How to create a PPF account through Internet Banking

Are you tired of the hassle of visiting banks to open a Public Provident Fund (PPF) account? Say goodbye to the long queues, as opening a PPF account in Bank of Maharashtra is just a matter of a few clicks.  With the convenience of Internet Banking, you can start your journey towards financial security from the comfort of your home.

But wait, are you feeling overwhelmed by the thought of navigating through the online process? Don’t worry. We have got you covered. This comprehensive guide will walk you through the step by step process of creating a PPF account via Internet Banking. Let’s delve into it.

Understanding PPF Scheme:

A Public Provident Fund (PPF) account is a popular long-term savings scheme in India, offering numerous benefits to account holders. Let’s explore the key aspects of PPF account:

Benefits of PPF Scheme:

• Long-term wealth creation
• Government-backed security
• Tax-free returns
• Contributions eligible for deduction under Section 80C of Income Tax Act
• Partial withdrawal option available after 5 years

Eligibility Criteria:

Interest Rates:

The current interest rate under PPF scheme is 7.1%. Please note that the interest rates are decided or declared by the Govt. of India from time to time.

Deposit Requirements:

Minimum Annual Deposit: ₹ 500

Maximum Annual Deposit: ₹ 1,50,000

More importantly, it is not mandatory to deposit the entire annual amount at once. You can make the deposits as per your convenience. Alternatively, you can also create standing instructions to debit your savings account and credit your PPF account automatically at regular intervals.

Returns:

For instance, you deposit ₹1,50,000 every year in your PPF account for a period of 15 years at a current interest rate of 7.1% per annum, at the end you will receive maturity amount of ₹ 2,409,750.

*Note-The above example is for illustration purpose, and the actual maturity amount will depend on the amount invested and on the interest rate set by the Govt. of India

For more details on PPF Scheme, click here.

Pre-requisites to Open PPF online in Mahabank:

• An active savings account in Bank of Maharashtra
• Enabled internet banking services
• A registered mobile number for One Time Password (OTP) verification

Steps to Open PPF through Internet Banking:

Now that we have gone through the fundamentals of the PPF scheme, let us understand the process of opening it in Bank of Maharashtra through Internet Banking.

• Step 1: Login to mahaconnect.in using your internet banking credentials
• Step 2: Enter the OTP received on your phone via SMS
• Step 3: Click on ‘Investments’
• Step 4: Click on ‘Instant PPF Account’
• Step 5: Select your savings account number from the dropdown
• Step 6: Enter the amount you wish you to deposit initially, enter nominee details and hit ‘Submit Request’
• Step 7: Enter your transaction password and press ‘Confirm’
• Step 8: Your PPF account has been opened successfully

Click here to view steps to Open PPF through Internet Banking for more detail information.

Creating a PPF account through internet banking is a convenient and efficient way to start your long-term savings journey. By following the systematic guide outlined in this blog, you can easily open a PPF account from the comfort of your home. Once your PPF account is set up, you can monitor your savings, make regular contributions by creating standing instructions and track your investment growth. Start your PPF journey today & enjoy the very benefits of this tax efficient savings scheme.

Author: Bank of Maharashtra
Date of Publish: 28 Jan, 2025