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Canara Bank has a huge variety of products related to savings schemes introduced by the government as well as the bank itself that the customers choose from. This enables the customers to make a sound investment based on the plans that best suit their needs. Public Provident Fund (PPF) was introduced by the Government of India in the year 1968 with the intention to provide retirement benefits to all the citizens of the country as well as a safety net in case of emergencies. PPF is a government backed / assured investment option available in the market as well as a great tax saving tool which is one of the many reasons that the scheme is still a popular choice of investment even after decades of its introduction.
The various details of the PPF account of the bank are mentioned here.
About Canara Bank PPF Account
The investment in PPF accounts is not age bound i.e., it has no age restrictions or limits for investment. An eligible person can invest in the PPF account anytime during the year and at any age.
The scheme includes minors and persons of unsound mind as potential investors, provided, such eligible persons do not invest in their own name. Either of the parents or guardians in absence of parents or grandparents can invest on their behalf under the scheme.
The scheme although open to all the residents of the country has some specific exclusions from investment under the PPF accounts.
The documents required to open a PPF account with the bank are,
The investment in PPF accounts has been a traditionally favored investment over other government schemes due to the various features and benefits that the scheme and the bank offer. Some of such features are detailed hereunder,
In the event that the investor does not make a continuous contribution for a period of 15 years, such account is deemed to be dormant or inoperative.
Such accounts although may earn interest, do not have the same benefits and features as that compared to the normal PPF account. Some of the limited facilities include exclusion from loan availability.
An investor can, however, restore his/her PPF account to its active version or full functions by adhering to the following steps,
The investor can also avail loans against their PPF account with the bank based on the balance held in the PPF account as well as the period for which the account is held with the bank. The key points to be noted with regards to such loans are,
Canara bank has a dedicated customer care service that the customers can avail in order to get any information or resolve any query that they may have pertaining to their PPF accounts. The customers can contact the bank through the following channels and get answers to their questions or raise any concerns as well as give their valuable feedback as and when required.
No.112, JC Road,
Telephone – 080-22221581/ 582/ 0490/ 0491/ 1788/ 1789/1790/1984/1985/1986
Canara bank also has a digital banking facility for the customers to connect with the bank and carry out their transactions without the need to physically visit the branch of the bank. This digital banking facility of the bank is known as CanDigital.
Another mode of communication available to the customers is the online chat facility that the customers can avail by connecting to the chat portal on the bank’s website.
Apart from the above different ways to connect the bank, it also has a chatbot facility named ‘Canara Saathi’ that assists the customers with any kind of assistance with regards to the products and services of the bank or any other information like locating the nearest branch/ATM, interest rates , etc. Customers need not log in to avail this service. It is available to potential customers as well.
1. When is the PPF account of an investor eligible for a loan?
A PPF account is eligible for availing loan only after the completion of 3 years from the date of opening the PPF account but before completion of 6 years.
2. What is the toll free number of Canara Bank that the customers can use to address their queries about PPF?
The toll free number of Canara Bank is 1800 425 0018 that the customers can use to address their queries or get any information regarding PPF accounts.
3. What is the penalty for reviving the dormant PPF accounts?
An investor can revive his/her PPF account by paying a penalty of Rs. 50 for each year that the account was inactive along with the minimum contribution of Rs. 500 as well for all such years in the Form B.
4. Can a person open a PPF account with any of the branches of the bank?
Canara bank is a nationalized bank and hence all the branches of the bank are eligible to open a PPF account.
5. What is the minimum contribution to be made by the investor each year in a PPF account?
The investor is required to make a minimum contribution of Rs. 500 per year in order to keep the account active.
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