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Old March 28th, 2016, 04:05 PM
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Can you tell me about the eligibility required for opening of PPF or Public Provident Fund account in BOB or Bank of Baroda? Also tell me about the interest rate for opening of PPF or Public Provident Fund account in BOB or Bank of Baroda?

Bank of Baroda operates PPF or Public Provident Fund Scheme across its network of select -1077- branches all over India.

Eligibility

Any adult in one’s name or in minor's name in the capacity of guardian of the minor

HUF and NRIs cannot open PPF account.

Online subscription facility

Existing customers having PPF account with Bank of Baroda can deposit online in PPF account from Bank of Baroda savings account.

Minimum amount
Rs. 500/- per annum is required to be deposited.

The accounts in which deposits are not made for any reason are treated as discontinued accounts and such accounts cannot be closed before maturity.

The discontinued account can be activated by payment of the minimum deposit of Rs.500/- with default fee of Rs.50/- for each defaulted year.

Maximum Amount

Rs. 1.5 Lacs per annum (FY 2014-15).
The depositor has flexibility and freedom for depositing any amount in a maximum of 12 installments in a financial year.

Maturity Period

Maturity Period is about 15 years.
An Account, on the expiry of fifteen years, can be extended for a further period of five years at a time.

Interest Rate
The interest is paid as per the rates declared by the Government from time to time.
The interest has revised to 8.70% w.e.f. 01.04.2013.
The interest is compounded annually.
The interest for the month is calculated on the minimum balance available in the account from 5th of a month to the last date of the month.
In case of cheques drawn on other Banks date of realization of the cheque is the date of deposit.

Last edited by Aakashd; June 29th, 2019 at 10:05 AM.
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