HDFC PPF Account

Opening an HDFC PPF account is a sensible step towards financial planning as a PPF is a safe and tax-free investment option. Backed by the Government, the account encourages saving with attractive interest rates.

You can invest in an HDFC PPF account with any amount ranging from ₹500 to ₹1.5 lakhs in a year. The account will help you with long-term saving as it has a locked-in period of 15 years. However, partial withdrawals and loan facilities are available in case of financial emergencies.

HDFC PPF Interest Rate

The interest rate offered by the HDFC PPF account is 7.1%, helping the growth of funds over time. The interest rate for PPF is determined by the government for every quarter of a financial year. Below is a table showing the interest rate and other offers by a PPF account:

Interest Rate 7.1%
Maturity Period 15 years
Minimum Investment amount ₹ 500
Maximum Investment amount ₹ 1.5 Lakh p.a.
Note: These rates are indicative and subject to change. Always check with the Bank for the most up-to-date information before making any investment decisions.

HDFC PPF Account Eligibility

The eligibility requirements to open an HDFC Bank PPF account are:

  • The account can be opened by any resident Indian or by a guardian on behalf of a minor.
  • Joint PPF accounts are not allowed.
  • Non-resident Indians (NRIs) are not eligible to open a PPF account. However, NRIs with an existing account can continue their subscription until the maturity period on a non-repatriation basis. (Meaning the funds cannot be withdrawn or transferred to a different country)
  • Only one account can be opened for one individual.

Documents Required to Open HDFC PPF Account

The documents required to open an HDFC PPF account are:

  • Identity Proof: Voter ID, Aadhaar Card, PAN Card
  • Proof of residence
  • Passport size photograph
  • Pay-in-slips
  • Nomination form

Key Features of HDFC Public Provident Fund Account

The HDFC Bank PPF scheme offers the following features:

  • An attractive interest rate of 7.1% that is tax-free under Section 80C of the Income Tax Act, 1961.
  • A secured long term investment of 15 years.
  • The PPF account can be extended for a block of 5 years after maturity.
  • You can make a minimum deposit of ₹500.
  • The maximum amount you can deposit in one financial year is ₹1.5 lakhs.
  • A default in payment for a year will attract a penalty of ₹50.
  • Upon account opening, you will be issued a passbook.
  • The account can be transferred from one bank to another and from a bank to a post office and vice versa.
  • You can avail a loan of up to 50% of the account balance after 5 years excluding the 1st year.
  • A loan facility is available from the third year to the end of the fifth financial year.
  • Partial withdrawals can be made after the 7th year onwards.
  • You can create a PPF account online with HDFC Bank.

How to Withdraw HDFC PPF Amount

You can partially withdraw funds from your HDFC PPF account from the 7th year onwards and make withdrawals of up to 50% of the PPF amount in one financial year. A maximum of only one withdrawal can be done in a year. To withdraw from your HDFC PPF account, you will need to follow the steps below:

  • Fill up up Form C, mentioning the account number and amount to be withdrawn then submit.
  • Provide your signature and stick a revenue stamp on it.
  • Submit the form along with your passbook.
  • The amount, once approved will be credited to your savings account.

How to Extend Tenure of HDFC PPF

Extension of your PPF account in HDFC Bank can be done when the account reaches the maturity period. You can extend your account in 5 year blocks for any number of times. The extended account will then be functional at an interest rate applicable during the extension.
To begin the extension, you can submit Form H a year before the maturity date.

How to Open a PPF Account in HDFC

HDFC Banks offers two ways by which you can open a PPF account. To open the HDFC Bank PPF account offline, you can follow the steps below:

  • Get the PPF application form from the nearest HDFC Bank branch.
  • Fill up the form and submit it with all the required documents.
  • Make the initial deposit amount.
  • You will then get the passbook with all the important information.

You can also create a PPF account online in HDFC Bank, the steps are given here below:

  • Sign in to your HDFC Net Banking account.
  • Navigate to the ‘Offers’ tab and click on ‘Public Provident Fund’.
  • Confirm the details provided on your screen and enter the deposit amount.
  • You can then choose to add a nominee and click submit.
  • If your account is linked to your Aadhaar, then your account will be opened in one working day. Otherwise you will need to link your adhaar to complete the process.
  • Once the account is opened, you will be able to transfer funds easily from your savings to your PPF account.

How to Deposit Money in HDFC PPF Account

Depositing money into your HDFC PPF account is convenient as it can be done online and offline.
Here are the steps to deposit money offline:

  • You can deposit money through cash, cheque or demand draft at the bank branch.
  • To deposit money, you can fill up the PPF deposit challan or Form B with all the necessary information like name, address, PPF account number and deposit amount.
  • Submit the form along with the PPF passbook and it will be processed accordingly.

Here are the steps for you to deposit the amount online:

  • You can deposit money through Funds Transfer if you have a savings account with HDFC, or you can make a Third Party Transfer if your savings account is in another bank.
  • Add your PPF account as a beneficiary through Net Banking.
  • After which you can easily transfer funds through Net Banking or Mobile Banking.
  • You can also choose to automate the process by issuing standing instructions to your Bank.

How to Transfer HDFC PPF Account

A PPF account can be easily transferred to another Bank or to a Post Office. To begin the transfer, you will need to submit the transfer request to HDFC Bank. The bank will then begin to make arrangements to send all the necessary documents along with a cheque or demand draft of the outstanding balance. Once the transfer is done, you will need to visit the new branch where the PPF account has been transferred to complete other formalities.

Ways to Download HDFC PPF Account Statement

To download the HDFC PPF account statement, log in to your PPF account via Net Banking or Mobile Banking using your customer ID and password. Go to the ‘Accounts’ section, select ‘PPF account’ and click on ‘Download Statement’. You can also receive e-statements via email once you register with the Bank.

Frequently Asked Questions

An HDFC PPF account is a long-term investment opportunity for depositors looking for a save and secure way to yield high interest on their savings.

You can open a PPF account at an HDFC Bank Branch or online through Net Banking and Mobile Banking.

The minimum deposit amount is ₹500 and the maximum deposit amount allowed in one financial year is ₹1.5 lakhs.

The current interest rate offered on HDFC PPF account is 7.1%.

Yes, you can easily transfer your existing PPF account from another bank to HDFC Bank.

The key features and benefits of an HDFC PPF account is that it offers tax benefits (EEE), high interest rates, long-term investment (15 years), loan facility, partial withdrawals, and government backing for safety.

The tenure for a PPF account is 15 years. Yes, it can be extended in blocks of 5 years after maturity.

Yes, there is a penalty for not depositing the minimum amount to an HDFC PPF account in one year.

Yes, you can nominate someone for your HDFC PPF account during account opening or after.

HDFC credits interest on PPF accounts quarterly, that is 4 times a year at the end of every three months.

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