How to Open a PPF account in Bank of Baroda? Documents Required, Opening Process, etc.

Public Provident Fund is a very important account using which an individual can save funds that he/she can use after retirement.

One of the biggest problems faced by many people after their retirement is money but, with a savings scheme like PPF, one can easily secure their retirement.

You can open a PPF Account in any bank or post office, once such bank is Bank of Baroda. It is a public sector bank that provides guaranteed returns on your investment.

In this article, we will discuss How to Open a PPF account in the Bank of Baroda? Documents Required, Opening Process, etc.

How to Open PPF account in Bank of Baroda Documents Required, Opening Process, etc.

Features of PPF Account

The following are the features of the PPF Account-

  • Any individual can open PPF Account also, the parents of a minor can also open the PPF Account
  • The returns on the PPF Account is exempted from tax and you’ll also get tax benefits for every contribution you make
  • There is no maximum limit for the deposit in the PPF Account and the you can start the account by contributing Rs.500/- per year
  • The PPF Account is transferable, you can transfer the account within bank branch or to other banks also, to other post office
  • The interest rate offered by this account is very attractive which makes it one of the best as well as secure investment as it is backed by the Government of India

PPF Account Interest rate offered

The following are the interest rate offered by the PPF account-

YearRate of Interest
July to September 20217.1%
April to June 20217.1%
January to March 20217.1%
October to December 2020         7.1%
July to September 20207.1%
April to June 20207.1%
January to March 20207.90%
July 2019 to December 20197.9%
October 2018 to June 20198.0%
January 2018 to September 20187.6%
July 2017 to December 20177.8%
April 2017 to June 20177.9%
October 2016 to March 20178.0%
April 2016 to September 20168.1%
April 2013 to March 20168.7%
April 2012 to March 20138.8%
December 2011 to March 20128.6%

How to Open PPF Account in Bank of Baroda?

The following are the step by step instructions on how to open a PPF Account in the Bank of Baroda-

  • Visit the official website of Bank of Baroda and navigate to the accounts tab followed by clicking on the Public Provident Fund button
  • Now, A new page will appear where you’ll have to click on the apply online button
  • After clicking on the apply online button, a small form will appear which you’ll have to fill with details like name, mobile number, email ID, etc.
  • After filling the form, click on the submit button
  • Now, you’ll be contacted by the executive of the bank and will guide you for opening the PPF Account in the bank

Note-If you are a customer in the Bank of Baroda, then you can use your BOB net banking and BOB mobile banking portal for opening the PPF Account. You can do that by navigating to the investment tab and selecting the PPF Account.

Documents Required for Opening PPF Account in Bank of Baroda

The following are the documents required for opening a PPF Account in Bank of Baroda-

  • Passport
  • Driving license
  • Voter’s ID card
  • PAN card
  • Job card issued by NREGA signed by the State Government officer
  • Letter issued by the National Population Register containing details of name and address)

For minor PPF accounts, the following are the documents required-

  • Proof of Date of Birth i.e. Birth Certificate of the Minor
  • Details of Guardian (Natural/Legal) along with KYC documents

FAQ

What is the interest rate offered on PPF Account?

The interest rate offered by the PPF Account is 7.1% quarterly as of 2021. You can visit the bank of Baroda’s official website and find the interest rate offered by the bank there as well.

Can we withdraw PPF Account funds prematurely?

Yes, you can withdraw the PPF Account prematurely. 50% of the amount can be withdrawn from the account at the end of the fourth financial year.

What is the minimum age limit for opening the account?

There are no minimum age limits for opening the account, you can even open a PPF Account for minors, however, for this account, the parents or guardians will have to supervise the account.

Does PPF Account come with tax benefits?

Yes, the interest rate offered by the PPF Account is tax-free, also, you’ll get the tax benefit for investing in the PPF Account up to Rs.1.5 Lakhs.

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