How to open PPF account in Post Office

People Provident Fund - how to open ppf in indiaPPF account can be opened at any head post office or in fact at any selection sub post office. You need to fill in the form provided by the person concerned at the Post Office and also paste a photograph pass port size. One needs to produce some identification proof for opening the account. You may publish attested copy of ration card, PAN card, passport or voter’s ID card.

Here is quick overview of the documents required to open PPF account:

 

The account holder can have only one unique account in his name and in case it is discovered that one bears more than one account in his or her name the other account will instantly stands cancelled and only the principal amount will be refunded without any interest on it. You many open the PPF account jointly with the person, but still in that case account will be opened in the name of one person only. The account holder may nominate one or more than one person as the nominee of the PPF account. In case of the death of the account holder the money goes to the nominee and nominees are prohibited from continuing the PPF account by making deposits. In case there are no nominee for the account the money goes to the legal heirs.

One may open the PPF account for his or her children or any minor acting as his or her guardian. But in case of the death of the person, his or her children or the minors are not allowed to continue the account. On the successful opening of the PPF account one gets a passbook along with the account number. The passbook records all the withdrawals, subscriptions, loans and interest earned. PPF is a safe investment in which one is benefited from tax-free returns and is a good option for long-term investment.PPF account expiry period is that of 15 years. Currently, the PPF interest rate is 8.8 percent in effect from 1ST April 2012.

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