Bank of Baroda PPF Deposit Form
Public Provident Fund (PPF) scheme is a popular long term investment option backed by Government of India which offers safety with attractive interest rate and returns that are fully exempted from Tax. Bank of Baroda operates Public Provident Fund scheme across its branches all over India.
Key Benefits of PPF
- An Account can be opened by an individual/an individual on behalf of a minor or a person of unsound mind of whom he/ she is the guardian, provided that only one account shall be opened in the name of a minor or a person of unsound mind by any of the guardian.
- Joint account shall not be opened under this scheme.
- Minimum Rs.500/- in a financial year, Maximum Rs. 1,50,000/- in multiple of Rs. 50/- may be made in an account in a year.
- The deposit in the account may be made in the account in one lump sum or in installments.
- No income tax on interest income
- PPF accounts are transferable to/from any Bank/Branch, Post Office
- Loan facility against PPF A/c available after the expiry 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 expiry of 5 years from the end of the year in which the account was opened.
- Nomination facility available
- Extension of account is possible for further block of 5 years
- Tax rebate under Sec 80 C
Eligibility
Any adult in his / her name or in a minor’s a person of unsound mind’s name in the capacity of guardian. HUF and NRIs cannot open PPF account.
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.
Interest Rate
- The interest is paid as per the rates declared by the Government from time to time.
- Interest for the quarter 01.01.2021 – to- 31.03.2021 is 7.1 % p.a.
- The interest is compounded annually.
- The interest for the month is calculated on the minimum balance available in the account from 5th of a month to the last date of the month.
- In case of cheques drawn on other Banks the date of realization of the cheque shall be the date of deposit.
You can download the Bank of Baroda PPF Deposit Form in PDF format using the link given below.