How to Open PPF Account Online?

PPF remains to be one of the most popular forms of debt investment in India, despite the existence of other investment options. Unlike the olden days, wherein it was cumbersome to open a physical PPF account, a virtual PPF account opening has made life simpler and hassle-free. Opening a PPF account online is simple and quick. This article will deal with how to open PPF account online with SBI and ICICI banks.

Opening a PPF account online with SBI and ICICI bank is simple. We will discuss the steps involved in opening a PPF account online with both these banks one after the other.

How to Open PPF Account Online with SBI Bank?

SBI is one of the largest financial institutions in India. You will have to go through a few simple steps to open a PPF account online with SBI bank. However, the process is not completely online. It involves a visit to the bank branch. Nevertheless, let us have a look at the process.

  • The foremost step is log-in to SBI Internet Banking Facility. Under the E-services section, you will find a tab that says ‘New PPF Account’. Click on it to proceed.
  • Further, you will be directed to the link ‘New PPF Account’. For customers who already hold a PPF account with SBI, all the relevant details including PAN would be displayed on the web-page.
  • Now, choose the bank branch by selecting the bank branch code, wherein you want to open the PPF account online.
  • Once the bank branch is selected, fill in the details of the nominee, and then click on the ‘Submit’ tab.
  • Later on, the portal will generate a number for reference.

Until the generation of the number as reference, the process is online. Once all the above steps are done, you would be required to print the form for account opening through the tab ‘Print PPF Online Application’. Ensure that you print the form in PDF format. Further, visit the branch selected with a photograph and all the KYC documents within thirty days of the application. Once the documents are submitted, SBI will add them to the portal.

This is about opening up a PPF account online with SBI bank.

How to Open PPF Account Online with ICICI Bank?

ICICI is the largest private sector financial institution in the country based on its consolidated assets. ICICI bank offers a completely online PPF account opening facility. Opening a PPF account online with ICICI bank is simple, and can be done anywhere and anytime through its mobile banking/ mobile app. ICICI bank claims to be the first bank in the country, offering an instant online PPF account facility.

There are a few requirements that one needs to fulfill to open a PPF account online with ICICI bank.

  • The foremost requirement is to be a savings account holder with ICICI bank.
  • The second requirement is to have access to ICICI’s net banking facility.
  • Another necessary requirement is to have the Aadhar card linked to the respective savings account. If it is not, you will have to submit it during the process of online PPF account opening.
  • You should have an active mobile number linked to your Aadhar card to receive an OTP from the bank. This is required to render an e-authorization or an e-signature for instant PPF account opening.

Let us look at the steps involved in opening a PPF account online with ICICI bank.

  • Visit ICICI’s net banking portal and log-in with your ICICI net banking credentials.
  • The web-page will show you a tab ‘My Accounts’, in which you will have to select the PPF account option.
  • A webpage addressing the benefits of instant PPF account opens up. Go through the benefits, and then click on the tab ‘OPEN NOW’ to proceed.
  • Enter the initial deposit amount and choose the bank branch. Next, select a nomination facility. You can also opt to issue standing instructions such as the frequency of investment, for instance, monthly, etc. Lastly, click on the proceed tab.
  • Further, a webpage asking for Aadhar card authentication opens up. Click on the ‘GET OTP’ to receive an OTP on your mobile phone number.
  • Enter the OTP in the One Time Password tab and click on proceed.

In order to open a PPF account online for minors, you will be required to visit the designated ICICI bank branch and submit a request for the service.

Hope you found the above helpful and informative. As you’ve seen, technology has simplified the process of opening PPF account online with both the banks. All you need to be is a bit tech-savvy, or seek help from an expert for any clarifications/ assistance.

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