Canara Bank PPF Account

A Canara Bank PPF account is a long-term savings scheme provided by Canara Bank. A Public Provident Fund account is an investment account that is backed by the government and designed to encourage individuals to save for their future.

Indian citizens can invest any amount ranging from ₹500 to ₹1.5 lakhs for 15 years, which is extendable, at an interest rate of 7.1% p.a. The Canara Bank PPF account offers partial withdrawals after the 7th year from account opening and loan facilities from the 3rd year to the 6th year from account opening.

Canara Bank PPF Interest Rate

The interest rate for Canara Bank PPF is offered at 7.1% p.a. The interest rate is set by the Government for every quarter with the lowest balance from the 5th of every month to the end of the month taken for interest calculation. The table below shows the interest rates and other important information offered by the Canara Bank 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.

Canara Bank PPF Account Eligibility

The eligibility criteria to open a Canara Bank PPF account are:

  • Indian residents of 18 years and above.
  • A guardian can open an account for a minor or a person of unsound mind (provided that only one account is opened).
  • No joint account is allowed for the scheme.
  • HUFs and NRIs are exempted from the scheme.

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Documents Required to Open Canara Bank PPF Account

The documents required to open a Canara Bank PPF account are:

  • Application form
  • Two photograph copies of the depositor.
  • Identity and address proof according to KYC norms:
    • Passport
    • Driving Licence
    • PAN card
    • Voter Identity Card issued by the Election Commission of India.
    • Job card issued by the NREGA and duly signed by the Officer of the State Government.
    • Letter issued by the Unique Identification Authority of India (UIDAI) containing details of name, address, and Aadhaar number.

Key Features of Canara Bank Public Provident Fund Account

Canara Bank PPF account offers the following key features:

  • An initial minimum deposit of ₹500.
  • A Deposit Range of a minimum ₹500 to a maximum ₹1,50,000 per Financial Year.
  • It allows deposit flexibility in a lump sum or multiple installments (in multiples of ₹50) allowed.
  • The account duration is 15 years from the end of the Financial Year of opening (April 1 to March 31).
  • The account is extendable for one or more 5-year block periods (request before 1 year from account maturity).
  • One or more nominees (up to four) can be nominated at account opening or before maturity.
  • The transfer of account is permissible as per scheme guidelines.
  • Withdrawal and loan facilities are available based on scheme guidelines.

How to Withdraw Canara Bank PPF Amount

A PPF account from Canara Bank usually has a 15-year lock-in period. However, partial withdrawals are allowed with minimal restrictions from the 7th year onwards.

The maximum withdrawal amount is capped at 50% of the balance at the end of the 4th year or the year preceding the withdrawal, whichever is lower. Investors can also withdraw only once in a year.

To make a withdrawal from your Canara Bank PPF account, simply follow the steps below:

  • Step 1: Fill out Form C with the required information.
  • Step 2: Enter the account number, amount of money to be withdrawn, etc.
  • Step 3: A declaration must be submitted that states that no other amount has been withdrawn in the same financial year.
  • Step 4: If the withdrawal is being done on behalf of a minor, you will need to submit a declaration that the withdrawn amount will be used for the minor.
  • Step 5: Submit the passbook along with the form.

Q. Are there any penalties for not meeting the minimum deposit requirement for my PPF account with Canara Bank?

A. Yes, there are penalties for not meeting the minimum deposit requirement for your PPF account. For further up-to-date information, please visit the Canara Bank Website.

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How to Extend Tenure of Canara Bank PPF

Canara Bank PPF account can be extended after the end of the maturity period. The extension is available for 5 years blocks at a time and investors have the option to continue making contributions towards the account at an applicable rate of interest during the time of extension. Investors who wish to apply for an extension must submit Form H within 1 year of the account maturity.

Furthermore, NRIs who already have an account before 25.07.2003 will not be able to extend their PPF account after maturity.

How to Open a PPF Account in Canara Bank

Canara Bank offers both online and offline options to open a PPF account. Here are the steps to open an account offline:

  • Step 1: Visit the nearest Canara Bank branch.
  • Step 2: Fill up PPF Form A, which you can also download from the website or get directly from the branch.
  • Step 3: Submit the form along with all the supporting documents and make the initial deposit

The steps to open a PPF account online are as follows:

  • Step 1: You can open a PPF account using internet banking or by downloading the Canara Bank App.
  • Step 2: Go to the PPF account opening section.
  • Step 3: You will be required to give your name, number (for OTP), date of birth and email address.
  • Step 4: Provide all the necessary information required and upload your photo and KYC documents
  • Step 5: Make the initial deposit and your account will be opened.

How to Deposit Money in Canara Bank PPF Account

Depositing money into a Canara Bank PPF account can be done in multiple ways, these are:

  • It offers the option of online transfer of remittance to PPF accounts. However, this Canara Bank PPF online payment can only be done through net banking.
  • Money transfers can also be made by linking the Canara Bank PPF account to your savings or current account.
  • Deposits can also be made from other banks to your PPF account through NEFT or ECS or standing instructions.
  • Registering for standing instructions can be done at a Canara bank branch with no extra charge to maintain regular contributions.
  • Offline deposits can be made by cash, draft, or cheque at the bank branch.

How to Transfer Canara Bank PPF Account

Canara Bank PPF account offers the option to transfer the account from one bank to another and even from the bank to post offices.

Here are the steps to transfer an account within a bank branch or post office:

  • Give a written statement giving the reason for the transfer.
  • Give specific details of the branch name, address, and IFSC code of the current branch and the branch for account transfer.
  • Apply to the bank branch where the PPF account is currently held.

Here are the steps to transfer an account from Post Office to Banks and vice versa:

  • Visit the bank or Post office branch where the PPF account is held.
  • Submit the transfer application form along with all the important details like the address of the post office or Bank branch that you wish to transfer.
  • After your request is processed, submit an account opening form along with all the required documents at the new bank or post office.

Ways to Download Canara Bank PPF Account Statement

You can download the Canara Bank PPF account statement online via net banking. Simply log in to your net banking account and download your statement.

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Frequently Asked Questions

To change the PPF account name with Canara Bank, submit a written request with supporting documents, such as a legal name change certificate.

Visit the Canara Bank branch, fill out a contact update form, submit valid proof, and request a contact information update for your PPF account.

Investments in a PPF account with Canara Bank can be done through deposits, cheques, or drafts at the branch. It can also be done online through net banking or by directly linking the savings or current account with the PPF account. Other options include NEFT or ECS transfers.

Yes, you can nominate up to 4 people to receive the proceeds of your PPF account.

Failing to make contributions to your PPF account will lead to the deactivation of your account.

Premature withdrawal before maturity is only allowed after 5 years from account opening. A PPF account can be prematurely closed only if the account holder has a life-threatening illness, is going for higher education, or changes in residency status to NRI.

To transfer a PPF account from Canara Bank, you will need to submit the account transfer bank along with specific details of address, bank branch, and IFSC code of both the current bank and the bank for transfer.

Yes, Canara Bank PPF falls under the EEE category and has tax benefits under Section 80 C of the Income Tax Act.

You can withdraw your PPF account after the 7th year of account opening. You can withdraw up to 50% of the balance at the end of the previous year. Submit the withdrawal form along with all the required information.

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