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.
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:
|Minimum Investment amount
|Maximum Investment amount
|₹ 1.5 Lakh p.a.
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.
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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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:
For minors, the documents required are:
The Bank of Baroda Public Provident Fund account offers the following key features that customers can benefit from:
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.
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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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.
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.
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:
You can easily download the Bank of Baroda PPF account statement by logging in to your net banking account.
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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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