IOB PPF Account

Indian Overseas Bank PPF account offers a secure and reliable savings plan that is backed by the government. The account is designed to help any individual achieve long-term financial goals. With a lock-in period of 15 years, the IOB PPF encourages disciplined savings to even young adults who are just starting out.

The account offers a guaranteed interest rate of 7.1% for deposits of ₹500 to ₹1.5 lakhs in one financial year. The IOB PPF account also offers flexible withdrawal and loan facilities along with tax benefits. Ensuring a rewarding solution to help you achieve your financial goals.

IOB PPF Interest Rate

The current IOB PPF interest rate offered is 7.1%, which is compounded annually helping your money grow steadily over time. The table below shows the interest rate and other key components offered by IOB:

Interest Rate 7.1%
Maturity Period 15 years
Minimum Investment amount ₹ 500
Maximum Investment amount ₹ 1.5 Lakh p.a.
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.

IOB PPF Account Eligibility

The eligibility requirements for opening an IOB PPF account are:

  • Any Indian resident can open a PPF account.
  • NRIs and HUFs are not eligible to open an account.
  • Joint accounts are not allowed.
  • Minors can open an account with the help of their parents or guardians.

Documents Required to Open IOB PPF Account

The documents required to open an IOB PPF account are:

  • Account opening form.
  • Identity Proof: Voter’s ID, PAN card, Aadhaar Card, Passport, etc.
  • Address proof: Ration Card, electricity bill, telephone bill.
  • Pay-in-slip
  • Passport size photographs

Key Features of IOB Public Provident Fund Account

IOB PPF account offers several significant features, these are:

  • Government-backed: Backed by the Indian government, the account offers security and peace of mind for your investment.
  • Long-term investment: 15-year lock-in period encourages disciplined saving and prevents impulsive withdrawals.
  • Competitive interest rate: Currently offering 7.1%, the interest rate is compounded annually, providing higher rewards than most traditional savings options.
  • Tax benefits: You can enjoy "EEE" tax benefits - exemption on contributions, interest earned, and maturity amount.
  • Minimum investment: Start with just ₹500 and contribute up to ₹1.5 lakhs annually, making it an accessible investment to everyone.
  • Partial withdrawals: Access funds after 7 years with partial withdrawal options for unforeseen needs.
  • Loan facility: You can avail loans between the 3rd and 6th year to manage temporary financial requirements.
  • Nomination facility: Nominate a beneficiary to ensure smooth transfer of funds in case of unforeseen circumstances.
  • Easy account transfer: Easily transfer your account from one bank to another or to a Post office.

How to Withdraw IOB PPF Amount

An IOB PPF account typically has a lock-in period of 15 years, but after the 7th year, account holders can make partial withdrawals with some restrictions.

Withdrawals are subject to a maximum limit of 50% of the balance at the end of the 4th year or the preceding year, whichever is lower. Account holders are allowed one withdrawal per year.

To make a withdrawal from your Indian Overseas Bank PPF account, follow these simple steps:

  1. Complete Form C: Fill in the required details in Form C.
  2. Provide Account Information: Enter your account number, the withdrawal amount, etc.
  3. Submit Declaration: Declare that no other withdrawals have been made in the same financial year.
  4. For Minor Accounts: If you are withdrawing on behalf of a minor, submit a declaration specifying that the withdrawn amount will be used for the minor.
  5. Passbook Submission: Submit the completed form along with your passbook.

How to Extend Tenure of IOB PPF

Extending your IOB PPF account beyond its maturity period is possible, and this can be done in increments of 5 years. During this extension, investors have the flexibility to continue contributing to their account at the prevailing interest rate. To initiate the extension, investors seeking to prolong their PPF account must submit Form H within one year from the account maturity date. This ensures a seamless process for those wishing to extend the tenure of their IOB PPF account.

How to Open a PPF Account in IOB

Opening a PPF account in IOB is a hassle-free process making it convenient for their customers to open an account both offline and online.

The IOB PPF account opening online can be done through Net Banking where you can fill up the application form and upload the required document. After which you can make the initial investment to activate the account.

You can also open an account the traditional way, that is by visiting the bank branch and filling out the account opening form. Submit the form and all the required documents including passport-size photographs. Make the initial deposit and your documents will be verified. Once verified, the account will be opened.

How to Deposit Money in IOB PPF Account

IOB provides customers with the flexibility to deposit money into their PPF account through two convenient methods; offline and online. You can make online deposits through Fund transfers and offline deposits by visiting the bank branch.

Given below is how you can deposit into an IOB PPF account offline:

  • Visit the IOB branch.
  • Make a deposit with cash, cheque or pay-in slip.
  • Submit your PPF passbook.

How to Transfer IOB PPF Account

Indian Overseas Bank PPF accounts can be easily transferred from one bank to another or from one bank to a Post Office. The steps to transfer the account are as follows:

  • Visit the bank or post office where your account is currently held.
  • Complete the transfer application form, providing essential details such as the address of the new bank or post office.
  • Once your request is processed, submit an account opening form and necessary documents at the new bank or post office to complete the transfer process.

Ways to Download IOB PPF Account Statement

You can download the IOB PPF account statement through Internet banking. Simply log in to your IOB PPF account with your customer ID and password. Go to your PPF account section and you can download the account statement.

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Frequently Asked Questions

To open an IOB PPF account, visit any IOB branch, complete the account opening form, submit the required documents and make the initial deposit.

The minimum deposit amount for an IOB PPF account is ₹500 per financial year, and the maximum limit is ₹1.5 lakhs per financial year.

Yes, IOB provides the convenience of online deposits into your PPF account through their internet banking platform.

Yes, a penalty is charged if the minimum deposit of ₹500 is not made in a financial year.

The IOB PPF account has a lock-in period of 15 years, which can be extended in blocks of 5 years after maturity.

Yes, partial withdrawals are allowed from the 7th year of opening the account, but limited to certain conditions.

The interest is calculated annually on the minimum balance between the 5th and the end of the financial year and is credited at the end of the financial year.

No, Non-Resident Indians (NRIs) are not eligible to open an IOB PPF account.

Yes, account holders can nominate any person(s) to receive the funds in the event of their demise.

To transfer your IOB PPF account, visit the branch where your account is held, submit a transfer application form with the new branch details, and complete the necessary formalities.

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