Bank of Baroda PPF Account

Bank of Baroda offers PPF accounts for eligible customers to start saving for the long term. Backed by the government, this scheme is perfect for investors who are looking for safe investment options with tax benefits.

Eligible customers can invest any amount ranging from ₹500 - ₹1,50,000 in one financial year. They can also choose whether to make a lump sum deposit or in instalments. The Bank Of Baroda (BOB) PPF account has a lock-in period of 15 years, however, you can enjoy the benefits of partial withdrawals and loan facilities offered with the account.

Bank of Baroda PPF Interest Rate

The Bank of Baroda PPF account interest rate is determined by the government during every quarter. Currently, the interest rate offered is 7.1% p.a which is compounded annually. The table below shows the key information offered by a PPF account:

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.

What is the maximum deposit limit for a PPF account with the Bank of Baroda?

You can deposit a maximum amount of ₹1,50,000 into the Bank of Baroda PPF account.

BOB PPF Account Eligibility

Any adult Indian resident can open a PPF account in his or her name or on behalf of a minor or a person of unsound mind as a guardian. HUFs and NRIs will not be able to open an account.

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Documents Required to Open BOB PPF Account

The documents required to open a Bank of Baroda PPF account, include identity & address proof, PPF account opening form, passport-size photographs and additional documents such as:

  • Passport
  • Driving Licence
  • Voter’s ID
  • PAN Card
  • Job card issued by NREGA which is signed by the State Government Officer
  • Letter issued by the National Population Register including details of name and address.

For minors, the documents required are:

  • Date of birth
  • Details of the guardian along with their KYC documents.

Key Features of Bank of Baroda Public Provident Fund Account

The Bank of Baroda Public Provident Fund account offers the following key features that customers can benefit from:

  • An account can be opened by any individual in his or her name or on behalf of a minor or a person of unsound mind of whom he or she is a guardian. However, only one account is allowed to be opened for the minor and person of unsound mind.
  • No joint accounts are permitted under this scheme.
  • A minimum deposit of ₹500 and a maximum amount of ₹1,50,000 can be deposited in multiples of ₹50 in one financial year.
  • The deposits can be made in a lump sum or in installments.
  • The PPF account is transferable to and from Banks, Branches and Post Offices.

How to Withdraw Bank of Baroda PPF Amount?

You can withdraw from your Bank of Baroda PPF account starting from the fifth year after opening it. You are allowed to withdraw a maximum of 50% of the balance at the end of the fourth year or the preceding year, whichever is less, by using Form C. Withdrawal is only allowed once a year.

How to Extend Tenure of BOB PPF?

The BOB PPF account can be extended indefinitely in 5-year blocks after the end of the 15-year lock-in period. Account holders can continue to make contributions during this 5-year extension period and enjoy the benefits of the PPF account.

To apply for an extension, one must submit Form H a year before the account maturity. NRIs with existing PPF accounts will not be eligible for an extension.

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How to Open a PPF Account in Bank of Baroda?

The Bank of Baroda offers an online and offline option to open a PPF account. Here are the steps to open a BOB PPF account online:

Step 1: Log in to BOB World.

Step 2: Click on the Invest Option available at the top of the screen.

Step 3: Go to the ‘Public Provident Fund’ section and click ‘ Open Now’.

Step 4: Then choose the amount you wish to invest. (With ₹500 being the minimum amount.)

Step 5: Select the frequency of deposits (Monthly, Quarterly, or Annual).

Step 6: Confirm the transaction and complete the payment process.

Below are the steps to open a Bank of Baroda PPF account offline:

Step 1: Visit the nearest Bank of Baroda Branch.

Step 2: Fill out the PPF application form and provide the necessary documents including ID proof, address proof and photographs.

Step 3: Deposit the initial amount and collect the PPF passbook.

How to Deposit Money in Bank of Baroda PPF Account?

Investors can deposit money into their Bank of Baroda PPF account online and offline. You can make a deposit online through your BOB net banking account. To make a deposit offline, visit the Bank branch, fill the deposit slip with the amount and account details and submit the slip along with the cash or cheque.

How to Transfer Bank of Baroda PPF Account?

A Bank of Baroda PPF account is transferable from one branch to another, Bank to Bank and also from the Bank to the Post Office and vice versa. To transfer your Bank of Baroda PPF account, follow these steps:

  • Visit the BOB Bank branch and carry the PPF passbook.
  • Fill out and submit the PPF account transfer form along with details of the bank’s address for the transfer.
  • The existing bank will begin the transfer process and provide a transfer request receipt.
  • The existing branch will also send the following documents to the new branch:
    • The original account opening application form
    • Nomination form
    • A certified copy of the account
    • Existing PPF passbook or statement of account since the date of account opening
    • Cheque or demand draft of the outstanding balance
    • Copy of signatures
  • Once the documents have been received by the new branch, you will need to submit the document’s receipts, application form, original passbook and change of nomination if any.
  • You might also need to go through the KYC process once again.

Ways to Download Bank of Baroda PPF Account Statement

You can easily download the Bank of Baroda PPF account statement by logging in to your net banking account.

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Frequently Asked Questions

The minimum deposit requirement to open a BOB PPF account is ₹500.

The current interest rate for PPF accounts with the Bank of Baroda is 7.1% p.a. Compounded annually.

The tenure of a PPF account with the Bank of Baroda is 15 years.

Yes, a PPF account can be opened for a minor with BOB. The account will have to be opened by the guardian of the minor on their behalf.

Investments into a BOB PPF account can be made online via internet banking and offline by visiting the bank branch.

To transfer a PPF account to another Bank or Post Office, you will need to submit a transfer request form at the existing bank branch. The existing bank will begin the transfer process and send your documents to the new branch. You will then need to submit your document’s receipts, application form, and original passbook and you may need to go through the KYC process again.

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