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Old September 27th, 2016, 01:14 PM
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Join Date: Dec 2012
Default Re: Bank Of India From Account Open Form

The Bank of India (BOI) Public Provident Fund (PPF) account is your answer to mobilize your savings into an interest-generating account that also helps you save on income tax.

Documents Required to open PPF account in Bank of India :

Account opening form – Form A.
Pay-In slip – Form B.
Nomination form – Form E
Identity proof
Address proof – a copy of the address proof must be submitted with an original to verify the same. Could be your telephone bill, utilities bill, ownership papers, etc
Passport sized photographs – Two recent passport sized photographs are required.

Public Provident Fund (PPF)

The Scheme is for 15 years.

Extension of 5 years for any number of times

Public Provident Fund Interest Rate is annually fixed by Government, which for the present year 2015-16 is fixed 8.7% compounded annually

Account can be opened by an individual or a minor through the guardian

Joint account is not permissible

NRI are NOT eligible to open PPF A/c

The minimum deposit is 500/- in each financial year and maximum is Rs. 1,50,000/- in a financial year

The deposit can be either in lump sum or in instalment - maximum 12 in a year

The discontinued account can be activated by payment of minimum deposit of Rs.500/- with penalty of Rs.50/- for each defaulted FY

The deposits shall be in multiple of Rs.100/- subject to minimum amount of Rs.500/-

The deposit in a minor account is clubbed with the deposit of the account of the Guardian for the limit of Rs.1,50,000/-

Nomination facility available

PPF cannot be attached by any Court.

Public Provident Fund Account Application Form

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