Public Provident Fund (PPF) is a savings scheme well known for its guaranteed returns and tax benefits. To make PPF accessible for everyone including those from remote areas, the government allows users to open a PPF account at India Post Offices. A Post Office PPF Account is the same as one opened with public or private banks in terms of key features, interest rates and other regulations. The procedure of opening a PPF account at a post office is also similar and requires the same set of documents. Here is all you need to know about PPF account opening at post offices.
PPF Interest Rates 2023-24
Being a Government of India-backed scheme, the interest rate of PPF account is maintained uniformly across all post offices and banks that offer the facility. The current applicable post office PPF interest rate is 7.1% for Q2 FY 2023-24 (July-September, 2023).
Click here to check the historical interest rates of PPF.
Eligibility Criteria for Opening a PPF Account in Post Office
The following are some key eligibility criteria for opening a post office PPF account:
- Any resident Indian including salaried, self-employed, pensioner, etc. can open a PPF account at a post office
- The total number of PPF accounts including post office PPF account that an individual can open is restricted to one and joint operation is not allowed
- Minor PPF account can be opened at a post office by a parent/guardian on behalf of a minor child. This too is restricted to one minor PPF account per child
- Non-residents are not allowed to open a new PPF account. However, in case a resident Indian becomes NRI prior to maturity of the PPF account, he/she can continue operating the account till maturity
Related Read: Post Office Investment: Saving Schemes & Interest Rates
Documents Required for Post Office PPF Account
To open a Public Provident Fund Account at the Post Office, you need the following documents-
- Identity proof- Voter ID, Passport, Driving License,
- Identity proof- Voter ID, Passport, Driving License, Aadhaar Card
- Address Proof- Voter ID, Passport, Driving License, Aadhaar Card
- PAN Card
- Passport size photograph
- Nomination Form- Form E