How to Apply for PPF Account in Bank of Baroda? Interest Rate, Benefits, etc.

Bank of Baroda is the second largest Public sector bank with a huge customer base. With a customer-oriented service, the bank provides a very extensive and remarkable banking experience.

PPF stands for Public Provident Funds which is a long-term investment plan for individuals seeking investment options in the market. It is backed by the Government of India which makes it a very reliable and trustworthy scheme.

You can avail of a PPF Account using your Bank of Baroda savings account. Bank of Baroda is one of the operators of the Public Provident Fund scheme and you can operate your PPF Account using a BOB bank account.

In this article, we will discuss how to apply for a PPF Account in the Bank of Baroda, Interest Rate, Benefits, etc.

Benefits of PPF Account

PPF scheme is a very attractive scheme and posses as a good investment plan for the future. The following are some of the Benefits of the PPF Account that you get-

• PPF Account provides guaranteed return on investment backed by the Government of India and even the court order cannot attach the fund amount to pay off to the debtors
• The subscriber also gets tax benefits if he/she avails of the PPF Account. This scheme has an Exempt-Exempt-Exempt status which means the investment amount up to Rs.1.50 Lakh, interest earned and maturity amount all are tax exempted
• PPF Account has a lock-in period of 15 years but, you also get an option to withdraw or you can avail loans after completing 2 years
• At the time of maturity, you can either withdraw the entire amount or extend the tenure in blocks of five years
• You can start investing from Rs.500/- to Rs. 1.50 lakhs per year in multiple of Rs.50/- with lump-sum deposit option or in installments

Eligibility for PPF Account

The following are the Eligibility for PPF Account-

• Any Individual Indian Citizen can apply for PPF Account
• Minors can also apply for PPF Account along with their parents or guardians
• NRI and HUF cannot apply for a PPF account

Documents Required for PPF Account

The following are the documents required of applying for PPF Account-

• Passport
• Driving license
• Voter’s ID card
• PAN card
• Job card issued by NREGA signed by the State Government officer
• Letter issued by the National Population Register containing details of name and address)

For minor PPF Account, the following are the documents required-

• Proof of Date of Birth i.e. Birth Certificate of the Minor
• Details of Guardian(Natural/Legal) along with KYC documents

Bank of Baroda PPF Account Interest Rate

The current interest rate provided by the PPF Account is 7.1% p.a. You can also refer to the below table for the historic interest rate provided by the Government to the subscribers-

Year	Rate of Interest
From 1 July 2019 to 31 December 2019	7.9%
From 1 October 2018 to 30 June 2019	8.0%
From 1 January 2018 to 31 September 2018	7.6%
From 1 July 2017 to 31 December 2017	7.8%
From 1 April 2017 to 30 June 2017	7.9%
From 1 October 2016 to 31 March 2017	8.0%
From 1 April 2016 to 30 September 2016	8.1%
From 1 April 2013 to 31 March 2016	8.7%
From 1 April 2012 to 31 March 2013	8.8%
From 1 December 2011 to 31 March 2012	8.6%
From 1 March 2003 to 30 November 2011	8%
From 1 March 2002 to 28 February 2003	9%
From 1 March 2001 to 28 February 2002	9.5%
From 15 January 2000 to 28 February 2001	11%
From 1 April 1999 to 14 January 2000	12%
From 1 April 1986 to 31 March 1999	12%
1985-86	10%
1984-85	9.5%
1983-84	9%
1982-83	8.5%
1981-82	8.5%
1980-81	8%
1979-80	7.5%
1978-79	7.5%
1977-78	7.5%
1976-77	7%
1975-76	7%
From 1.8.1974 to 31.3.1975	7%
From 1.4.1974 to 31.7.1974	5.8%
1973-74	5.3%
1972-73	5%
1971-72	5%
1970-71	5%
1969-70	4.8%
1968-69	4.8%

 How to Open a PPF Account in the Bank of Baroda?

You can apply for PPF Account both online as well as offline. You can visit the bank branch and fill the PPF Account opening form to ensure, submit the documents and open the PPF Account.

The most convenient way however is the online method to open the Bank of Baroda PPF Account. The following are different methods that you can use to apply for PPF Account online-

Bank of Baroda Net Banking

• Visit the official website of Bank of Baroda Net Banking and log in using your banking credentials
• After logging in, you have to navigate to the Investments tab and click on the PPF Account apply button
• Now, you will be displayed with a half-filled form containing your information like name, contact details, PAN Card, Aadhaar Card, etc.
• You have to fill the form, add nominations(if any), and  enter the initial Payin amount and click on the Submit button
• Now, your account will be processed in 1-2 working days and your PPF account will be activated
• You can access your PPF Account using the Net Banking or Mobile Banking app as well

Bank of Baroda Mobile Banking

• Download, Install and activate the mobile banking app on your smartphone from App Store or Play Store
• Now, log into your website using your login credentials
• Navigate to the Insurance and Investment tab followed by clicking on open PPF Account
• You’ll be prompted with a terms and condiction disclaimer where you have to enter Agree button
• Now, on the next screen, your account details will be displayed with your name, Aadhaar Card number, and PAN Card, etc. At this stage, you can also add Nominations to your family
• You also have to fill in the initial payin amount into your account to get it started
• Now, click on the Submit button
• After, clicking on the submit button, you’ll be prompted with a success message and you will get your PPF Account within 1-2 working days
• After that, you will be provided with the PPF Account number using which you can access your PPF Account easily