How to Open a PPF Account in the Bank of Maharashtra?

Public Provident Fund is an investment tool for individuals interested in investing some part of their income in an investment tool for long-term gain.

The interest rate offered under the PPF Scheme is very attractive which makes it an ideal choice for any individual to opt for PPF Account.

You can avail of this account from various vendors especially Government Banks in India like Bank of Maharashtra also offers PPF Account opening.

You can open your PPF Account in the Bank of Maharashtra by the instruction below. Find out the documents required, Features, interest rate offered, etc.

Features of PPF Account

The following are the features of the PPF Account-

  • The minimum tenure that you must invest in the PPF Account is 15 years and you can further extend it in the block of 5 years
  • There is also a tax exemption for the maturity amount
  • You also get tax exemption provided upto 1.50 lakhs each year while filing Income Tax Return
  • You can also avail of loans upto 25% of the maturity amount for the investment made
  • It is backed by the Government of India hence, the investment made is guaranteed
  • The minimum deposit amount in the PPF Account is Rs.500/- and the maximum amount for investment is Rs.1.50 Lakhs

Interest Rate Offered in PPF Account

PeriodInterest Rate (p.a.)
1 July 2021- 30 September 20217.10%
1 April, 2021 – July 20217.10%
1 January, 2021 – 31 March, 20217.10%
1 October, 2020 – 31 December, 20207.10%
1 July, 2020 – 30 September, 20207.10%
1 April, 2020 – 30 June, 20207.10%
1 January, 2020 – 31 March, 20207.90%
1 October, 2019 – 31 December, 20197.90%
1 July, 2019 – 30 September, 20197.90%
1 April, 2019 – 30 June, 20198.00%
1 January 2019 – 31 March 20198.00%

How to Open a PPF Account in the Bank of Maharashtra?

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

  • Visit the Bank of Maharashtra Bank premises and ask the bank executive for the PPF Account Opening Form
  • Now, fill the form with correct details like account number, name, address, etc.
  • After filling in the form, attach the documents mentioned below along with the form
  • Now, submit the form to the bank executive along with the initial deposit amount
  • The bank executive will process your request and forward it to initialize your PPF account creation
  • After successful account creation, your account will be created and you will be notified about it via SMS
  • You’ll also get a PFRD number which is your PPF account number using which you can access your bank account

Documents Required for Opening PPF Account in Bank of Maharashtra

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

  • Duly filled and signed account opening form
  • Copy of government-approved ID card along with the original for verification like PAN card, Voter ID card, Aadhar card, Driving License or Ration card
  • Copy of address proof along with the original for verification like passport, ration card, gas receipt, bank statement, or any utility bill (electricity/water)
  • Passport size photographs

FAQ

How to claim the Maturity amount after the PPF Account attains maturity?

After the PPF Account attains maturity, you have two options i.e. to continue the contribution in a block of 5 years or to withdraw the funds which you’ll be able to transfer to your account.

How many times can a PPF Account holder deposit funds in a financial year?

The account holder can deposit funds at least 12 times within a financial year and no more than two deposits will be allowed within a month.

What is the minimum lock-in period of the PPF Account?

The minimum lock-in period of the PPF Account is 6 years and you can withdraw the funds after 8 years of completion of the account.  

What will happen to the PPF account after the account holder’s death?

After the death of the account holders, the account will immediately lapse and the accumulated funds will be transferred to the bank account of the nominee.

What is the rate of interest offered by the PPF Account?

The Bank of Maharashtra PPF Account offers an interest rate of 7.1% per annum to the individuals who have a PPF Account with it. The interest amount will be credited to the account on 31 March every year.