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Indian Overseas Bank is a public sector bank having its headquarters in Chennai and a huge network of 3400 branches across the country and 6 foreign branches and representative offices across India and abroad. The bank has a huge range of products and services for its national and international customers including investments, insurance, loans, deposits, credit/debit cards, savings schemes and many more such options that the customers can choose from in order to get the best banking solutions.
One of the most popular and favored savings schemes of the government that is still popular even after decades of its introduction is the Public Provident Fund (PPF). This scheme was introduced with a view to enable the citizens to build a safety net for retirement benefits as well as financial assistance in case of medical emergencies or any other unplanned expenses.
About Indian Overseas Bank PPF ACCOUNT
The investment in PPF accounts has been a traditionally favored investment by all the age groups of the country especially risk averse class of individuals based on the numerous features benefits that the scheme and the bank offer. Some of such features are detailed hereunder,
IOB offers the facility to open a PPF account online as well as by physically visiting the bank. The details of each of the processes are mentioned here.
Physical mode of opening a PPF account –
A person can open a PPF account with IOB by physically visiting any of the nearest authorized branches. The list of the authorized PPF collection centers is mentioned on the bank’s website. The customer has to submit the following forms which have to be duly filled and signed,
The applicant is required to submit the necessary KYC documents that are mentioned above along with these forms in order to complete the application process.
Online mode of opening a PPF account –
The bank also provides the online procedure to open a PPF account. This facility is available for the existing customers of the bank. Additionally, the investor has to visit the branch for physically submitting the required KYC documents as well as for the verification process. Once the documents are verified to the satisfaction of the bank, the procedure of opening a PPF account is completed.
The details of such an online process are given below.
The general requirements of the application form for opening a PPF account are mentioned here.
The bank allows a premature closure of the PPF account held by the investor in his/her own name or on behalf of a minor or a person of unsound mind only in certain cases. The account holder has to submit a Form-5 while applying for such premature closure.
Some of the circumstances under which the account holder is permitted to close the PPF account prematurely are highlighted below.
The investors of the PPF account can contact the bank for any of the queries or concerns that they may have or register any complaint or give their feedback regarding any branch of the bank or any services offered by contacting the customer service of the bank. The customer service of the bank can be reached through various means given below.
763 Anna Salai,
Chennai – 600002
Phone - +91 044 2852 4212
1. What is the minimum duration required for premature withdrawals from the account?
A person can withdraw prematurely from the PPF account after the completion of 5 years from the date of opening the PPF account.
2. Where can a person open the PPF account with the bank?
A person can open the PPF account with the bank in any of the authorized collection centers (the list of the same is given on the bank’s website) or via online mode through the bank’s net banking portal.
3. Can a person open a joint PPF account with the bank?
The PPF scheme does not permit joint holding of PPF accounts.
4. Can a person continue holding the investment in the PPF account beyond its maturity?
According to the revised PPF scheme of 2019, a person can hold the PPF account beyond its maturity without any contributions and still earn interest at the prevailing rate.
5. Who is responsible for repayment of loan taken against the PPF account in the event of death of the investor?
The legal heir or the nominee of the investor is responsible for repayment of the loan taken against the PPF account by adjusting the same against the balance in the PPF account.
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