Goodbye Queues! PNB Introduces Online PPF Account Opening — No Branch Visits Needed

Through its PNB-One Mobile Banking App, Internet banking, and PNB website, Punjab National Bank (PNB), the leading public sector bank in India, has announced an online digital Public Provident Fund (PPF) account opening service. Through a simple Do-It-Yourself (DIY) process, this service allows both new and current PNB customers to create PPF accounts completely online.

"The new digital PPF platform represents PNB's commitment to making long-term investment products accessible to every Indian. Available across multiple digital touchpoints including PNB One mobile application, Internet Banking Services (IBS), and PNB's corporate website, this facility eliminates the traditional barriers of branch visits and paperwork for PPF account opening," said PNB in a statement on Friday.

Features and Benefits of PNB PPF Account Online

The digital PPF platform, according to PNB, has a number of advanced features, which are as follows:

• Built-in PPF Calculator: Interactive tool to calculate investment returns with adjustable duration and amount sliders.
• Video KYC Integration: Seamless video-based know-your-customer verification for new customers.
• Multi-Authentication Options: Flexible login using Customer ID or Account Number for existing customers.
• Aadhaar Integration: Secure authentication through Aadhaar-based verification.
• Real-time Payment Processing: Instant payment through existing accounts or payment gateway.
• Branch Selection Facility: Comprehensive branch search by state, district, or branch name.

Shri Suresh Kumar Rana, Chief General Manager HO: BA & RM, PNB said "We are ensuring that the benefits of PPF reach every corner of our nation. This facility is a paperless process and a new PPF account can be opened instantly from anywhere, at any time using the bank's online platforms".

Documents Required To Open PNB PPF Account Online

These are the documents needed to create a PPF account, according to PNB's official website.

ID Proof

• PAN Card
• Driving License
• Voter ID Card
• Passport
• Aadhar No.

Address Proof

• Telephone Bill
• Electricity Bill
• Ration Card
• 2 (Recent) Photographs
• Pay-In Slip (available at all authorised bank branch) to transfer amount to your new opened PPF Account

Self-attestation is required for the documents mentioned above. You receive a PPF account passbook as soon as the account is opened. This passbook contains the latest details on all transactions made on your PPF account.

Eligibility Required To Open PNB PPF Account

The eligibility requirements for opening a PPF account with PNB are listed below, per the bank's official website.

• A resident individual in his/her own name and as guardian of a minor or a person of unsound mind can open the account.
• PPF account cannot be opened in joint names.
• Non Resident Indians (NRIs) can not open PPF accounts w.e.f. 25.07.2003
• HUFs can not open PPF accounts w.e.f. 13.05.2005
• Accounts opened by NRIs and HUFs prior to the above-mentioned dates will continue till maturity. Thereafter no extension is allowed and no interest is payable on HUF and NRI PPF accounts.
• Only one account can be opened by an individual in one name. Second PPF Account opened in contravention of PPF Rule will be treated as irregular account and will be closed and will not carry any interest. (The primary account shall earn the scheme rate of interest subject to the deposit being within the ceiling applicable for each year. (Primary Account is one of the two accounts chosen by the investor in any Post Office/ agency bank where the investor prefers to continue with the account upon regularization). The balance amount in the second account shall be merged with the first account subject to the primary account remaining within the applicable investment ceiling in each year. Post-merger, the primary account will continue to enjoy the prevailing scheme rate of interest. Excess balance in the second account, if any, shall be refunded with Zero percent rate of interest. Any additional accounts beyond the primary and second account, shall earn zero percent rate of interest from the date of opening of that account.)

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