How to Open a PPF Account in the Central Bank of India?

Public Provident Funds is a Central Government Scheme using which you can start saving funds for your retirement.

The interest offered under this scheme makes it a very attractive investment scheme. This is a voluntary scheme that can be subscribed to by you.

You can open this account using various bank and post offices especially Government Banks in India are one of the most opted for PPF accounts. One such bank is the Central Bank of India where you can open a PPF Account.

In this article, we will discuss how to open a PPF Account in the Central Bank of India, Documents Required, PPF interest rates, etc.

How to Open a PPF Account in the Central Bank of India

Features of PPF Account

The following are the features of the PPF Account in the Central Bank of India–

  • PPF Account tenure ends after investing regularly for 15 years and after 15 years you can either withdraw the funds or simply extend it in a block of 5 years
  • The maturity amount that you’ve invested in the PPF Account overtime is exempted from tax
  • You can also claim an Income Tax deduction for investment every year while filing Income Tax returns up to Rs.1.5 Lakhs
  • You can also avail 25% of the amount invested as a loan
  • It is guaranteed by the Government of India and you can start investing in the PPF Account for as low as Rs.500/- and at max, you can invest Rs.1.5 Lakhs

PPF Account Interest Rate 2015-2022

The following are the interest rate offered by Government to the investors–

PeriodInterest Rate (p.a.)
1 July 2021- 30 September 20217.10%
1 April, 2021 – July 20217.10%
1 January, 2021 – 31 March, 20217.10%
1 October, 2020 – 31 December, 20207.10%
1 July, 2020 – 30 September, 20207.10%
1 April, 2020 – 30 June, 20207.10%
1 January, 2020 – 31 March, 20207.90%
1 October, 2019 – 31 December, 20197.90%
1 July, 2019 – 30 September, 20197.90%
1 April, 2019 – 30 June, 20198.00%
1 January 2019 – 31 March 20198.00%

How to Open a PPF Account in the Central Bank of India?

The following are the step-by-step instructions on how to open a PPF Account in the Central Bank of India–

  • Visit the Central Bank of India premises and ask the bank representative for the PPF Account opening form
  • Now, fill the form with correct details like name, address, PAN card details, etc.
  • After filling the form, attach all the documents mentioned below along with the initial deposit amount
  • After verification, the bank representative will forward the PPF account opening required and an SMS will be sent to your SMS
  • After receiving the SMS, you can start using the PPF Account using these details

Documents Required for Opening PPF Account

The following are the documents required for opening a PPF Account in the Bank of Maharashtra-

  • Duly filled and signed account opening form
  • Copy of government-approved ID card along with the original for verification like PAN card, Voter ID card, Aadhar card, Driving License or Ration card
  • Copy of address proof along with the original for verification like passport, ration card, gas receipt, bank statement, or any utility bill (electricity/water)
  • Passport size photographs

FAQ

What will happen if the PPF account attains maturity?

Once your account attains maturity you will have three options- Withdraw funds, extend the investment in a block of 5 years or extend without investment.

How many times can you invest into the PPF account in a year?

You can invest into PPF Account 12 times a year with no more than two deposits within a month is allowed.

What is the minimum time period for which the account has to be maintained?

The minimum time period for operating a PPF Account is 6 years and after 8 years you can withdraw the funds from your account.

What will happen if the PPF Account holder dies?

In the case of the death of the PPF account holder, the account will immediately lapse and the nominee of the PPF Account will be paid the amount accumulated in the PPF Account.

RELATED ARTICLESMORE FROM AUTHOR