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Central Bank of India is a public sector bank having a huge customer base and is one of the oldest and the largest banks in the country. The bank has a dedicated spread of various products and services offered by the bank like loans, insurance, NRI banking, online banking, corporate banking and more for its national as well as international customers.
The bank being a public sector bank is authorized to offer PPF accounts to its existing customers as well as the general public. The PPF accounts offered by the bank are governed by the National Savings Institute of the Ministry of Finance. It was introduced by the Government of India in the year 1968 and is still a popular choice by the majority of the public for investment purposes as well as a tax savings instrument.
About Central Bank of India PPF Account
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,
The government has laid down no specific age restrictions or limits for investment under the PPF accounts. Investment under PPF can be done anytime during the year and at any age by an eligible person.
The scope of inclusion under the PPF accounts is very vast. It includes all the resident Indians, even minors and persons of unsound mind.
The restrictions pertaining to such investment is that such eligible persons above cannot invest in their own name. The investment under PPF in this case can be done by either of the parents or a guardian in absence of parents or grandparents who can invest on their behalf under the scheme.
The scheme, however, does have some specific exclusions. The details of the same are,
The documents required to open a PPF account with the bank are,
The bank offers two modes of opening a PPF account with the bank.
Physical mode of opening an account –
A person can open a PPF account in Central Bank of India by physically visiting any of the nearest branches. The customer has to simply fill in the required forms,
The applicant has to submit these forms along with the necessary KYC documents as required by the bank.
Online mode of opening a PPF account –
The bank also offers an online procedure to start a PPF account. The online procedure available with the bank is for the existing customers of the bank however, it is not available in the complete form. The investor has to visit the branch for physically submitting the required KYC documents as well as for the verification process. Upon submitting these documents, the procedure of opening a PPF account is completed.
The details of such an online process are given below.
The applicant has to pay a minimum initial amount of Rs. 100 to open the PPF account. Such amount can be paid in cash or cheque or demand draft as per the convenience of the applicant.
The customers can contact the bank for any information that they may require pertaining to the PPF accounts. The contact information that the customers can use is given below.
Chander Mukhi, Nariman Point
Mumbai – 400 021
Email Id - complaints[at]centralbank[dot]co[dot]in (for domestic customers)
agmnricell[at]centralbank[dot]co[dot]in (For NRIs)
nricell[at]centralbank[dot]co[dot]in (For NRIs)
The bank has the facility of virtual assistant known as Cent Bot. Customers as well as potential customers can visit the bank’s website and chat with the virtual assistant to get information on any of the products and services of the bank or any other details of customer care or the functioning of the bank.
1. Is the investor allowed to hold a joint account under the scheme?
The scheme does not permit the investor to hold joint accounts.
2. What is the minimum amount to be deposited to open a PPF account?
The investor needs to deposit a minimum of Rs. 100 as an initial deposit to open a PPF account.
3. What is the form number for Change in nomination?
The investor can change the nomination of his/her PPF account by submitting a duly filled and signed Form F.
4. What is the maximum amount that can be deposited in the PPF account during a year?
The investor can deposit a maximum of Rs. 1,50,000 during a year.
5. Are all the branches of the bank eligible to open a PPF account?
According to the scheme, all the branches of a nationalized bank are eligible to open a PPF account.
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