Public Provident Fund or PPF is an account for the individual interested in investing funds for the retirement days.
This account is managed by PFRDA which comes under the Ministry of Finance and the interest earned is fixed and released by the Finance ministry each quarter.
You can open the PPF Account in the Post office or any bank. Punjab and Sind Bank is one such bank that offers PPF Account opening. The bank is one of the best Government banks in India.
In this article, we will discuss how to open a PPF Account in Punjab and Sind Bank, Documents Required, interest rates, etc.
Feature of the PPF Account
The following are the features of the PPF Account-
- The rate of interest offered in the PPF Account is better than any other type of investment tool
- It is backed by the Government of India therefore, it is a very safe instrument for investments
- Interest received on your investment is tax-free
- The amount that is created because of the PPF Investment will not be considered for Wealth taxes
PPF Account Interest Rates
The following are the historic interest rates offered for the PFF account-
| Period | Interest Rate |
| April 1986 – January 2000 | 12.0% |
| January 2000 – February 2001 | 11.0% |
| March 2001 – February 2002 | 9.5% |
| March 2002 – February 2003 | 9.0% |
| March 2003 – November 2011 | 8.0% |
| December 2011 – March 2012 | 8.6% |
| April 2012 – March 2013 | 8.8% |
| April 2013 – March 2016 | 8.7% |
| April 2016 – September 2016 | 8.1% |
| October 2016 – March 2017 | 8.0% |
| April 2017 – June 2017 | 7.9% |
| July 2017 – December 2017 | 7.8% |
| January 2018 – March 2018 | 7.6% |
| April 2018 – September 2018 | 7.6% |
| October 2018 – March 2019 | 8.0% |
| April 2019 – June 2019 | 8.0% |
| July 2019 – March 2020 | 7.9% |
| April 2020 – March 2021 | 7.1% |
| April 2021 – March 2022 | 7.1% |
| April 2022 – Sep 2022 | 7.1% |
How to Open PPF Account in Punjab and Sind Bank?
The following are the step-by-step instructions on how to open a PPF Account in Punjab and Sind Bank-
- Visit the Punjab and Sind bank premises and ask the bank representative for the PPF Account opening form
- Fill out the form with correct details like name, address, account details, amount you want to deposit, etc.
- After filling in the details, you’ll have to attach the documents mentioned below along with the initial deposit amount
- Submit this to the bank representative and he/she will process your request and provide you with the status
- You’ll also be provided with the PFRDA ID using which you can manage your PPF Account
- The account opening can take anywhere from 1-3 working days and you’ll be notified about the account opening via SMS
Documents Required for Opening Punjab and Sind Bank
The following are the documents required for opening Punjab and Sind Bank-
- Duly filled PPF Account opening form
- Nomination Form
- Passport size photograph
- Copy of PAN card/ form 60-61
- ID proof and Residence proof as per Bank’s KYC norms
- Aadhar Card
FAQ
After the account has attained maturity, the account holder has three options- complete withdrawal, Extend the account with no contribution and extend the account without contribution.
The duration of the PPF Account scheme is 15 years. After 15 years, the PPF Account will attain maturity and you can either close the account or simply extend it further until retirement.
The minimum amount that you can invest in the PPF Account is Rs.500/- per year.
The maximum amount that one can invest in the PFF Account is Rs.1.5 Lakhs per annum.
