How to open PPF account online with just a few clicks on Axis Bank website; keep Aadhaar card handy | HT Tech

How to open PPF account online with just a few clicks on Axis Bank website; keep Aadhaar card handy

How to open PPF account online: All you need is your Aadhaar card and you are set to go.

By: HT TECH
| Updated on: Aug 18 2021, 14:20 IST
How to open PPF account online: You will need to be an Axis Bank customer to be allowed to open a PPF account.
How to open PPF account online: You will need to be an Axis Bank customer to be allowed to open a PPF account. (Pixabay)

Public Provident Fund or PPF, is one of the most beneficial options for people to save money and watch it grow at an interest rate that is quite high and that too without putting your money at any risk, unlike other savings options at banks. And a PPF account can be opened easily online from the comfort of your home without having to go out at all. The reason for it being categorised as a safe investment product is because the Government of India guarantees investments in the fund and also, the interest rate is set by the government every quarter. Axis Bank allows its customers to open a PPF account and all you need is your Aadhaar card to do so.

A PPF account is one of the most popular long-term saving-cum-investment products in India that combines safety, returns and tax savings. PPF is counted among one of the small savings schemes available in India, including NSC, Post Office Savings Scheme and others. In fact, there are as many as 5 distinct advantages of opening a PPF account and this includes:

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1. Avail Tax Benefits under Sec 80C of Income Tax Act

2. Interest earned and maturity proceeds are exempt from Income Tax

3. Start with an amount as low as 500

4. Create an ideal long term investment for a period of 15 years

5. Instantly transfer funds from your Axis Bank Account

To go to Axis Bank PPF link directly, you can click here 

However, there are other things that investors should know and the top one is that this carries an investment lock-in period of as much as 15 years. But, that should not be any problem as the goal of PPF account is to build a massive fund for the individual after retirement. In fact, withdrawal is allowed, but that can happen after 7th year. Only one withdrawal in a financial year is allowed.

Other noteworthy points include

a) Interest is calculated on the lowest balance between 5th and last day of that specific month

b) While minimum contribution is 500, a maximum of 150,000 can be invested in PPF account in an year

c) In case a payment in a particular year is missed, a penalty of 50 + minimum contribution ( 500) is charged for every missed year.

d) In case investor wants to close his PPF account, then he can do so after the 5th financial year. However, this is allowed for only 2 reasons - 1) treatment of serious ailments Of account holder, spouse, dependent children and parents; 2) Higher education.

According to a finance ministry circular dated June 30, 2021, PPF interest rate has been pegged at 7.10%.

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First Published Date: 18 Aug, 14:20 IST
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