Kotak Mahindra Bank offers a Public Provident Fund (PPF) account, which is a popular long-term investment option in India. These accounts are backed by the government, making them a secure investment option. The Kotak Mahindra Bank PPF account comes with a range of features and benefits, including attractive interest rates, tax benefits, and flexible deposit options. The account can be opened by individuals, as well as minors under a guardian.
The Kotak Mahindra Bank PPF interest rate is currently 7.1% p.a., compounded annually. However, the rates are subject to change per the market and economy. This rate is determined annually by the Finance Ministry, and the interest is credited on 31st March. The interest is calculated on the lowest balance between the end of the fifth day and the end of the month, and it increases over time.
Here are the highlights of Kotak Mahindra Bank PPF Account:
|Rs. 500 to Rs. 1.5 lakh per financial year
|Deposits are tax-exempt under Section 80C
|Minimum Annual Deposit
|Rs. 500 (to keep the account active)
|Rs. 50 for non-compliance, along with Rs. 500 for reactivation
|7.1% p.a., compounded annually
Q: How much will I get after 15 years in PPF?
A: The maturity amount after 15 years in a PPF account depends on the contributions made and the prevailing interest rates.
To open a PPF account with Kotak Mahindra Bank, you must meet the following eligibility criteria:
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To open a Kotak Mahindra Bank PPF account, you will need to submit documents such as your PAN card, Aadhaar card, and a recent passport-sized photograph. These documents are essential for the account opening process and must be submitted as per the bank's requirements.
You will need to provide the following documents:
At Kotak Mahindra Bank, opening a PPF account online is a convenient process. The online application process allows you to specify the type of account, make necessary deposits, and complete the application with ease.
Here are the steps to apply for Kotak Mahindra Bank PPF Account online application:
Do you need a personal loan?
Complete withdrawal from a Kotak Mahindra Bank PPF account is allowed after 15 years, including both the principal and accrued interest. In case of an early need, partial withdrawals are permitted from the 7th year onwards, up to 50% of the balance at the end of the 4th year, and this can only be done once per financial year.
Here are the steps for the withdrawal of the Public Provident Fund (PPF):
To extend a Kotak Mahindra Bank PPF account, you can apply for an extension in blocks of 5 years after the completion of the initial 15-year tenure. This extension allows you to continue making contributions, earn interest, and avail tax benefits associated with the PPF account.
With flexible investment options and a nomination facility, the Kotak Mahindra Bank PPF account provides long-term savings and investment opportunities. Here are the features of a Kotak Mahindra Bank PPF account:
Looking for a personal loan?
Yes, Kotak Mahindra Bank provides PPF accounts.
You can transfer your PPF account to Kotak Bank by submitting a transfer request along with the required documents.
The interest rate for PPF in Kotak Mahindra Bank is currently 7.1% p.a and is subject to change.
No, an individual cannot have more than one PPF account in their name. However, a guardian can open a PPF account for a minor.
Yes, you can open a PPF account with Kotak Mahindra Bank online through their internet banking platforms.
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