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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 IDBI Bank PPF
The eligibility under PPF accounts is open to all the residents of the country irrespective of their age or their any other criteria.
The details of the eligibility under PPF accounts are mentioned hereunder.
The list of documents required to open a PPF account with IDBI Bank are,
Investment in PPF is mainly beneficial to those who do not have an EPF account (either mandatory or voluntary) as it enables them to have many of the similar features and benefits of a provident fund. The details of the features and benefits of opening a PPF account with IDBI Bank are provided here.
An investor has to deposit money or make a contribution to the PPF account every year during the tenure of the account. If the investor fails to invest in the account even for 1 year, such an account becomes dormant or inactive. The depositor can make the deposit to his/her PPF account during any year based on the following limits according to the PPF scheme,
An investor can invest in PPF account through any of the following ways
The depositor contributions to the PPF account can be made either in a lump sum payment or in installments. However, such installments are subject to certain restrictions which are stated below.
Such installments cannot exceed,
If the investor fails to make a continuous deposit or contribution to his/her PPF account such an account is converted to a dormant account.
Dormant accounts have limited benefits as compared to the normal PPF accounts. Such limited benefits include restriction on loan facilities and withdrawals. The scheme, however, still provides such accounts to earn interest at the same rate as any other PPF account.
Dormant accounts can be revived to its fully functional state by following the steps below,
The bank enables the investor to estimate the value of his/her investment at the time of maturity with its PPF calculator. This enables the investor to plan for his/her future expenses or know the correct amount of investment to be made in order to build the required fund. The investor has to input the following values or details in the PPF calculator available at the bank’s website in order to get the details of the maturity value.
An investor can avail loans against their PPF account with the bank. Such loans are dependent on the balance held in the PPF account as well as the period for which the account is held with the bank. Some of the main points of contention regarding such loans are,
According to the scheme, the customer can seek any assistance required regarding his/her PPF account (like manner of contribution, viewing of PPF account, status of contribution made, etc.) from the bank or post office which has the PPF account of the investor. Therefore, the customers having their PPF account with the bank can contact the bank via the following channels and get answers to their queries or any information that they may require regarding their PPF accounts.
IDBI Bank Ltd. IDBI Tower, WTC Complex, Cuffe Parade,
Industrial Development Bank of India or more commonly known as IDBI Bank has its origin in the year 1964. It had initially operated as a subsidiary to RBI but was eventually transferred to the Government of India. Furthermore, the RBI via a clarification has specified that the bank will be considered to be a private sector bank for regulatory purposes post the revised investment by LIC with the bank.
IDBI Bank is among the many banks authorized by the government to enable the opening of a PPF account. The government has authorized the bank to help the eligible applicants in opening a PPF account in its 675 authorized branches. PPF was initiated by the Government of India in the year 1968 and is governed by the National Savings Institute of the Ministry of Finance.
1. What is the current rate of interest rate on loans against PPF accounts/
The rate of interest applicable on loans against PPF accounts is 1% per annum.
2. Where can a person open the PPF account with the bank?
The investor can open a PPF account with the bank in any of the authorized 675 branches. The detailed list of these branches is available at the bank’s website.
3. How can a person change the nomination of his/her PPF account?
The investor can change the nomination or the share of the nominees (in case of more than one nominee) via Form F.
4. What is the Form number for applying an extension of the PPF account?
The investor can apply for extension of the PPF account via Form H.
5. What is the form number for partial withdrawal from the PPF account?
An investor can withdraw from the PPF account by submitting Form C in this regard and subject to the prevailing conditions in this regard.
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