HDFC PPF Account

HDFC PPF account is one of the popular long-term investment schemes that provide substantial returns and tax benefits as well. This scheme is backed by the Government of India and also offers an attractive interest rate with ensured safety.

The returns are fully exempted from tax under Section 80C of the Income Tax Act. Depositors can save tax in the range of Rs. 500 to a maximum Rs. 1,50,000 in a financial year and can also get added facilities such as loans against the deposit, partial withdrawal and the extension of your account. PPF accounts can be opened with various leading banks including top private sector banks and post offices as well.

Key Features of HDFC Bank PPF

How to Open a PPF Account Online in HDFC?

You can open a PPF account online anytime, 24X7 if you are an HDFC customer. The process is paperless and hassle-free. However, there are some important points that need to be kept in mind before opening an online PPF account in HDFC:

Important points:

• You must be an existing HDFC Bank savings account holder.
• You must have an active net-banking/ mobile banking enabled for your account.
• Your ‘Aadhaar’ number must be linked to your bank account.
• Your mobile number which is linked to your Aadhaar should be active in order to receive an OTP which is used to e-sign/ e-authorise the opening of the PPF account instantly.

Here’s a step-by-step guide on HDFC bank PPF account online opening procedure:

How to Open a PPF Account in HDFC Bank Offline

Step 1: If you want to open a PPF account with HDFC Bank via the offline mode, you can follow the below-given steps:

Step 2: Get an application form by visiting your nearest HDFC Bank branch

Step 3: Fill the form and submit with self-attested copies of supporting documents such as Aadhaar, PAN, Voter ID, etc. along with photographs

Step 4: The initial deposit amount also needs to be made to complete the process

Step 5: Once your HDFC PPF account is active, you will be provided with a passbook for the same which has the list of current transactions, PPF account number, IFSC and other important details pertaining your HDFC PPF account.

Important Points to Remember while Opening an HDFC PPF Account

As per the Indian law, only one PPF account is allowed in an individual’s name

• The minimum or initial deposit amount is Rs 500
• PPF account for Minors cannot be opened via online mode; you will need to visit any of the HDFC Bank branches.
• NRIs cannot open an HDFC PPF account.
• You can visit the nearest HDFC Bank branch and request for nomination updation/change (if required).
• Joint-account holders cannot open a PPF account online.
• Customers need to visit their nearest HDFC branch to get the passbook for their PPF account.

HDFC PPF Account – Loan Facility

HDFC PPF Account holders can opt for a loan against PPF option subject to certain key criteria:

• Loan against HDFC PPF option can be availed between the 3rd and 6th years of account opening
• The maximum amount that can be availed is up to 25% of the PPF account balance recorded at the end of the 2nd year
• The HDFC PPF loan interest rate is charged at 2% over the applicable PPF interest rate

Extension of HDFC PPF Account

• HDFC PPF account can be extended even after it has matured i.e. after the completion of 15 years from the date of account opening
• The depositor has to place an HDFC PPF account extension request within 1 year of maturity of the account
• The HDFC PPF can be extended in a block of 5 years with or without additional deposits as per the subscriber’s convenience
• During the extension period, the PPF account will continue to earn interest at the applicable rate on the account balance
• NRIs do not have the option to extend their HDFC PPF account post maturity

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