Indian Bank PPF Account

The Indian Bank PPF account is an account that customers can open to start their investment journey. The Public Provident Fund account is a scheme that was introduced by the Government to encourage long-term savings. The account offers secured investment with high returns and tax benefits.

Individuals can invest a minimum amount of ₹500 to a maximum amount of ₹1.5 Lakhs in one year for a lock-in period of 15 years. The account also offers the benefits of partial withdrawals and loan facility.

Indian Bank PPF Interest Rate

The Indian Bank PPF account interest rate is 7.1%, the interest rate is determined by the Central Government for every quarter. Here is what a PPF account from Indian Bank offers:

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.

Indian Bank PPF Account Eligibility

The eligibility requirements to open an Indian Bank PPF account are as follows:

  • All Indians residents are eligible for a PPF account.
  • Minors can open a PPF account with the help of parents or guardians.
  • Non-residential Indians or NRI are not eligible to open an account. However, if they already have an existing account before becoming an NRI, then the account will continue until the maturity period. These accounts cannot be extended for 5 years as that benefit only applies to Indian residents.
  • HUFs or Hindu Undivided Families are not eligible for a PPF account.

Documents Required to Open Indian 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

Several documents are required to open a PPF account at Indian Bank, these are:

  • Application Form
  • Identity Proof: Aadhaar Card, PAN card, Voter ID, Driving Licence.
  • Passport size photograph

Key Features of Indian Bank Public Provident Fund Account

Indian Bank offer PPF accounts that provide the following features:

  • Investing in a PPF will encourage long-term saving as the Bank offers a maturity period of 15 years.
  • The minimum deposit that you can make is ₹500 and the maximum deposit you can make in a year is ₹1.5 lakhs.
  • Indian Bank offers depositors the flexibility to make an investment in lump sum amount or multiple instalments.
  • The scheme falls under EEE category of tax, which means that the interest rate and maturity amount will be tax-free.
  • Partial withdrawal and loan facility is available as per the scheme guidelines.
  • You can add a nominee to the account at the time of account opening or anytime before the maturity date.
  • The Indian Bank PPF account can be extended in 5 year block periods for any number of times.
  • The PPF account is also transferable from one bank to another or from the bank to a post office.

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How to Withdraw Indian Bank PPF Amount

The Indian Bank PPF account can be partially withdrawn after the 7th year of account opening. However, a PPF account has a lock-i period of 15 years, so partial withdrawal will be subjected to limitations.

You can only withdraw a maximum amount of 50% of the balance available at the end of the 4th year or the year preceding the withdrawal. Partial withdrawals are only allowed once a year.

To withdraw your PPF account from Indian Bank, you can follow the steps below:

Step 1: Begin by completing Form C and providing all the necessary details.

Step 2: Give accurate information such as the account number and the desired withdrawal amount.

Step 3: Submit a declaration to confirm that no other withdrawals have been made in the current financial year.

Step 4: In the case of withdrawals for a minor, provide a declaration specifying the utilisation of the withdrawn amount for the minor.

Step 5: Submit the passbook along with the completed form for processing.

How to Extend Tenure of Indian Bank PPF

Indian Bank allows the extension of a PPF account after its maturity period. This extension can be done in 5-year blocks, providing investors the flexibility to continue making contributions at the interest rate applicable during the time of extension. To begin the extension, investors need to submit Form H within one year from the account maturity date.

It's important to note that Non-Resident Indians (NRIs) holding PPF accounts opened before July 25, 2003, are not eligible for an extension after the maturity period.

How to Open a PPF Account in Indian Bank

Indian Bank offers both an offline and online method to open a PPF account. Here are the ways to initiate an Indian Bank PPF account opening online:

  1. Visit the website and log in to your internet banking account or open your IndOASIS App.
  2. Go to the ‘Wealth Management’ section and click PPF account.
  3. Fill in the necessary information and follow the instructions given.

To open an Indian Bank PPF account offline, you can follow the instructions below:

  1. Visit the nearest bank branch.
  2. Request for the PPF application form.
  3. Fill in all the necessary details.
  4. Submit along with attested copies of the required documents.
  5. Make the initial deposit.

How to Deposit Money in Indian Bank PPF Account

Depositing money into an Indian Bank PPF account can be done offline by visiting the bank branch or online through money transfer via internet banking or IndOASIS App.

How to Transfer Indian Bank PPF Account

The benefits of having a PPF account with Indian Bank is that it can be transferred from one Bank to another and from the Bank to the Post Office. Here are the steps to transfer your PPF account:

Step 1. You can begin the account transfer process by visiting the bank branch.

Step 2. Complete the application form for account transfer by providing all the necessary information.

Step 3. Submit the form to the bank executive who will process it. The executive will transfer the application, along with a copy of the account, nomination form, account opening application, signature, and a cheque or DD for the remaining balance, to the new branch.

Step 4. Upon receiving the application, the new branch will allow you to submit a new account opening form along with the old passbook. You can also update your nominee information during this step.

Step 5. The account transfer will be completed once the application is processed by the new branch.

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Frequently Asked Questions

The minimum deposit required to open a PPF account with Indian Bank is ₹500.

The maximum deposit amount for an Indian Bank PPF account is 1.5 lakhs.

The current interest rate for PPF accounts with Indian Bank is 7.1%.

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

Yes, parents or guardians of a minor can open a PPF account for them in Indian Bank. The eligibility criteria for opening an account is the individual should be a resident of India. NRIs and HUFs are not eligible to hold a PPF account.

You can make investments in the Indian Bank PPF account by visiting the Bank branch or by online transfer through Internet banking or IndOASIS App.

You can make partial withdrawals from a PPF account with an Indian Bank PPF account after the 7th year of account opening. You can withdraw up to 50% of the balance as per the conditions provided by the scheme.

Depositors in PPF can enjoy the Exempt Exempt Exempt (EEE) category of the scheme, where the interest and maturity amount are tax free. The steps to make investments offline and online are given in the section above.

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