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Allahabad Bank is more than a decade old nationalized bank having its headquarters in Kolkata. The bank has a huge range of products and services like investment options, insurance, loans, corporate banking, NRI banking, and much more designed specifically for customers within the country as well as abroad.
The bank offers a lot of government savings schemes that the customers can choose from to build their corpus fund and secure their retirement or safeguard themselves against any unforeseen expenses or calamities. Public Provident Account (PPF) is a government saving scheme that is widely popular among all the age groups of the country. It has a huge array of features and benefits that make it a preferable investment as compared to the other similar products available in the market.
About Allahabad Bank PPF Account
All Indian residents are eligible to open a PPF account subject to certain specific exclusions. The details of the eligibility are provided hereunder.
Following are the list of documents that are required to open a PPF account with Allahabad Bank:
PPF account of the Allahabad Bank is governed by the revised PPF Scheme 2019. This revised version of the scheme has a few additional updated and revised features and benefits apart from the traditional ones. The detailed list of such features and benefits is provided here.
The minimum contribution towards the PPF account required to be made during any year is Rs. 500 and maximum that can be contributed is Rs. 1,50,000 during any particular year. The investor has to fill in Form B for any contribution made towards the PPF account. The modes of investment in the PPF account of the bank are,
An investor can close his/her PPF account or the account held on behalf of a minor or a person of unsound mind subject to certain conditions or in a few select cases. Such premature closure can be done by duly submitting Form-5 to the branch where such a PPF account is held.
The following are some of the circumstances under which the bank permits the account holder to close the PPF account prematurely.
Medical reasons – Treatment of life-threatening disease in case of the account holder, his/her spouse, or dependent children or parents (supporting documents and medical reports confirming such disease from treating medical authority need to be submitted along with the application).
Educational Reasons – For the higher education of the account holder, or dependent children (supporting documents and admission fees confirming such admission in a recognized institute of higher education in India or abroad have to be submitted with the application Form-5).
NRI PPF Accounts – Since NRIs are not allowed to invest in PPF, the investor has to close the PPF account upon the change in the residency status of the account holder (copy of Passport and visa or Income tax returns have to be submitted in this regard).
The customer care services of Allahabad Bank are available 24x7 for the investors to connect with the bank and address any of the queries or any grievances that they may have relating to their PPF accounts. The customers can contact the bank via the following channels of communication.
1. When can a person open a PPF account?
A person can open a PPF account at any age as there is no restriction or specific age criterion to open a PPF account.
2. How many times can a person extend the PPF account?
There is no restriction on the number of times a person can extend the account beyond the tenure of 15 years.
3. What is the form number to be submitted for the extension of PPF account?
The investor has to submit Form H for extending the PPF account beyond the tenure of 15 years.
4. Can a person open a PPF account with any of the branches of the bank?
All the branches of Allahabad Bank are eligible for opening a PPF account.
5. What are the tax implications of the amount in the PPF account at the time of maturity?
The corpus fund of the investor in the PPF account at the time of maturity can be withdrawn without any tax implications. The entire amount along with the interest accrued over the years is tax free.
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