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One of the most prominent savings schemes offered by Bank of India is the PPF scheme which was introduced by the Government of India in the year 1968 and is governed by the National Savings Institute of the Ministry of Finance. PPF was mainly introduced as an incentive to cultivate the habit of savings among the citizens at the same time helps them in creating a sufficient corpus fund that will aid them in their retirement. The PPF scheme is also often used as a tax savings tool by the public.
The PPF accounts of the bank are currently regulated as per the Public Provident Fund Scheme 2019 and rules and guidelines available there under.
About Bank of India PPF Account
The PPF scheme is available to all the citizens of the country as well as NRIs in certain cases. The key points pertaining to eligibility under PPF are mentioned below.
The PPF account of the BOI is governed by the PPF Scheme 2019 which 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 documents required to open a PPF account with the bank are,
The bank has two modes of opening a PPF account with the bank which is a physical mode and a virtual or online mode.
Physical mode of opening an account –
A person can open a PPF account in Bank of India by physically visiting any of the nearest branches. The customer is required to fill in the following forms,
The applicant is required to submit the above forms along with the necessary KYC documents as required by the bank and complete the verification process in order to complete the process of opening the account.
Online mode of opening a PPF account –
The online procedure available with the bank is for the existing customers of the bank. The investor will have to physically visit the branch of the bank for submitting the required KYC documents and for the verification process in order to complete the process of opening the account.
The information on procedure to open a PPF account online is given below.
The applicant has to pay a minimum initial amount of Rs. 500 to open the PPF account. Such amount can be paid in cash or cheque or demand draft or via online transfer as per the convenience of the applicant.
In any general case, the scheme allows the investor to withdraw any amount from the PPF account only after the maturity of the account i.e. after the completion of 15 years.
The investor can withdraw the amount accumulated over the tenure of the account along with the interest accrued without any tax implications if such withdrawal is post maturity of the account. The entire corpus fund at such time is eligible for tax exemption under the provisions of the Income Tax Act, 1961.
An investor is, however, allowed to withdraw from his/her PPF account before the completion of the tenure of the account subject to certain restrictions. Such partial withdrawal is allowed from the PPF account only after the 7th year. Another condition to such premature withdrawals from the PPF account is that the maximum amount of withdrawal cannot exceed beyond 50% of the balance available under the PPF account at the end of 4th year.
Early withdrawal from the PPF account is permitted only under certain circumstances such as,
The investors can contact the bank via the following means,
C-5, “G” Block,
Bandra Kurla Complex
Mumbai – 400051
Phone – 022 - 66684444
1. What is the number of installments that a person can make during a year?
An investor is allowed to make a maximum of 12 installments as contributions towards his/her PPF account.
2. Can an investor request for assistance from the bank regarding any query related to his/her PPF account?
An investor can contact the bank at the available customer care channels to get any assistance or any information required pertaining to his/her PPF accounts.
3. Can a person hold the PPF account even after its maturity?
Yes an investor is allowed to hold or retain the PPF account post its maturity even without any contribution.
4. What is the extension period of the PPF account allowed to an investor?
An investor can extend the PPF account beyond its maturity for blocks of 5 years each up on submitting an application for the same in Form H.
5. What is the form number for premature closure of the account?
A person can close his/her account prematurely by submitting an application for the same via Form 5 available at the bank’s website.
Usefulness of information,
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