CreditMantri Finserve Private Limited
Door No.3, Block B, No. 147, Workeasy Space Solutions, RK Swamy Centre, Hansa Building, Pathari Road,Thousand Lights, Chennai, Tamil Nadu600006
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Rate of Interest
Can be opened at any age by any resident Indian (HUFs and NRIs not allowed)
Facility available for maximum 4 nominations
Tax deduction u/s 80C up to Rs. 1,50,000
Minimum Deposit amount
Maximum deposit amount
About Bank of Maharashtra PPF Account
The highlights or the main features of the PPF accounts are mentioned below.
Tenure – The maturity period of the PPF account is 15 years. The investor can extend the PPF account beyond this maturity term for one or more blocks of 5 years. Application for the same has to be made within one year from the date of maturity.
Rate of Interest – The rate of interest on the PPF accounts is decided on a quarterly basis by the government of the country and is currently at 7.1% per annum effective from 1st April, 2021.
Contributions – The investor can contribute a minimum of Rs. 500 to a maximum of Rs. 1,50,000 to his/her PPF account during any particular year. Contribution in excess of the given limits is not eligible for any tax benefits.
Nomination – The bank allows nomination facility of the PPF accounts where the investor can nominate one or more nominees to the PPF account. Maximum number of nominees to the PPF account is 4 and the investor can also direct the share of each nominee. The bank also allows a change in the nomination as well as the share of the nominees at the discretion of the investor.
Transfer of PPF account – The investor can transfer his/her PPF account to any of the branches of the bank or to any post office and vice-versa.
The eligibility details under PPF are mentioned below.
The scheme places certain restrictions for parents to open a PPF account on behalf of their minor son or daughter, however, both the parents are not allowed to open a PPF account for the same minor child.
The grandparents of a minor can open a PPF account on behalf of their grandchild/grandchildren as their guardians if both the parents of such minor are dead or incapable of opening an account on their behalf.
The documentation required by BOM to open a PPF account is fairly basic and simple.
Form A (Duly filled and signed paper Form A/ Printout of Form A which is filled online).
Aadhaar, PAN, Driving License, Voter ID, etc.
The contribution in PPF is subject to following deposit limits per year,
Such contribution in PPF can be made via any of the following ways,
According to the scheme, the bank also allows the investors to avail loans against their PPF account subject to certain conditions. Some of the highlights pertaining to such loans are,
Any withdrawal from the PPF account is allowed only after the maturity of the account i.e. after the completion of 15 years.
The investor can withdraw the entire corpus fund along with the interest accrued on such investment based on maturity and such withdrawal is eligible for tax exemption under the provisions of the Income Tax Act, 1961.
The investor is allowed to avail partial withdrawals from the PPF account after the 5 years from the end of the year in which the account was opened. Premature withdrawals from the PPF account are restricted to the extent immediately preceding the year in which the amount is to be withdrawn or at the end of the preceding year, whichever is less.
In case of extension of the account after maturity for a further block period of 5 years, the investor is eligible to make partial withdrawals which cannot be more than one per year subject to the condition that the total of the withdrawals during the 5 year block period cannot exceed 60% of the balance available in his/her account at the start of the said period. The investor can also withdraw the amount in a single installment as well. Such a limit on withdrawal is applicable for every extension of each block of 5 years.
In case of withdrawals from a minor’s account, such withdrawals have to be accompanied by a certificate which states that the amount withdrawn is the minor who is alive and still a minor.
Bank of Maharashtra has a 24x7 customer care service available for its customers to resolve all their queries and issues and also give their feedback. Customers can contact the customer care for general queries as well as any specific queries related to their PPF accounts.
Customers can contact the bank in the following ways.
The customer care email id for the customers to report any issues/ complaints/ grievances is,
The customers can also contact the bank at its Head Office at the following address and telephone numbers.
Address – Bank of Maharashtra
Central Office, ‘Lokmangal’
Pune – 411005
Telephone No – 020 – 25532728
Bank of Maharashtra is a public sector bank and is one of the pioneer banks in the country. It has a huge customer base across the country and abroad and has many customer specific savings schemes apart from the government savings schemes that are available with all the nationalized banks as well as a select few private sector banks.
Public Provident Funds is one such government savings scheme that the customers can invest in through any of the branches of Bank of Maharashtra across the country. PPF was introduced by the government with a view to provide retirement benefits to all the self employed persons and all the other citizens of the country who are not covered in the EPF scheme of the country. A person is also allowed to have both EPF as well as PPF accounts as they are not mutually exclusive savings instruments.
1. What is the toll free number for the customers to contact the bank regarding any queries on PPF?
The customers can contact the bank on their toll free number 1800 233 4526 / 1800 102 2636 or any of the other contact channels that are mentioned above.
2. What is the extension period of the PPF accounts?
The investor is given the benefit to extend their PPF accounts for a period of 5 years multiple times after the maturity of the account.
3. Are NRIs allowed to extend the PPF account?
NRIs are not allowed the benefit of extension of their PPF accounts.
4. What is the maximum number of times that a person can deposit in their PPF account?
A person can deposit in the PPF account for a maximum of 12 installments over a financial year.
5. What is the Form number for payment of any amount in the PPF account?
A person has to fill Form B for any amount contributed towards the PPF account including any penalty payment or loan installment.
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