The Central Bank of India, a public sector bank with a large customer base, is one of the oldest and largest banks in the country. It offers a wide range of products and services, including loans, insurance, NRI banking, online banking, corporate banking, with it providing to people from India and International.
PPF (Public Provident Fund) is a popular investment and tax-saving option for the majority of the public. The Central Bank of India provides PPF accounts to both its existing customers and the general public. The PPF accounts are regulated by the National Savings Institute of the Ministry of Finance.
The interest rate for the Central Bank of India PPF account is subject to change and is typically set by the government standards. Here is the overview of the latest information about the Central Bank of India PPF Account:
|Maximum 4 nomination facilities available
|Tax deduction under section 80C up to Rs. 1,50,000
|Minimum Deposit amount
|Maximum deposit amount
The eligibility criteria for the PPF account with Central Bank of India, are as follows:
Can NRIs (Non-Resident Indians) open a PPF account with the Central Bank of India?
No, NRIs (Non-Resident Indians) are not eligible to open a Public Provident Fund (PPF) account with the Central Bank of India. The PPF scheme is specifically designed for resident Indians. However, if an individual becomes an NRI after opening a PPF account while being a resident Indian, they are allowed to continue investing in the account until its maturity, but they cannot extend the account beyond the initial maturity period.
Not sure of your credit score? Check now for free!
The Central Bank of India provides an online procedure for opening a PPF account, which is available to existing customers. Here are the steps to open a Central Bank of India PPF account online:
1. Access the bank’s Net Banking facility using the User ID and password.
2. Click on the link for a new PPF account application at the Net Banking portal.
3. Fill in basic details, nominee details, minor’s details (if applicable), and branch code details.
4. Submit the mandatory branch code details.
5. Verify the nomination details, including address details.
6. Once created, the PPF account number will be displayed in the user’s Net banking portal.
7. Download and print the filled form, and submit it with the necessary KYC documents to the bank’s branch within 30 days.
8. Pay an initial minimum amount of Rs. 100 to open the PPF account (cash, cheque, or demand draft).
9. Once your PPF account application is reviewed and approved, your PPF account will be opened.
The bank provides the offline mode of opening a PPF account: Here are the steps to open a Central Bank of India PPF account offline:
1. Visit any of the nearest branches of the Central Bank of India.
2. Fill in the required forms: Form A (application Form), Form B (Pay-in Slip), and Form E (Nomination form).
3. Submit these forms along with the necessary KYC documents as required by the bank.
Ready to take the next step?
The features of the Central Bank of India PPF account include:
Premature closure is allowed after 5 years from the end of the year in which the account was opened, subject to certain conditions such as life-threatening disease, higher education, or change of resident status.
In case of the death/ demise of the account holder, the account is closed, and nominees or legal heirs are not allowed to continue deposits in the same account.
Ready to take the next step?
The maturity period for a PPF account is 15 years, and it can be extended in blocks of 5 years after maturity.
Yes, partial withdrawals are allowed after the completion of 5 years from the end of the financial year in which the account was opened.
The interest is calculated on the minimum balance between the 5th and last day of the month and is compounded annually.
Yes, deposits in a PPF account qualify for deduction under section 80C of the Income Tax Act.
In case of the account holder's death, the account is closed, and nominees or legal heirs are not allowed to continue deposits.
Yes, PPF accounts can be transferred from one branch to another within the same bank or between different banks.
Yes, the Central Bank of India offers online access to PPF account statements and alerts for account holders.
Yes, there is a penalty for not depositing the minimum annual amount in the Central Bank of India PPF account. If the minimum amount is not deposited, the account is considered discontinued, and a penalty of ₹50 per year of default is charged.
The Central Bank of India notifies PPF account holders about changes through official communications, website updates, and branch notifications.
Display of trademarks, trade names, logos, and other subject matters of Intellectual Property displayed on this website belongs to their respective intellectual property owners & is not owned by Bvalue Services Pvt. Ltd. Display of such Intellectual Property and related product information does not imply Bvalue Services Pvt. Ltd company’s partnership with the owner of the Intellectual Property or proprietor of such products.
Please read the Terms & Conditions carefully as deemed & proceed at your own discretion.