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.
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
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:
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The documents required to open a PNB Public Provident Fund account are:
The PNB PPF account offers key features that investors can benefit from, these are:
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 The amount to be withdrawn should not exceed 50% of the amount in the balance of the fourth year or the year immediately preceding the year of withdrawal.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 An amount not exceeding 60% can be withdrawn during each 5 year extension in lump sum or in instalments each year during that period.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:
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.
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.
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.
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.
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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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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