Public Provident Fund is a savings-cum-tax-saving investment instrument, backed by the government of India. The scheme can be opened for a period of 15 years, with a 5-year extension that can be availed any number of times. The interest rate on PPF account is fixed by the government on a quarterly basis. A PPF account can be opened at a designated post office or a bank branch. A few banks offer users the facility of opening the account online. HDFC is among the banking institutions that enable users to open an account through the online route.
(Note - All the information contained in this page has been sourced from the official website of HDFC Bank.)
The features of HDFC PPF account are as follows:
Source: Official website of HDFC Bank
The benefits of opening a PPF account with HDFC are:
| Instrument | Interest rate (%) from October 1, 2019 |
|---|---|
| Public Provident Fund | 7.9 |
The PPF interest rates over the years have been as follows:
| Period | PPF Interest Rates |
|---|---|
| From 1st Oct 2019 | 7.9% |
| 1st Jul 2019- 30th Sept 2019 | 7.9% |
| 1st Apr 2019 - 30th Jun 2019 | 8% |
| 1st Jan 2019 - 31st Mar 2019 | 8% |
| 1st Oct 2018 - 31st Dec 2018 | 8% |
| 1st Jul 2018 – 30th Sept 2018 | 7.6% |
| 1st Apr 2018 - 30th Jun 2018 | 7.6% |
Note - The above-mentioned data has been sourced from different news sites.
If an individual is already an HDFC customer, he or she can open a PPF account digitally i.e. through the web portal of HDFC Bank. Here, the user must hold a savings account with the bank and have net-banking/mobile banking enabled for his or her account. The individual’s Aadhaar number also needs to be linked with the account. Lastly, the PPF applicant must ensure that the mobile number linked to Aadhaar is active, so as to receive an OTP, which is used to e-sign/e-authorise the opening of the PPF account. Those individuals who are not clients of HDFC but want to open a PPF account via the bank can go to the nearest branch office and place a request to open a PPF account. To open a PPF account, an applicant will need to submit the following documents:
The eligibility criteria for opening a PPF account with HDFC Bank are:
Can I open PPF account in HDFC Bank?
Yes, HDFC Bank provides users the facility of opening a PPF account through their web portal.
How can I close my HDFC PPF account?
A PPF-account holder can make partial withdrawals from the 7th financial year. The individual can close his or her account and make a full withdrawal after the 5th financial year for medical treatment of severe or life-threatening conditions for self and family, or for higher education. The subscriber will have to submit supporting documents, as required, along with the closure or withdrawal request form.
How to open PPF account through HDFC NetBanking?
To open a PPF account, an individual will need to complete the following steps:
