Any Person who wants to Open PPF (Public Provident Fund) Account should visit Post Office or Bank. But Now a days in everyones’ busy working schedule it is some what difficult to visit Banks / Post Offices repeatedly. So it is quite natural expecting Online PPF Account service.
As far as i know, there is no option like opening PPF Account completely at Online. Applicant should visit atleast once. Comparing to all other options of opening PPF Account, ICICI Bank which is the only Private Bank providing PPF Account Service offering bit more comfortable option of opening PPF Account online.
How to Open PPF Account online at ICICI Bank
Log on to your Internet Banking Account. In that you find option like PPF Account Online. There you need to enter your information. Then you get one PDF file, Print it. Enclose your Address, Identity Proofs, Affix your Latest Passport size Photograph. And submit the same at the ICICI Bank Branch where you have the Account. Pay between Rs.500 and Rs.100000 as subscription. After verifying it they will give an acknoledgement to you.
After that, with in the specified time you can find your PPF Account along with your Internet Banking Account. There you may find PPF Account branch different from your bank branch. It is because all Bank Branches will not offer PPF Accounts Services. For example in Hyderabad Khairtabad, Madhapur ICICI Bank Branches only offering PPF Account Services. But you need not to visit Madhapur, Khairtabad for any PPF related services.
In case of all other Banks / Post Offices you need to visit once to collect the Form. Then After you filling the form then again you need to visit once to submit that. Then again you have to visit to collect the PPF Passbook. So minimum 3 times you need to visit Bank/Post Office to open the account.
How to Maintain PPF Account Online
After you open your PPF Account Successfully, if you have online Banking Account, you can find PPF Account along with your Bank Account in online. You need not to vist your branch to deposit PPF contributions, You can then transfer your funds to PPF Account from your online Bank Account. You can get the statements too. In case if you want a statements with authorised signatory for Income Tax filing, then you need to visit the branch. Almost all banks which are offering Online Banking Accounts and authorised for PPF services, offering Online PPF Maintenance.
Post Office is not providing online Account, neither for Opening nor for maintaining. Post Office automation process is in progress, we hope Post office also offer online PPF Account service soon.