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About PPF Account Opening Form
PPF accounts can be opened at post offices, nationalized banks, and major private banks such as ICICI, Axis Bank, HDFC bank, to name a few. Many banks allow you to open a PPF account online through net banking. Once the account is opened, a passbook similar to the bank passbook recording all transactions such as subscriptions, interest, withdrawals, etc. will be issued. However, some other banks simply allow PPF entries to be viewed online instead of issuing a passbook.
Steps to open a PPF account are as below:
Form A, also known as the account opening form for PPF can be obtained in order to open a PPF account. This form can either be downloaded from the internet or could be physically obtained from a bank or post office. Form A can be used to open a PPF account for minors, Hindu Undivided Families, Associations and for oneself.
Banks may have different versions of Form A; however, the basic information is the same irrespective of the bank/post office one obtains this form from. Individuals wishing to open a PPF account will be required to furnish the following details in Form A.
Applicants who wish to open an account with a bank might be required to provide certain additional information, as mentioned below.
Some of the important conditions that must be met to open a PPF account online are mentioned below:
An individual opening a PPF account is required to acknowledge certain declarations in Form A. These declarations are as mentioned 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.
Public Provident Fund (PPF) or PPF is an excellent way for small investors to create long-term wealth by investing small amounts of money regularly. It is a preferred investment option since it is backed by the Government of India and comes with an attractive interest rate and guaranteed returns. These returns are entirely exempt from tax under Section 80C of the Income Tax Act. Investors can save tax ranging from Rs. 500 to Rs. 1,50,000 in a given financial year, and can get facilities such as loan, withdrawal, and extension of account.
PPF is considered to be a good investment avenue for self-employed persons or for those who are from unorganized sectors since EPF/GPF may not be available to them.
The interest earned on the PPF account is set for every quarter and is paid by the government. The applicable interest rate on PPF for the first quarter of the year, 2021-22 i.e. from 1st April 2021 has been fixed at 7.1%.
1. Can I maintain more than 1 Public Provident Fund (PPF) account under my name?
Only one PPF account can be maintained by an Individual, except an account that is opened on behalf of a minor.
2. What happens if I fail to deposit any amount in one or more Financial Years?
A penalty of Rs. 50 will be levied per year of default if the customer doesn't deposit the minimum deposit amount of Rs. 500 on the completion of the financial year.
3. Can I withdraw PPF after 5 years?
The Government has lately amended the PPF scheme and propagated some positive changes regarding the withdrawal of balance from the account. You can now withdraw the whole amount and close your PPF after 5-years.
4. Can I withdraw my PPF before maturity?
The amount in PPF account can be withdrawn only at the time of maturity. However, earlier the PPF amount was locked for 15 years. But, now the balance of PPF account can be withdrawn on completion of 5-years.
5. What is the PPF lock-in period?
Investments made to a PPF account have a lock-in period of 15 years. However, individuals can make a partial withdrawal from the PPF account after 5 years from the date of opening the account.
6. Can I avail of Loan facility on my Public Provident Fund (PPF) investment?
Customers can avail of the loan facility between a third financial year to sixth financial year ie. from a third financial year up to end of the fifth financial year.
PPF account opening form is also known as Form A. Applicants have to mention their name, address and the amount of the initial cheque to open the PPF account. In case of an account for a minor, one has to mention the name of the minor, his/her date of birth and the applicant’s relationship with the minor. Some banks allow applicants to open a PPF account online. In such a case, applicants can submit these details online.
Allahabad Bank PPF Account
Andhra Bank PPF Account
Axis Bank PPF Account
Bank Of Baroda PPF Account
Bank Of India PPF Account
Bank Of Maharashtra PPF Account
Canara Bank PPF Account
Central Bank Of India PPF Account
Deposit Limit Of PPF
How To Change Nominee Name In PPF
ICICI Bank PPF Account
IDBI Bank PPF
Indian Overseas Bank PPF Account
Investment On PPF
PPF Account Balance
PPF Account For NRI
PPF Account Opening Banks
PPF Account Transfer
PPF Age Limit
PPF Closure Form
PPF Death Claim Form
PPF Interest Rate
PPF Lock In Period
PPF Premature Withdrawal
PPF Withdrawal Rules
Punjab And Sind Bank PPF Account
SBI PPF Account
UCO Bank PPF Account
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application