Frequently Asked Questions (FAQs)
1. Who can open a PPF account with Early Grow?
Any Indian citizen can open a PPF account. However, joint accounts and HUFs (Hindu Undivided Families) are not allowed. NRIs (Non-Resident Indians) also cannot open a PPF account.
2. Can I open a PPF account for my child?
Yes, parents or legal guardians can open a PPF account for a minor. The parent will manage the account until the child becomes an adult.
3. What documents do I need to open a PPF account?
You’ll need:
- Aadhar Card, PAN Card, Passport, or Voter ID (for identity proof)
- Address proof like Aadhaar, Passport, or utility bills
- Passport-sized photographs
- Filled PPF account opening form
- Nominee details (optional but recommended)
4. Is Aadhaar mandatory for opening a PPF account?
No, Aadhaar is not mandatory, but it’s one of the easiest ways to verify your identity.
5. How much money do I need to deposit in my PPF account?
The minimum amount is ₹500 per year, and the maximum you can deposit is ₹1.5 lakh per financial year. You can deposit the money in one go or in smaller installments.
6. Can I open more than one PPF account?
No, you can have only one PPF account in your name. However, you can also open one for your child as their guardian.
7. How long does a PPF account last?
A PPF account has a lock-in period of 15 years. After that, you can extend it in blocks of 5 years if you want.
8. Can I take a loan against my PPF account?
Yes, you can take a loan against your PPF balance between the 3rd and 6th financial year. The loan amount can be up to 25% of your balance from two years before.
9. What happens to my PPF account if I pass away?
Your PPF balance will be given to your nominee or legal heir. The account will continue earning interest until the month before it is closed.
10. Can I change my nominee later?
Yes, you can update or change your nominee anytime. Just visit our branch and fill out a simple form.
