Explained: Steps to open and close PPF account online using Post Office Internet banking
Steps to Open and Close PPF Account using Internet Banking: Great news for those who are looking to open Public Provident Fund or PPF account in Post Office. Keeping in mind the growing importance of digital channels, the Department of Posts has launched the facility for opening and closing PPF accounts online.
The introduction was announced through a circular launched on 30th August 2022. It should be noted that this facility is available for existing POSB customers.
The circular stated, "In line with providing more digital transaction facilities to POSB customers, the undersigned is directed to say that online account opening and closure for Public Provident Fund (PPF) have been introduced in DOP Internet Banking. Now DOP Internet Banking users can open and close their PPF account online."
We will be looking at the step-by-step guide for the process of opening and closing the PPF account using the Internet banking facilities offered by the Department of Posts.
Before you start with the steps for opening and closing PPF Accounts online using Post Office Internet Banking, you should be aware of the following pieces of information.
The process of opening and closing the PPF account is available in the General Services tab of the Internet banking services of the Department of Posts.
Also, the PPF account will be opened in the same name as that of the POSB account holder, and the existing nominee of the savings account will be considered the default nominee for the PPF account.
Now, let us look at the steps to open a PPF account from post office internet banking.
How to Open PPF Account using Post Office Internet Banking
Step 1: Log in to the DoP e-banking portal using your id and password
Step 2: Click on General Services Tab and Go to Service Requests. Click on New Requests
Step 3: Select PPF Accounts and then Click Open a PPF Account
Step 4: Fill in the necessary details.
Step 5: The minimum deposit amount is Rs.500, and the maximum is Rs 1.5 lakh.
Step 6: Select the POSB account linked to your internet banking account.
Step 7: Now select Click Here to read the terms and conditions.
Step 8: Accept the terms and conditions and click submit.
Step 9: Enter transaction password and click submit
Step 10: You can view or download the receipt upon successful transaction completion for future use.
Note: To check the details of your PPF account, you need to log in to the DoP e-banking portal and select PPF Account under the Account section.
Let us move on to the steps to close a PPF Account from the DoP e-banking portal.
How to Close PPF Account using Post Office Internet Banking
Step 1: Log in to the DoP e-banking portal with your ID and Password.
Step 2: In the General Services tab, select service request and then new request.
Step 3: Select Closure of PPF Account
Step 4: Select the PPF account that needs to be closed and choose the SB account to which the amount should be credited. Click submit button.
Step 5: Enter the transaction password and submit the application
Step 6: View or download the transaction receipt for future use.