Axis Bank PPF Account

The Axis Bank PPF account is an investment opportunity for depositors who are seeking long-term savings with secured and rewarding returns. The account offers an attractive interest rate of 7.1% and an EEE tax benefit that depositors can enjoy.

With a minimum investment of ₹500 and a maximum investment of ₹1.5 lakhs, depositors have the opportunity to steadily grow their savings. Additionally, an Axis PPF account offers flexibility through features like partial withdrawal and loan facility to address any immediate financial needs during the 15-year lock-in period.

Axis Bank PPF Interest Rate

The Axis Bank PPF is a safe and rewarding investment that offers a competitive interest rate of 7.1% which is compounded annually and backed by the Government. The key components of the account are given in the table below:

Interest Rate 7.1%
Minimum Investment amount ₹ 500
Maximum Investment amount ₹ 1.5 Lakh p.a.
Maturity Period 15 years
Note: These rates are indicative and subject to change. Always check with the Bank for the most up-to-date information before making any investment decisions.

Axis Bank PPF Account Eligibility

The eligibility criteria to open an Axis Bank PPF account are as follows:

  • Any Indian resident can open a PPF account for themself or as a guardian for a minor.
  • Joint PPF accounts are not allowed.
  • Non-resident Indians are not eligible to open a PPF account. However, an Indian resident who becomes an NRI during the 15-year lock-in period can continue to make contributions until maturity. But the funds shall not be withdrawn or transferred.
  • Only one PPF account is allowed for one individual.

Documents Required to Open Axis Bank PPF Account

To open your Axis Bank PPF account, you will need to submit Form A along with KYC documents. The documents required are:

  • Form A
  • 1 passport-size photograph
  • Identity proof
  • Address proof
  • Birth Certificate (For minors)
  • Initial deposit (Minimum of ₹500)

Key Features of Axis Bank Public Provident Fund Account

The key features of the Axis Bank PPF account are:

  1. The account offers an attractive interest rate of 7.1% that is determined by the Ministry of Finance and compounded annually.
  2. The PPF account is a low risk investment that is backed by the Government for a 15 year lock-in period.
  3. The account offers tax exemption of the interest, withdrawals and principal amount under Section 80C of the Income Tax Act.
  4. The account can be extended at 5 year blocks after the maturity period of 15 years.
  5. The Axis PPF account is transferable to other banks or Post Offices.
  6. Partial withdrawals and loan facility is available.

How to Withdraw Axis Bank PPF Amount

Partial and premature withdrawals are allowed for Axis BAnk PPF accounts, however, they are subject to certain limitations. Partial withdrawals are allowed once a year after the 7th year onwards for 50% of the account balance of the 4th year or the year preceding the withdrawal.

The steps to partially withdraw from your Axis PPF account are:

  1. Fill out Form C with all the required details.
  2. Provide accurate information, including your account number and the amount you want to withdraw.
  3. Confirm that no other withdrawals have been made in the current financial year with a declaration.
  4. If withdrawing for a minor, declare how the withdrawn amount will be used for them.
  5. Submit the completed form and your passbook for processing.

Premature closure of the account is only allowed after 5 years of account opening under specific conditions. These conditions can be life threatening diseases of the account holder or their close family members, higher education of their kids, change in residential status. For premature closure, the account holder should provide supporting documents to support their claims.

How to Extend Tenure of Axis Bank PPF

You can keep growing your PPF account after maturity as Axis Bank offers an extension of the account in 5 year blocks for any number of times. This extension can be initiated by submitting Form H a year before the maturity date. The interest rate of the extended PPF account will be determined as per the applicable rate during the extension.

How to Open a PPF Account in Axis Bank

The Axis Bank PPF account can be opened at the Bank branch or online through Net Banking.

Follow these steps to open a PPF account offline:

  • Visit the nearest Axis Bank branch and get the PPF account opening form.
  • Fill out the account opening form with all the required information
  • Provide all the necessary documents.
  • Provide cash, cheque or demand draft as the initial deposit amount (minimum amount of ₹500).
  • Once verified, the account will be opened and you will be handed a passbook.

How to Deposit Money in Axis Bank PPF Account

Depositing money in an Axis Bank PPF account can be done by visiting the bank branch and depositing money in cash, cheque or demand draft. It can also be done online by linking the PPF account to your savings account.

How to Transfer Axis Bank PPF Account

Axis Bank offers the flexibility of transferring the PPF account to another Bank or to the Post Office. To transfer your account, you can follow the steps below:

  • Visit the bank branch with the PPF account passbook and apply for the account transfer.
  • Submit the account transfer form along with the old PPF passbook.
  • The bank will then begin the transfer process by submitting your documents to the new Bank or Post Office.
  • After the transfer, you will need to visit the new bank or Post office to submit a new account opening form along with KYC documents.

How to Download Axis Bank PPF Account Statement?

Accessing your Axis Bank PPF account statement is a seamless process through Net Banking. Simply log in to your Net Banking account, where you will find the option to download your PPF account statement. This convenient feature ensures that you can easily retrieve and review your account details, keeping you informed about your financial activities.

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Frequently Asked Questions

The Axis Bank PPF account is a long-term savings plan with a 15-year lock-in period where depositors can earn 7.1% tax-free interest on contributions of ₹500 to ₹1.5 lakhs a year.

To open a PPF account with Axis Bank, you can visit the bank branch.

The minimum deposit amount is ₹500 and the maximum deposit amount is ₹1.5 lakhs.

The current interest rate offered on Axis Bank PPF accounts is 7.1%.

Yes, you can transfer your PPF account from another bank to an Axis Bank.

An Axis Bank PPF offers a 7.1% interest on investments between ₹500 - ₹1.5 lakhs in one year. The account is completely tax-free with a 15 year lock-in period with loan and partial withdrawal facilities.

The tenure of a PPF account is a locked-in period of 15 years. Yes, the PPF account can be extended for a block of 5 years after the maturity period.

Yes, there is a penalty for not depositing the minimum amount in an Axis Bank PPF account in one financial year.

Yes nomination facility is available for Axis Bank PPF account.

The interest earned on PPF accounts with Axis Bank is credited annually once a year.

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