List of Banks Offering PPF Account in India

List of Banks Offering PPF Accounts
Offline Account Opening
Online Account Opening
Eligibility Criteria To Open PPF Account
Conclusion

A Public Provident Fund is a fixed income saving scheme wherein you can invest for a long term and get a guaranteed rate of return on your investment. A PPF Account can be opened easily with an authorized bank or post office and then you can deposit money into the account for saving tax as well as for building a secured corpus for your financial goals.

Opening of a PPF Account can be done online as well as offline. You can open a PPF account with a bank or a post office. Usually, almost all reputed banks allow you to open a PPF Account with them.

List of Banks Offering PPF Accounts

The list of banks offering PPF accounts in India is mentioned below:

Allahabad Bank
Corporation Bank
Bank of Baroda
HDFC Bank
ICICI Bank
Axis Bank
Kotak Mahindra Bank
State Bank of India and its subsidiaries which include the following –

State Bank of Travancore
State Bank of Bikaner and Jaipur
State Bank of Hyderabad
State Bank of Patiala
State Bank of Mysore

Canara Bank
Bank of India
Union Bank of India
Oriental Bank of Commerce
Central Bank of India
Bank of Maharashtra
Dena Bank
Syndicate Bank
United Bank of India
Indian Overseas Bank
Vijaya Bank
IDBI Bank
Andhra Bank
Punjab National Bank
UCO Bank
Punjab and Sind Bank

These are some of the common PPF Account opening banks. There are other banks too and if you hold a savings account with another bank which is not on the list, you can find out whether the bank is a PPF Account opening bank or not.

Offline Account Opening

To open the PPF Account offline, visit the branch of the bank which offers a PPF Account. At the branch there is a PPF Account opening form. Fill up the form stating your name, age, address and other details. Submit the form along with your KYC documents which include your photographs, identity proof and address proof. Also make the initial deposit for opening the PPF Account. Once the application form and your documents are verified by the bank, the PPF Account would be opened in your name.

Open Account Online

Many leading banks like SBI, HDFC Bank, ICICI Bank, Axis Bank, etc. allow you to open a PPF Account online from your home or office. Under the online mode of opening the PPF Account, you don’t have to visit the branch and fill up an application form. The application form can be filled up online itself and submitted to the bank along with your KYC documents. The first deposit to open the PPF Account can also be paid online along with the application. Once your application is reviewed and verified, the bank would open your PPF account online.

Eligibility Criteria To Open PPF Account

You can choose any bank from the PPF Account opening banks but you would be allowed to open a PPF Account provided the following eligibility parameters are met –

You should be an Indian resident
You should be aged 18 years and above
You can open only one account in your name
For minors aged below 18 years, either of the parents of the minor child can open a PPF Account in the name of the child
Grandparents are allowed to open a PPF Account in the name of a minor child provided they are the legal guardian of the child after the death of the parents
Things to remember about opening a PPF Account
You can choose a bank from the list of banks offering PPF Account and open an account online or offline as allowed by the bank that you choose.

Conclusion

The interest rate on the PPF Account is fixed by the Government and reviewed every quarter. The interest rate for the quarter starting 1st October 2020 stands at 7.1% per annum

Invest in a PPF scheme to earn guaranteed returns and choose any of the above-mentioned banks to open a PPF Account with. The account opening formality is simple and once opened you can invest over a long term period and build up a good corpus without fearing market volatility.