Yes Bank PPF Account

PPF or Public Provident Fund Account, is a popular long-term investment option in India. Yes Bank offers customers with a secure and tax-efficient savings option through PPF. The PPF account allows individuals to make regular contributions and earn attractive interest rates, with a minimum lock-in period of 15 years.

What makes this so desirable is that the account holders can benefit from tax deductions on contributions and tax-free interest income. Yes Bank PPF account is a popular choice for long-term savings and retirement planning, offering financial security and wealth accumulation opportunities.

Yes Bank PPF Account Interest Rate

The interest rate for a Yes Bank PPF account is subject to change and is typically determined by the bank based on prevailing market conditions and government regulations. PPF accounts generally offer a fixed rate of interest that is compounded annually. The government sets the interest rate for PPF accounts which is announced every quarter.

Here are the highlights of Yes Bank PPF Account:

Yes Bank PPF Interest Rate 7.1% p.a
Minimum Deposit Amount ₹500/-
Maximum Deposit Amount ₹1.5 Lakhs
Maturity Period A compulsory lock-in period of 15 years, and it can be extended for an additional five-year period upon completion of fifteen years.

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Yes Bank PPF Account Eligibility

The eligibility criteria for opening a PPF account with Yes Bank are as follows:

  • Only Indian residents are eligible to open a PPF account.
  • Each person can have only one PPF account in their name.
  • NRIs who opened a PPF account while they were resident Indians can operate the account until its maturity (15 years) with no option for extension.
  • Minors can open a PPF account with the help of their parents/guardians and based on legal age proof.
  • HUFs (Hindu Undivided Families) are not eligible to open PPF accounts after May 13th, 2005. PPF accounts opened before this date can be operated until the maturity period of 15 years with no extensions.

Documents Required to Open a Yes Bank PPF Account

To open a PPF account with Yes Bank, you will typically need to provide the following documents:

  • PPF Account Opening Form: Fill and submit the PPF account opening form provided by Yes Bank.
  • Identity Proof: Aadhaar card, PAN card, passport, or voter ID.
  • Address Proof: Aadhaar card, passport, utility bills, or rent agreement.
  • Passport-sized photographs.
  • Nomination Form.

Steps to Open Yes Bank PPF Account

The Yes Bank does not currently offer the option to open a PPF account online. However, here is how you can open a Yes Bank PPF account offline:

  1. To open a PPF account with Yes Bank, you can visit authorized Yes Bank branches that accept applications for PPF accounts.
  2. Complete the necessary formalities at the branch to open a new PPF account.
  3. If you are an existing customer with a savings account at Yes Bank and have an active Internet banking service, you can download the account opening application form.
  4. Submit the duly filled application form to the relevant Yes Bank branch.

How to Withdraw Yes Bank PPF Account

  • Post 5 years of opening an account, the account holder can finally withdraw the amount.
  • The account holder can withdraw up to 50% of the balance to his credit.
  • The maximum withdrawal amount is limited to 50% of the amount that stood to the credit at the end of the 4th year immediately preceding the year of withdrawal or at the end of the preceding year, whichever is lower.

Loan Against Yes Bank PPF Account

  • Loans can be obtained against your Yes Bank PPF account from the 3rd to the 6th financial year.
  • The account holder can apply for a loan amounting to a sum not exceeding 25% of the balance that stood to be credited at the completion of the second year immediately preceding the year in which the loan is applied.

How to Transfer Yes Bank PPF Account

  • A PPF account can be transferred from a Yes Bank branch to a Post Office, and vice versa. It can also be transferred from one branch of Yes Bank to another.
  • It's important to note that a PPF account cannot be transferred from one person to another.
  • Even in the event of the depositor's passing, the nominee cannot continue the account.

What are the tax benefits associated with the Yes Bank PPF account?

The interest income earned from a PPF account is completely tax-free, providing account holders with a tax-efficient savings and investment option. Additionally, the contributions made towards a PPF account are eligible for tax deductions under Section 80C of the Income Tax Act.

Frequently Asked Questions

The expected return on a Yes Bank PPF account after 15 years is approximately 7.1% per annum.

Yes, you can close a PPF account before maturity under specific conditions, such as financial emergencies or medical treatment expenses. However, premature closure is subject to the completion of 5 financial years from the account opening date.

After the maturity of a PPF account, account holders have the option to extend the account in blocks of 5 years, make partial withdrawals, or choose to close the account.

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