PPF Account Opening Form:- Hello friends, today we are going to tell you about the Indian Central Government. “National Savings Schemes” How to open a PPF account and what are its benefits. The Ministry of Finance working under the Central Government of India established the National Savings Institute to settle economic matters. This institute provides different schemes for the economic benefit of the citizens of the country. The main objective of the scheme is to benefit small investors. The money invested under the PPF scheme guarantees safe and assured returns. In the next article, you will be able to get information about PPF account eligibility, required documents, etc. Please read the article till the end.
Related to PPF Scheme of National Savings Schemes
|serial number||related to the scheme||Scheme related information|
|1||scheme name||In English:- Public Provident Fund Scheme|
|2||The scheme was launched by||by the Government of India|
|3||beneficiaries of the scheme||resident citizens of the country|
|4||The objective of the plan||Opening of PPF account of citizens in any bank under the National Savings Scheme|
|5||Scheme’s official website||nsiindia.gov.in|
|6||Office Address of National Savings Institute :||Office of the Director,|
National Savings Institute
Ministry of Finance (DEA) Govt. of India
1st Floor, Indian Council for Child Welfare.
4,Deen Dayal Upadhayaya Marg, New Delhi-110002
|7||Official email id for help and complaint||[email protected]|
|8||NSI Helpline Phone Numbers :||011-23095737, 23092233|
|9||Currently PPF account interest rate||7.1%|
|10||Maturity Period of PPF Scheme||15 years|
Qualifications for opening a PPF account
- The applicant must be a resident citizen of India.
- The account of the applicant minor can be opened by the parent/guardian.
- Multiple accounts are not allowed to be opened simultaneously in a joint account as per the scheme
Features of PPF Account:-
- Lock-in period:- You can save the money invested in the PPF account for a period of 15 years till maturity.
- Minimum and maximum investment:- The applicant can open an account with a minimum investment of Rs 500. And one can invest a maximum of Rs 1.5 lakh in a year.
- Tax exemption received in the scheme:- On investing under the scheme, the applicant is provided tax exemption under Section 80C of Income Tax.
- loan facility:- By opening a PPF account, you can apply for a loan for 25% of the amount deposited in your account.
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Other Schemes Under National Savings Institute
The following schemes being run by the National Savings Institute to provide economic and other benefits to the citizens are as follows –
|serial number||Savings names of plans||The maturity period of the scheme|
|1||Post Office Saving Account Scheme||no duration set|
|2||National Savings Recurring Deposit Account Scheme||5 years|
|3||National Savings Time Deposit Account Scheme||1 year|
|4||National Savings (Monthly Income Account) Scheme||5 years|
|5||Senior Citizen Savings Scheme||5 years|
|6||National Saving Certificate (VIII issue) Scheme||5 years|
|7||Kisan Vikas Patra||Variable|
|8||Public Provident Fund Scheme||15 years|
|9||Sukanya Samriddhi Account Scheme||21 years|
Documents required to open an account under the PPF scheme
If you want to open an account under PPF Savings Scheme, then you must have the following documents –
- Form for opening a PPF account – Form A (You can get this form from any bank.)
- KYC document of the applicant (for verifying the identity like:- Aadhar card, driving license, etc.)
- Address proof of the applicant (eg:- ration card, electricity bill, etc.)
- pan card
- passport size photograph of the applicant
- Nomination Form – Form E (You can get this form from any bank.)
Banks offering PPF account opening facility
Here we are giving you the list of banks that allow customers to open PPF accounts under the National Savings Scheme –
|serial number||names of banks|
|1||Indian Overseas Bank|
|4||State Bank Of India|
|6||State Bank Of Travancore|
|7||State Bank Of Mysore|
|8||State Bank of Patiala|
|10||Oriental Bank of Commerce|
|12||Bank Of Maharashtra|
|14||Central Bank Of India|
|16||bank of India|
|17||State Bank Of Bikaner And Jaipur|
|18||United Bank Of India|
|20||Union Bank of India|
|21||State Bank Of Hyderabad|
|23||Bank Of Baroda|
How to open a PPF account through an online mode
To open your PPF account, you have to follow the following procedure –
- First of all, go to the official website of the bank with which you have an account and log in with your user id and password using the net banking service.
- Once you are logged in you will have to log in to your login bank account. Open a PPF Account” option will be available. Click on this option.
- after clicking “Self Account” According to “minor account” Select the option.
- After selecting the option a form will open. Fill in the information requested in the form.
- Verify your PAN card. Select the option of your choice to deduct the specified amount from the account
- After selecting the option OTP will be sent to your mobile number. Verify by entering the OTP.
- After this, your PPF account will be opened. Save your PPF account number for future use.
Note: – Keep in mind that the process of opening a PPF account at each bank may be different.
Public Provident Fund Account Interest Rate Since Inception
The interest rate available on PPF account in different years –
|year||percentage interest rate|
|1968-69 TO 1969-70||4.8%|
|1970-71 TO 1972-73||5%|
|01.04.1974 TO 31.07.1974||5.8%|
|01.08.1974 TO 31.03.1975||7%|
|1975-76 TO 1976-77||7%|
|1977-78 TO 1979-80||7.5%|
|1981-82 TO 1982-83||8.5%|
|1986-87 TO 1998-99||12%|
|01.04.1999 TO 14.01.2000||12%|
|15.01.2000 TO 28.02.2001||11%|
|01.03.2001 TO 28.02.2002||9.5%|
|01.03.2002 TO 28.02.2003||9%|
|01.03.2003 TO 30.11.2011||8%|
|01.12.2011 TO 31.03.2012||8.6%|
|01.04.2012 TO 31.03.2013||8.8%|
|01.04.2013 TO 31.03.2016||8.7%|
|01.04.2016 TO 30.09.2016||8.1%|
|01.10.2016 TO 31.03.2017||8%|
|01.04.2017 TO 30.06.2017||7.9%|
|01.07.2017 TO 31.12.2017||7.8%|
|01.01.2018 TO 30.09.2018||7.6%|
|01.10.2018 TO 31.06.2019||8%|
|01.07.2019 TO 31.03.2020||7.9%|
|01.04.2020 TO 31.03.2022||7.1%|
Rules for Nomination of PPF Account
- If the PPF account holder is a minor, then his account cannot be nominated.
- The account holder’s guardian, relative, friend, etc. can be nominated.
- To add a nominee to the PPF account, it is necessary to submit Form E.
- While filling out the nomination form, it is necessary to have the signature of the account holder and two witnesses.
Extension of tenure of PPF account
The maturity period of the PPF account is 15 years but the account holder can extend the maturity period of the PPF account for another 5 years.
- If the account holder extends the time period then only 60% of the amount deposited in the account can be withdrawn.
- The account holder can withdraw this amount at one go or at different times of the year.
- Money can be withdrawn from the account only once in a year.
- If the account holder wants to withdraw money by selecting the default option, then he can withdraw any amount in the total amount from the account. For which the account holder does not need to fill any form.