PPF Account: Over the next few minutes I will share all, complete information related to PPF Account. How to Open PPF Account, Where to Open PPF Account. Further I will also shar,e a PPF Calculator for 20 years, by investing so, you will learn How to Make 1 Crore in PPF Account.
What is PPF Account or Public Provident Fund Account ?
PPF Account is abbreviated as in Public Provident Fund Account, which was initially launched by Govt of India back in 1968, so next time when some asks when was ppf started in India ? Answer them it was in 1968, it was done by the government to mobilize small savings so that the end user gets a tax benefit with reasonable interest at the end of 15 years. This becomes an asset to the user as a pension amount or helpful for a marriage purpose or for purchasing a house. PPF Account by large provides a better safety as compared to any other plan in the country. Hence people prefer opening a ppf account as compared to any other savings plan if they requirement is long term savings. But this is one plan where in ppf interest rate tax free and also provides ppf withdrawal tax free.
Many people who opened PPF Account have asked me Is Maturity Amount of PPF Taxable ? The answer is No. Further, it also acts as a catalyst for a personal savings of a user and provides support at the right time. Investment in PPF Account should follow a minimum duration of 15 years and with a flexible investment amount of maximum 1,50,000 INR in any Financial Year followed by a minimum investment in ppf account per year as 500 INR. The amount of investment can vary every month but ppf account maximum limit per year should not exceed 1,50,000 INR. So ideally every month max of 12,500 INR can be deposited and minimum of 41 INR can remitted into PPF Account.
The loan facility from ppf account can be availed but between 3rd year ending to 6th year ending but its a max of 25% of balance from the 1st year to 4th year. But keep in mind that Public Provident Fund Account is one of the best tax savings instrument in the country for citizens of India. Public Provident Fund Account can be opened in Post Office, Nationalized Banks and also in Private Banks.
Also Check: UAN Member Portal
PPF Account Online
Documents Required to Open PPF Account
|5||Photo ID Debit/Credit Card||Yes||Yes||No|
|7||Employers Letter stating|
|10||Self Signed Cheque||No||Yes||No|
Can I Open Two PPF Accounts
PPF Investment Limit for FY 2022-23
How to Open a PPF Account
- Canara Bank (as listed above )
- Bank of Baroda
- Bank of Maharashtra
- Bank of India
- Vijaya Bank
- Axis Bank
- ICICI ( as listed above )
- Post Office – Yet to network with core banking
Steps to Activate Dormant PPF Account
List of Banks Offering PPF Account in India – Nationalized Banks
In this topic we will review the list of banks offering ppf account for citizens of India. Even before Nationalized Banks could offer PPF Account, Post Office PPF Scheme was only one to offer PPF. The only draw back was Post Office PPF Online facility was not available with them and this actually led to several problems which I will share in the later segment. Hence when Nationalized Banks started coming up, they in turn offered online ppf account opening and further ppf account online access system started benefiting thousands of users as they could transfer money to PPF Account without any issue and in turn be on par during investment cycle. Several banks provided PPF Account Opening and the list is given below
- Canara Bank PPF Account : http://www.canarabank.com/english/scripts/ppf.aspx
- SBI PPF Account : https://retail.onlinesbi.com/personal/reg_forms.html ( Click on Public Provident Fund Forms )
- Punjab National Bank PPF Account : https://www.pnbindia.in/en/ui/content.aspx?id=1158 ( Inside you have access to forms )
- Bank of Baroda PPF Account : http://www.bankofbaroda.com/pfs/govtbonds.asp
- IDBI PPF Account : http://www.idbi.com/gbg-ppf.asp
- UCO Bank PPF Account : https://www.ucobank.com/other-services/ppf-schemes.aspx#.VxglmjB96M8
- Union Bank of India PPF Account : http://www.unionbankofindia.co.in/personal_govt_ppfund.aspx
- Central Bank of India PPF Account : https://www.centralbankofindia.co.in/site/MainSite.aspx?status=2&menu_id=183
- Allahabad Bank PPF Account : https://www.allahabadbank.in/pdf/PPF%20Account%20Opening%20FORM%20A.pdf
- Corporation Bank PPF Account : http://www.corpbank.com/node/62163
- Vijaya Bank PPF Account : http://www.vijayabank.com:83/sbaccrequest/home.aspx
- State Bank of Travancore PPF Account : http://statebankoftravancore.com/ppf.htm
- State Bank of Mysore PPF Account : http://www.statebankofmysore.co.in/deposits/242.html
List of Private Banks Authorised to Open PPF Account
- ICICI Bank PPF Account : http://www.icicibank.com/Personal-Banking/investments/ppf/ppf.page ( ICICI Bank PPF CALCULATOR )
- Axis Bank PPF Account : http://www.axisbank.com/personal/investments/public-provident-fund/features-benefits.aspx