The Public Provident Fund scheme offers a number of benefits to eligible investors. To avail of these perks, one needs to fill out some PPF forms and submit them on an online portal. There are several types of PPF forms serving various purposes.
This article explains what PPF forms are and the uses of various forms like account opening forms, nomination forms, and more.
Without much ado, let's dig in!
It is vital to learn about the nature of each form to avoid confusion and discrepancy prior to investing in PPF. Here is a list of all the forms used in the Public Provident Fund account.
Now that you know each form's nature and purpose, let us dig deeper and understand their benefits and other details.
Also known as the account opening form, this form is necessary to fill out when an applicant plans to open a Public Provident Fund account for themselves or a minor. Depending on the mode of application (whether online or offline), one can obtain this form either online or from a bank or post office.
Regardless of how an investor obtains a PPF account form, the general contents remain the same. Take a look at the details in the following section:
In case an applicant obtains this form from a bank or post office, he or she needs to provide some additional information as follows:
Furthermore, parents or guardians can apply on behalf of their children by furnishing certain details as mentioned below:
In addition to this, there are declarations an individual needs to make in the account opening form. These declarations are:
Therefore, to make deposits to your PPF account and maintain it in the process, you will need to know everything about the following PPF forms.
Form B or PPF contribution form is mandatory to fill out during investing in an account. To make contributions to a PPF account, one must provide the following details:
Apart from this, one can use this PPF form for some other purposes as mentioned below:
Further, an applicant can withdraw a certain amount from his PPF account under certain conditions, which brings us to the next PPF form.
One might use form C for PPF withdrawal under certain circumstances like child's education, wedding, medical emergencies, etc. However, withdrawal of the accumulated corpus is possible only after 6 years from the account opening date. An individual can use this form as a partial withdrawal form to acquire a certain portion of PPF funds. This form requires the following information:
Note: In case of withdrawing an amount on behalf of a minor, it is essential to mention the purpose of withdrawal, and one needs to declare that the person is still a minor and alive. Further, one needs to submit a passbook along with the form.
Therefore, this is one of the most crucial forms an investor should be acquainted with apart from the account opening form.
Moreover, applying for a loan against a PPF amount is another benefit of investing in PPF that helps an individual secure his finances conveniently. The following form will enable an applicant to apply for a loan.
One can apply for a loan on a PPF account by utilising form D. While filling out a PPF loan form; one must be aware of the following details:
Another important form necessary to fill out if an applicant wishes to add a nominee is the next PPF form.
Adding a nominee to a PPF account allows an individual to safeguard the account and maintain the flow of benefits to the appointed person in case of demise. To do so, one needs to fill out the PPF nomination form or form E at any time during the tenure of the scheme. Here are some points to consider while filling out the form.
Note: One needs to mention who will receive benefits on behalf of a minor during his minority. Further, during multiple nominees, an investor has to specify shares of each of them.
In the event of changing nominations, one needs to fill out a different PPF form. In the following section, you will find the necessary details related to that.
A PPF account holder can change or cancel his nomination by submitting a change of nomination form, also known as form F. One needs to mention the following pointers in the form for a successful change of nomination:
Similar to form E, one needs to specify details of the person receiving PPF benefits on behalf of the new minor nominee.
Further, the sole purpose of opening a PPF account by using an account opening form is to claim funds after a certain period. To do so, one needs to have clarity regarding the next form.
In case an account holder or his nominee (during the former's demise) wants to claim the PPF amount, they need to obtain a claim form which is the PPF form G. Here are the additional details one needs to provide in the form.
However, if there are no nominees, the legal heirs can claim the amount using this form.
Finally, you will find details on the last PPF form and when to use it in the section given below.
Some investors want to extend the maturity period of their PPF accounts (15 years) to 5 more years, also known as the block period. To do so, they need to fill out an extension form and follow certain rules:
Therefore, you can invest in PPF without any hassle after thoroughly going through the aforementioned points and learning about forms like the account opening form and more in a simplified manner as above.
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Disclaimer: This information is added only for informative purposes and collected from different sources across the Internet. Digit Insurance is not promoting or recommending anything here. Please verify the information before making any decisions.
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