PNB PPF Account

A PNB PPF account is a public provident fund account offered by Punjab National Bank. It is a safe long term savings scheme that is backed by the Government. The account is designed to encourage small savings and investments while providing a reasonable rate of return and tax benefits.

You can start your investment from a minimum amount of ₹500 to a maximum amount of ₹1,50,000 in a financial year in instalments or lumpsum. Withdrawals will only be allowed after reaching the 5th year of account opening as a PNB PPF account will have a 15 years lock-in period.

PNB PPF Account Interest Rate

The Punjab National Bank PPF accounts come with affordable interest rates and benefits. Providing individuals with a secure and government backed savings scheme. PNB PPF interest rate is 7.1% p.a.

Disclaimer: Please note, the interest rate are subject to change per the market risk and fluctuations. Kindly, stay up to date with the current rates from the PNB website

PNB PPF Account Eligibility

When looking for a secure and tax efficient long-term investment, a PPF account from Punjab National Bank can be rewarding. Knowing the eligibility criteria can help you open a PNB PPF account, easily. These criteria are as follows:

  • Any Indian resident can open an account in his/her own name or as a guardian for a minor or a person of unsound mind.
  • No joint accounts can be opened.
  • Non-resident Idians cannot open a PPF account w.e.f 25.07.2003.
  • HUF cannot open a PPF account w.e.f 13.05.2005.
  • NRIs and HUF accounts opened before the above mentioned dates will remain until the maturity period. However, they will not be allowed an extension nor will there be an interest payout.
  • Only one account is allowed to be opened by one person. Any second account opened will be treated as an irregular account or will not carry any interest.

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Documents Required to Open an PNB PPF Account

The documents required to open a PNB Public Provident Fund account are:

  • A PNB PPF account opening form.
  • Proof of identity such as Voter ID, Aadhaar Card, PAN Card, Passport or Driving Licence.
  • Address Proof such as Utility Bills or Electricity Bill or Ration Card.
  • Two Passport size photographs.

PNB PPF Account Features

The PNB PPF account offers key features that investors can benefit from, these are:

  • Long-term Savings: PPF encourages 15-year savings with partial withdrawal until maturity.
  • Stable Returns: It is backed by the government, thereby offering competitive and secure returns.
  • Compound Interest: The interest is compounded quarterly ensuring potential for higher returns.
  • Flexible Deposits: Contributions range from ₹500 to ₹1.5 Lakhs annually, allowing flexibility in deposit methods.
  • Withdrawal and Loan Facilities: Partial withdrawals from the 5th year of up to 50% of the balance is allowed. Loans are also available from the 2nd to the 6th year of up to 25% of the total balance.
  • Nomination Facility: Allows adding nominees for a smooth transition in case of the account holder's demise.
  • Portability: The account is transferable between banks or post offices for the investor’s convenience.
  • Retirement Planning: PPF serves as a secure and reliable option for long-term retirement savings.

How to Withdraw PNB PPF Account

A withdrawal from the PNB PPF account can be done after the expiry of 5 years from the date of opening the account. WIthdrawal can be done by applying Form 2 or Annexure II from the balance of the credit. The amount to be withdrawn should not exceed 50% of the amount in the balance of the fourth year or the year immediately preceding the year of withdrawal.

Partial withdrawal is also allowed for accounts that have extended after the end of the lock-in period. An amount not exceeding 60% can be withdrawn during each 5 year extension in lump sum or in instalments each year during that period.

The steps to withdraw from a PNB PPF account are as follows:

  • Step 1: Get the Form and fill in the required information.
  • Step 2: Enter the account number, amount of money to be withdrawn, and more.
  • Step 3: If the withdrawal is being done for a minor, you will need to submit a declaration that the withdrawn amount will be used for the minor.
  • Step 4: Submit the passbook along with the form.

Extension of PNB PPF Account

The extension of a PNB PPF account can be done in a simple manner, all you need to do is visit the bank branch or visit the website. Apply for an extension using the PPF extension request form, and submit documents if necessary. The extension period will be in 5 year blocks. You can continue to make monthly or annual contributions during the extension block and you can also make partial withdrawals.

How to Transfer PNB PPF Account

The PNB PPF account can be easily transferred from one bank to another or from one branch to another. The account can even be transferred from the Post Office to the bank. The transfer can be done by submitting the transfer form at the branch or online.

How to Open a PPF Account in PNB

Opening a PNB PPF account offline can be done in three easy steps:

Step 1: Visit the PNB bank branch.

Step 2: Fill in the application Form A.

Step 3: Submit all the required documents.

You can also open a PNB PPF account through the e-PPF facility using the Internet Banking System. To open a PPF account,

Step 1: Log in to your IBS account using your ID and Password.

Step 2: Go to the ‘PPF’ section then ‘Open a PPF account’.

Step 3: Follow the instructions given on the screen and provide all necessary information.

Step 4: Select the authorised branch where the PPF account will be opened then submit.

Step 5: After Submission, you will get a Cyber receipt with GBM reference number.

Step 6: Download the PDF file and print out the account opening form ensuring it has the GBM reference number on it.

Step 7: ubmit the application form along with all the required documents at the selected PPF branch.

How to Deposit Money in PNB PPF Account

You can deposit any amount ranging from ₹500 to ₹1,50,000 in lump sum or instalments. The maximum limit of ₹1,50,000 will include the deposits made in their own account and on behalf of a minor.

Deposits can be done through the Punjab National Bank branch using a deposit slip.

How to Download PNB PPF Account Statement

You can download a PNB PPF account statement if you are registered for e-PPF through internet banking. Simply log in to your account, navigate to the ‘Statement’ section and download the account statement.

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Frequently Asked Questions

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

The maximum deposit limit for a PPF account is ₹1,50,000.

The current interest rate for PPF accounts is 7.1%.

The lock-in period for PPF accounts with PNB is 15 years which is extendable by every 5 year block.

Yes, a PPF account can be opened for a minor. The eligibility criteria to open a PNB PPF minor account is that it should be done by a guardian.

A PNB PPF account can be opened through any Punjab National Bank branch only.

To transfer a PPF account to PNB, submit a transfer request, Form H, and existing PPF passbook to PNB branch.

PNB PPF allows partial withdrawals from the 5th year. You can withdraw an amount not exceeding 50% of the balance at the end of the 4th year.

Yes, a loan can be availed against a PPF account. You can avail a loan from the 3rd year to the 6th year at a maximum loan amount of 25% of the existing balance.

PPF offers EEE benefits, providing tax benefits under Section 80C of the Income Tax Act. The interest is totally exempt from income tax and. You can make investments by depositing money using the deposit slips at the bank branch.

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