Bank of Baroda PPF Deposit / Withdrawal Form PDF Download

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In this article, we’ll provide you Bank of Baroda PPF Deposit / Withdrawal Form PDF is available to download from the official website at Drive files or download using the direct link below or Read also Axis Bank Deposit Slip

Public Provident Fund (PPF) was introduced in India in 1968. Public Provident Fund (PPF) scheme is a long term investment option which offers an attractive rate of interest and returns on the amount invested. A PPF account with Bank of Baroda can be opened in the offline method as there is no option of online BOB PPF account opening at present.

Bank of Baroda PPF Deposit / Withdrawal Form PDF Download

Category Banking & Finance
Format PDF
Size 0.07 MB
No. of Pages 2
Source / Credits: Drive Files
Language English
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Bank of Baroda PPF Deposit / Withdrawal Form

Bank of Baroda has an array of investment options along with the government savings schemes such as BOB PPF Account. Bank of Baroda is a multinational and is one of the largest public sector banks in the country post its merger with other public sector banks. A Public Provident Fund investment is a great method of investment for developing the habit of savings among people. The government of India has expanded the PPF schemes from just post offices to almost all major banks in the country so that the PPF scheme is accessible to more people.

Essential features of PPF

  • The Account can be opened by an individual in his/her name or on behalf of a minor or a person of unsound mind of whom he/ she is the guardian
  • A joint account cannot be opened under this Scheme.
  • A minimum deposit of Rs.500/- in a financial year and a maximum Rs. 1,50,000/- in multiple of Rs. 50/- can be made in an account in a year.
  • The deposit in the BOB PPF account may be made in one lump sum or in instalments.
  • No income tax on interest income
  • PPF accounts are transferrable to any Bank/Branch or Post Office
  • Loan facility against PPF account is available after the completion of 1 year from the end of the year in which the initial subscription was made.
  • Partial Withdrawal up to 50% any time after the completion of 5 years from the end of the year in which the account was opened.
  • Nomination facility available
  • The PPF account can be extended for a further block of 5 years after the maturity of 15 years

 Eligiblity to invest in PPF

  • Any Indian citizen can invest in PPF.
  • One citizen can have only one PPF account unless the second account is in the name of a minor.
  • NRIs and HUFs are not eligible to open a PPF account.

PPF withdrawal

As a rule, one can fully withdraw the PPF account balance only upon maturity i.e. after the completion of 15 years. Upon completion of 15 years, the entire amount standing to the credit of an account holder in the PPF account along with the accrued interest can be withdrawn freely and the account can be closed.

In case you wish to partially or completely withdraw the balance lying in your PPF account.

Interest rate on PPF

The current interest rate is 7.1% p.a. (for the quarter 1 October 2020 to 31 December 2020, until 31st March 2020 it was 7.9% p.a.) that is compounded annually. The Finance Ministry set the interest rate every year, which is paid on 31st March. The interest is calculated on the lowest balance between the close of the fifth day and last day of every month.

Minimum amount

Rs. 500/- per annum is required to be deposited. The accounts in which deposits are not made for any reason are treated as discontinued accounts and such accounts cannot be closed before maturity. The discontinued account can be activated by payment of the minimum deposit of Rs.500/- with default fee of Rs.50/- for each defaulted year.

Maximum amount

Rs. 1.5 Lacs per annum. The deposit in the account may be made in the account in one lump sum or in installments.

Maturity period

15 years. An Account, on the expiry of fifteen years, can be extended for a further period of five years at a time.

Alternate Links for Bank of Baroda PPF Deposit Form PDF

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