How to Open a PPF Account in Canara Bank? Documents Required, Opening, etc.

PPF stands for Public Provident Funds which is a long-term saving scheme for the individuals wanting to save funds for their retirement.

Retirement age is the most venerable age for any individual both physically and financially, therefore, having a retirement funds help in tackling those challenging situations.

You can open this account in various Banks and Post Office including Canara Bank. If you have an account in Canara Bank then it makes sense to open a PPF Account in the same bank as management of the funds is easier.

In this article, we will discuss how to open PPF account in Canara Bank? documents required, opening, etc.

How to Open PPF Account in Canara Bank Documents Required, Opening, etc.

PPF Account Interest Rate

The following are the interest rate offered for PPF Account-

Time PeriodInterest Rate (per annum)
2021-227.1%
2020-217.1%
2019-208.0%-7.9%
2018-197.6%-8.0%
2017-187.6%-7.9%

Features of PPF Account

The following are the features of PPF Account-

  • Any individual with Indian Citizenship can open this account even minors, however, for minors, the parental guidance is necessary for opening the account
  • The interest earned, Principle amount and maturity amount all are tax exempted
  • You’ll also get tax benefits while filling for the ITR upto 1.5 lakhs
  • The interest offered under this scheme is very attractive and since, it is backed by the Government, the interest earned is guaranteed
  • The minimum amount for investment is Rs.500/- per annum and there are no maximum limit for depositing the funds

Documents Required for Opening PPF Account

The following are the documents required for Opening a PPF Account in Canara Bank-

  • 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

How to Open PPF Account in Canara Bank?

You can open a PPF Account online using both Mobile Banking and net banking. The procedure of opening the PPF Account is almost the same. The following are the step by step instructions on how to open a PPF Account in Canara Bank

  • Visit the official website of Canara Bank Net Banking portal and login into your account using your login credentials
  • After logging in, navigate to the deposit tab and select the PPF Account button
  • Now, click on the Open PPF Account button and you’ll be redirected to the PPF Account opening form page
  • Start filling the PPF Account application form with details like name, address, employment status, etc.
  • After filling in the details, fill in the nomination of any of the family members and tick all the checkboxes of terms and conditions
  • Now, click on the pay button and you’ll be redirected to the payments page where you’ll have to enter the amount you want to deposit into your PPF Account
  • After payment is successful, your account will be opened and you’ll find your PPF Account details sent on your SMS

FAQ

Can I use Canara Bank mobile banking app for opening a PPF Account?

Yes, you can also use the mobile banking app to open a PPF Account. The above-mentioned steps are the same for mobile banking and you can follow these steps easily to open the PPF Account.  

Can I open a PPF Account in Canara Bank offline?

Yes, you can open a PPF Account in Canara Bank by visiting the bank premises and filling out the application form for PPF Account followed by attaching the documents mentioned above and submitting it to the bank representative.

How to find the PPF Account balance?

You can find the PPF Account balance using both the mobile banking app and net banking by clicking on the My Deposit section and there the balance of the PPF Account will be displayed.

What is the PPF Account interest rate as of the April-June 2022 Quarter?

The interest rate offered as of the April-June 2022 Quarter is 7.10%.