Allahabad Bank Public Provident Fund is a savings cum tax saving instrument offered in India. The Public Provident Fund was introduced by the National Savings Institute of the Ministry of Finance in the year 1968. The main purposes of the Allahabad Public Provident Fund is to encourage small savings and offering reasonable returns along with the income tax benefits.
How to open Allahabad Bank PPF Account online?
Not all the branches of Allahabad Bank allows you to open the PPF account. The first thing you need to do is look for a branch that offers you the option of opening the PPF account preferably a branch closest to your residence. You need to have a savings account with the Allahabad Bank so you can transfer the PPF subscription amount online. The Form A to open the Public Provident Fund account can be downloaded from the Allahabad Bank website.
Once you have filled in the form submit it to the closest branch and the account will then be activated.
Documentation required to open PPF Account in Allahabad Bank
The customer needs to submit the following documents at the time of opening a PPF account with Allahabad Bank:
- The Form A to open the Public Provident Fund account.
- Identification proof such as Pan Card, driving license, passport, Aadhar card and voter’s ID.
- Address proof such as ration card, telephone bill or electricity bill.
- Your bank statement.
Allahabad Bank PPF Account opening form
The Allahabad Bank PPF Account opening form can be availed on the Allahabad Bank website or at any of the Allahabad Bank branch. The Form A requires you to fill the following details:
- Your name and address.
- Amount that is being invested initially.
- If the account is opened for a minor, then his date of birth and the applicants relation with the minor needs to be mentioned.
- The name, address of the bank or the post office and the account number detail must be filled in the form.
- Signature of the subscriber and the guardian.
- You must also attest your passport sized photograph.
Allahabad Bank PPF Account rules and guidelines
The following are some of the guidelines that you need to keep in mind:
- The customer withdraw up to 50% of the amount after five years of opening the account.
- The PPF account can be extended without you contributing further. Then you can withdraw any amount that you want from the PPF Account. The only restriction is that only one withdrawal is allowed per financial year. The rest of the amount will earn the interest.
- You can extend your PPF account and can put in more money for which you need to submit the Form H in the Allahabad Bank. This must be done within one year from the date of maturity. But the subscriber can then only withdraw a maximum of 60% of his PPF amount. Keep in mind only one withdrawal is allowed in a financial year.
- Only one PPF account is permissible per person in any of the branch across India.
- More than one person can be nominated under the PPF scheme.
- The first loan on the account can be taken after 3 years of opening the PPF account.
- The deposit amount per year cannot exceed Rs.1,00,000.
- Loans are not issued on the PPF account after the expiry of a 6 year term period.
Allahabad Bank PPF Account features and benefits
- The Allahabad Bank PPF account can be opened for a person himself or on behalf of a minor of whom he is a guardian.
- The interest rate is as set by the Central Government in the Official Gazette. The current rate of interest on PPF deposit is 8.7% which is compounded annually.
- The PPF scheme holder is eligible to tax deductions within the limit laid down under the section 80C of the Income Tax Act, 1961.
- The account can be transferable between the authorised Allahabad Bank branches across India.
- You can pay a maximum of 12 instalments can be paid in a year. The minimum amount per instalment is Rs.500.
- The account matures after 15 year. It can be closed after the maturity or can be renewed for another 5 years.
- You can avail loan up to 25% of the PPF account balance after the end of 3 years of opening the account.
- Subsequent loans can be taken once you have paid back the first loan.
- Interest income earned on the PPF account is fully exempt from the Income Tax.
- The balance held in the Allahabad Bank PPF account is free from wealth tax.
Allahabad Bank PPF interest rate
Allahabad Bank offers interest at the rate as notified by the Central Government in the Official Gazette. The interest will be calculated in the manner as specified in the scheme. For the current year, the deposits attract an interest of 8.7% per annum.
Allahabad Bank PPF Calculator
You can use the PPF calculator to calculate the maturity value of the Allahabad Bank PPF account. The PPF calculator is a tool that gives you the maturity value of the amount that you invested. You will have to fill in the following details:
- Subscription option that is if it is on a yearly, monthly, quarterly or a half yearly basis.
- The amount you invested
- PPF tenure
- Interest rate for your scheme
How to deposit money in Allahabad Bank PPF Account?
You can deposit money into your Allahabad Bank PPF account through online deposit and through offline deposit.
Online deposit is possible if you have internet banking access. You can open your internet banking account and transfer money from your savings account to the Allahabad Bank PPF Account. You can otherwise give a standing instruction to transfer the money to the PPF Account and thus saving you the trouble of filling in the PPF account number and other details every time you want to transfer the amount.
Offline deposits are done by physically approaching the branch of Allahabad Bank and making the deposit through cheque or the pay-in slip that will be available at the bank.
How to transfer your PPF account from post office to Allahabad Bank?
The Public Provident Fund account can be transferred from the post office to the Allahabad Bank for a nominal fee. You will have to submit a written application for the transfer and submit it to the post office along with the duly filled transfer form. This form is also available online. Once you submit the form, the account s verified and then closed at the post office. The post office then sends a cheque stating the outstanding balance to the Allahabad Bank with the policy documents.
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