Public Provident Funds is an account backed by the government of India which provides a post-retirement monthly pension to an individual after his/her retirement.
PPF account is a voluntary account that you can contribute to during your working days and then at the time of retirement you can lay back and reap the benefit by getting the monthly pension.
For making a contribution and managing the PPF account, you need to have a bank account in one of the POS operators of PPF. Bank of India is one of the banks that provides PPF account opening.
You can open a bank account in the Bank of India using offline means only. In this article, we will discuss how to open a PPF account in the Bank of India account? documents required account process, etc.
How to Open PPF Account in Bank of India?
You can open a PPF Account in the Bank of India by following these steps-
- Visit the nearest Bank of India premises and ask the bank representative for PPF account opening form
- After getting the form, fill the form correctly and make sure to fill the nomination of your account as well
- Now, submit the filled form along with the documents mentioned below
- After submitting the documents, the bank representative will review your PPF account opening request and will further forwards the documents
- After successful processing of your documents, you’ll receive an SMS with account opening status and information
- You’ll also receive a Passbook in which you’ll be able to keep track of your deposits
Documents Required for PPF Account
The following are the documents required for PPF Account-
- An Identity proof (Voter ID/PAN Card/ Aadhar Card)
- A proof of residence (Utility Bill / Electricity Bill/Aadhar Card, etc.)
- Passport size photographs
- Pay-in-slip (available at the bank branch/post office)
- Nomination form
FAQ
The interest earned for the deposit is calculated monthly but the amount will be debited to the PPF account on yearly basis.
The minimum maturity period of the PPF account is 15 years and thereafter you can contribute to the account in a block of 5 years until you attain an age of 60 years i.e. retirement age. You can also push the retirement age and contribute to the PPF account for 10 more years, i.e. until 70 years.
PPF Account is an account that comes with EEE status meaning principle, maturity, and interest earned are exempt from any taxation whatsoever.
Yes, you get a tax benefit of up to 1.5 lakh rupees for contributing to the PPF Account.
In case of the sudden death of the account holder, the account will be immediately closed and the amount(including the interest earned until the date of the death of the account holder) will be transferred to the nominee’s account.
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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