Post Office PPF Account to a government authorized bank. Similarly, if you want, you can transfer your PPF account from one bank branch to another bank.
Tax benefit in PPF: Exemption from tax
The most important thing is that there is no tax on the amount and interest deposited in the PPF account.
