Banks Offering PPF Account in India

In this article we will tell you about the banks offering PPF account in India. Here’s the complete detail.

 However, first of all, we have to clear the meaning and objective of PPF account and then explain about various banks which provide this service with an appropriate number of terms and conditions.

Therefore, let us have a look at the meaning of PPF account

PPF Account is an abbreviation of Public Provident Fund account. As shown in the name of PPF account, it is related to provident fund scheme. This account is especially opened by those individuals, who want to get an advantage of provident fund in their future. Individuals, which cannot get an advantage of Provident fund and the company cannot provide provident fund facility, those individuals, for getting this advantage, get this account opened in various banks and other financial institutions.

This account is opened only in their own name or in the case of minor, account holder guardians are liable for their account. In this account, account holders are required to pay an amount per year and in the event of the maturity of their account, they will get their amount in number of forms. Holders will get their amount including the amount of interest.

The interest rate is approx 8.5% (in the case of employee’s PF) or 8%(in the case of public PF). This account instrument is used by the customer for using the facility of saving as well as tax saving. The minimum balance is maintained at Rs. 500 and the maximum is Rs. 70000 in a financial year. The maturity period of this account is 15 years.

Well after discussing about PPF account, we will explain about those banks which facilitate this service to their customers with appropriate terms or conditions. Here are the banks

ICICI Bank

As we know, ICICI Bank is one of the most popular private banks in India. It provides all such facilities, which are proven beneficial to their customers. In the list of their services, PPF Account is also included. It facilitates this service to their customers with an appropriate terms or conditions, which are as follows:

(i) According to PPF scheme, 1968, when an individual wants to open a PPF account, he has to fill form A and submit with relevant documents in any of the branches of ICICI bank.

Banks Offering PPF Account in India(ii) For opening this account, the following documents are submitted in the bank:

  – Passport size Image

  – Photocopy of PAN card

  – Fill Form A

  – Residence bill

(iii) The period of maturity of this scheme is 15 years.

(iv) In this scheme, we cannot close their PPF account before the maturity date. We can only withdraw in the mid of the policy.

(iv) The individual can withdraw their amount. However, he can withdraw from the 7th financial year onwards and the amount should not exceed 50% in last four years of the policy.

(v) Accountholder can also get the loan facility from their deposit in between third to sixth financial period of account.

(vi) ICICI bank facilitates the net banking services in this account and account holders can also get their transaction statement through the E-MAIL.

(vii) Account holder has to maintain the minimum balance of Rs. 500 in their account and if he does not maintain, then he has to pay Rs. 50 as a penalty in a year.

State Bank of India (SBI)

SBI bank also provides this facility to their customers with the following terms and conditions:

(i) First of all, for getting this service, we have to fill an application form, which we can get from the SBI website and can be submitted online.

(ii) For opening this account, the following documents are submitted with an application form in the bank:

  – Passport size Image

  – Photocopy of PAN card

  – Residence bill

(iii) In this scheme, we will get their amount after the maturity of policy including the amount of interest, which is charged at 8% per annum.

(iv) We can get a loan from their deposit amount in their PPF account. However, 25% of total deposit has always maintained and can get this service after completion of 1st financial year or between the 3rd and 6th financial years.

(v) The period of maturity of this scheme is 15 years.

Central bank of India

Central Bank of India is a government bank, which also provides this service to their customers with following terms and conditions:

(i) First of all, we have to fill an application form and submit it in the bank with other relevant documents.

(ii) The period of maturity of this scheme is 15 years.

(iii) Accountholder can also get the loan facility from their deposit in between third to sixth financial period of account.

(iv) Customers will get their amount including an interest which is charged on an annual basis.

Union Bank of India

Union Bank of India also provides this facility to their customers with the following terms and conditions:

(i) First of all, we have to fill an application form and submit it in the bank with other relevant documents.

(ii) The period of maturity of this scheme is also 15 years and it can be extended in about 5 years.

(iii) We have to maintain the minimum balance, which is Rs. 500. On the other hand, the maximum amount which we can deposit is Rs. 100000.

(iv) The rate of interest is 8.6%, which is charged on an actual amount and will be given at the end of the maturity of the policy.

(v) Bank provides an opportunity of partial withdrawal from our account, after the expiry of 5 financial years.

(vi) We can get a loan from their deposit amount in their PPF account. However, 25% of total deposit is always maintained and can get this after the completion of 5 financial years.

Indian Overseas Bank

Indian Overseas Bank also provides this facility to their customers with following terms and conditions:

(i) Fill the application form available in the bank submitted with relevant documents.

(ii) We can get a loan from their deposit amount in their PPF account. However, 25% of total deposit is always maintained and can get this amount after completion of 5 financial years.

(iii) The period of maturity of this scheme is also 15 years and it can be extended in a block of 5 years.

(iv) We have to maintain the minimum balance, which is Rs. 500. On the other hand, the maximum amount is, which we can deposit is Rs. 100000. In a year, the number of premiums should not exceed by 12.

(v) Account holder can also get the facility of net banking and show their ledger account directly.

(vi) In this account, we will get their amount after the maturity of policy including the amount of interest, which is charged by 8.60% per annum.

We hope now you know about the Banks Offering PPF Account in India.

Post Author: fn007

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