13 August 2025
7 mins read
The Public Provident Fund (PPF) is a government-backed savings scheme introduced under the Public Provident Fund Act, 1968. Known for offering stable returns and tax benefits, it remains one of the most commonly chosen long-term investment options among Indian citizens. Individuals can open PPF accounts with authorised banks and post offices.
This article provides a detailed overview of the banks offering PPF accounts, including procedures for opening them offline and online, eligibility criteria, account transfer processes, and important considerations to keep in mind.
Several public and private sector banks are authorised by the Reserve Bank of India (RBI) to offer PPF accounts. These banks act as agents of the Government of India for the PPF scheme. Below is a list of banks where individuals can open a PPF account:
State Bank of India (SBI)
Punjab National Bank (PNB)
Bank of Baroda (BoB)
Canara Bank
Union Bank of India
Indian Bank
Bank of India
Central Bank of India
UCO Bank
Indian Overseas Bank
Punjab & Sind Bank
Bank of Maharashtra
ICICI Bank
HDFC Bank
Axis Bank
IDBI Bank (classified as private from January 2019)
According to BankBazaar, these banks are authorised by the Ministry of Finance to open and maintain PPF accounts across India. Customers can open an account either online or by visiting a bank branch.
Opening a PPF account offline involves visiting an authorised bank branch and submitting the necessary documentation. The process is simple and generally uniform across banks.
Visit the Branch: Go to the nearest authorised bank with which you have an account.
Fill in the Application Form: Request and complete Form A for PPF account opening.
Submit Required Documents: Provide KYC documents including:
Aadhaar card or any valid identity proof
PAN card
Passport-size photograph
Proof of address
Deposit Initial Amount: Deposit a minimum of ₹500 to activate the account. The maximum deposit per financial year is ₹1.5 lakh as per RBI guidelines.
Receive Passbook: A physical passbook is issued in most offline account openings for record-keeping.
Nomination Facility: You may also nominate a person at the time of account opening.
Many authorised banks now allow the opening of PPF accounts through internet banking or mobile apps, making the process convenient for users with an existing savings account.
Log in to Internet Banking: Access your bank’s internet banking portal.
Select PPF Account Option: Navigate to the “Open PPF Account” section under services.
Fill in the Details: Pre-filled details such as name and PAN will appear. Confirm and proceed.
Set Nominee and Choose Branch: Provide nomination details and select the preferred bank branch.
Deposit Initial Amount: Use net banking to make the initial contribution (minimum ₹500).
Account Confirmation: You’ll receive a virtual PPF passbook or a confirmation message after your account is successfully opened.
Note: Customers need a savings account and activated internet banking to use this facility.
Source: ICICI Bank
Only specific categories of individuals are eligible to open and operate PPF accounts under the scheme guidelines.
Indian residents aged 18 years or above
Parents/legal guardians on behalf of a minor child
Only one PPF account is allowed per individual (except for a minor account)
Non-Resident Indians (NRIs) are not permitted to open new accounts.
Hindu Undivided Families (HUFs) are also ineligible.
Note: If a resident becomes an NRI after opening a PPF account, it can be maintained till maturity, but cannot be extended beyond 15 years.
Source: ClearTax
PPF account holders can transfer their accounts from one bank or post office to another without affecting the account’s maturity or benefits. This is especially useful when individuals change cities or banks.
Visit the Existing Bank/Post Office: Submit a written request for transfer, along with your passbook and KYC documents.
Transfer Application Processing: The bank will process and forward the documents (including account details and a cheque/DD for the balance) to the new branch.
Visit the New Bank Branch: After the documents are sent, visit the new bank and complete a new account opening form.
Submit KYC Documents Again: Identity and address proofs may be required again for verification.
Receive Confirmation: Once processed, your PPF account will continue seamlessly with the new bank.
While the PPF scheme is straightforward, certain important aspects should be considered before and after opening an account.
Minimum and Maximum Deposit: Minimum annual deposit is ₹500; maximum is ₹1.5 lakh in a financial year.
Lock-in Period: The PPF has a fixed maturity period of 15 years. Partial withdrawals are allowed from the 7th year onward.
Loan Facility: Loan against PPF can be availed between the 3rd and 6th year for up to 25% of the account balance.
Tax Benefits: Contributions to PPF qualify for deduction under Section 80C of the Income Tax Act. The interest earned and maturity proceeds are tax-free.
Premature Closure: Permitted only after five years for specific reasons like higher education or medical treatment.
PPF Interest Rates: The interest rate is notified quarterly by the Ministry of Finance. For Q1 FY 2025–26, the rate stands at 7.1% p.a. (Source: Economic Times).
Age Criteria: There is no upper age limit; however, the minimum age for self-operated accounts is 18 years.
Nomination Facility: Ensure a nominee is added to your account for ease in future claims.
The Public Provident Fund remains one of the long-standing savings instruments for individuals seeking secure, long-term wealth preservation. With the availability of PPF accounts through both public and private sector banks, as well as the flexibility of offline and online account opening, managing one’s PPF investments has become increasingly accessible.
Before opening a PPF account, it is essential to assess one’s deposit capacity, the lock-in period, tax benefits, and transfer procedures. Understanding the rules and comparing the features offered by different banks can help maintain a compliant and well-managed PPF account over the long term.
No, individuals are permitted to open only one PPF account in their name. Multiple accounts across banks or institutions are not allowed under the scheme rules.
Yes, since the scheme is government-backed, the features such as interest rate, lock-in period, and tax benefits remain the same regardless of the bank.
Interest is credited annually on 31st March by all banks. The rate is determined quarterly by the Ministry of Finance, but the crediting timeline remains uniform.
Most banks require you to hold a savings account with them for online PPF opening. Non-customers may need to visit the branch to initiate the process.
Yes, PPF accounts can be transferred from a post office to any authorised bank without impacting the interest or maturity timeline. The process is manual but recognised officially.
Many banks provide mobile app access for tracking and contributing to PPF accounts. However, features may vary, and some smaller banks may not support app-based PPF services.
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