Public Provident Fund or PPF is a savings scheme backed by the Government of India that provides an individual with a pension at older ages.
It is a low-risk long-term investment option that guarantees the returns for the investment you’ve made. If you are a non-Governmental employee then it is the best investment you can make.
You can open this account in any bank or post office including Canara bank. In this article, we will discuss how to open a PPF account in Canara Bank? documents required, opening process, etc.
But first, let’s find out the features of the PPF Account.
Table of Contents
Features of PPF Account
The following are the features of the PPF Account in Canara Bank–
- Any individual including minor can open this account however, for minors, the parent’s guidance and supervision is necessary
- The returns on the investment is tax free also, you’ll get income tax benefit while filing returns under section 80C of Income Tax Act
- The interest offered in the PPF Account is very attractive which makes it one of the most attractive investment options
- There is no maximum investment amount and the minimum amount that you can start the account with is Rs.500 Per year
- PPF Account is transferable account within the bank branch as well as other banks or post office
PPF Account Interest Rates
The following are the interest rates offered by PPF Account in Canara Bank-
| Time Period | Interest Rate (per annum)) |
| Q1 FY 2021-22 | 7.1% |
| Q4 FY 2020-21 | 7.1% |
| Q3 FY 2020-21 | 7.1% |
| Q2 FY 2020-21 | 7.1% |
| Q1 FY 2020-21 | 7.1% |
| Q4 FY 2019-20 | 7.9% |
| Q3 FY 2019-20 | 7.9% |
| Q2 FY 2019-20 | 7.9% |
| Q1 FY 2019-20 | 8.0% |
| Q4 FY 2018-19 | 8.0% |
| Q3 FY 2018-19 | 8.0% |
| Q2 FY 2018-19 | 7.6% |
| Q1 FY 2018-19 | 7.6% |
| Q4 FY 2017-18 | 7.6% |
| Q3 FY 2017-18 | 7.8% |
| Q2 FY 2017-18 | 7.8% |
| Q1 FY 2017-18 | 7.9% |
How to Open PPF Account in Canara Bank?
The following are the step by step instructions on how to open a PPF Account in Canara Bank-
Net Banking
- Visit the official net banking portal of Canara Bank and login to your account using your login credentials
- Now, navigate to the Deposit tab in the menu followed by selecting PPF Account
- After selecting the PPF account, you’ll have to click on the PPF Account & Remittance button
- In the next step, click on the PPF account Opening using Omni-Channel option
- Now, a login page will appear where you’ll have to login using your same login credential again
- After logging in, you’ll find semi filled application form which you’ll have to complete with details like address, education qualification, etc.
- Now, you’ll also have to fill the nomination facility details of your family number
- Tick all the terms and condition in the application form and click on the pay option
- Now, you’ll have to pay the initial deposit amount of a minimum of Rs.500/-
- You account has been successfully opened and you’ll be provided with the details on the account via SMS
Mobile Banking
- Open the Canara Bank mobile banking app and login to your account using your login credentials
- Now, click to the Deposit tab in the menu followed by selecting PPF Account
- After selecting the PPF account, you’ll have to click on the PPF Account & Remittance button followed by selecting open PPF account button
- After clicking on the button, you’ll find semi filled application form which you’ll have to complete with details like address, education qualification, etc.
- Now, you’ll also have to fill the nomination facility details of your family number
- Tick all the terms and condition in the application form and click on the pay option
- Now, you’ll have to pay the initial deposit amount of a minimum of Rs.500/-
- Your account has been successfully opened and you’ll be provided with the details on the account via SMS
Documents Required for PPF Account
The following are the documents required for opening a PPF Account in Canara Bank-
- 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 accounts, 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
I’m Shiv Kumar, a graduate with a passion for finance, marketing, and technology. My journey into finance started with a desire to understand money management and investing.
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