The Andhra Bank PPF account is a great solution for your long-term investment needs. The account offers a wide range of benefits including tax exemptions and loan offers. Customers also receive a high rate of interest that is comparable to products such as fixed deposits. Andhra Bank has a good network of branches spread throughout the country and you can approach any of their 419 branches that offer the option to register for a PPF account.
How to open Andhra Bank PPF account online?
The account cannot be opened online. However, you can download the application form from the bank’s official website and fill-in and forward the same to a listed branch that accepts PPF applications. The procedure for this includes:
- Visit bank’s official website.
- Navigate to the PPF section lying under Retail>Deposits.
- Download the application form in PDF.
- Fill the form and submit to relevant branch of Andhra Bank accompanied with the requested documents.
Documentation required to open Andhra Bank PPF account
PPF account opening typically requires less documentation. Some of the proofs you will have to submit in hard copy include:
- Filled-in and signed application form.
- Identity proof document including PAN card, voter’s ID, passport or driving license etc.
- Address proof document including electricity bill, telephone bill or ration card etc.
- Pay-in slip if depositing via cash.
Andhra Bank PPF account opening form
The Andhra Bank PPF account opening form is a simple document of 4 pages which can be downloaded online or availed from listed branches of the bank. The document contains 2 pages of application details as well as 2 pages of nomination form (Form E). Major information to be provided in the application form include:
- Permanent address
- Date of birth
- Signature/thumb impression
- Nominee details such as name, full address, date of birth, proportion for each nominee etc.
Andhra Bank PPF rules and guidelines
The rules and guidelines governing PPF accounts in Andhra Bank include:
- Duration of Andhra Bank PPF scheme: The account is available for a tenure of 15 years. The bank may consider extensions to for another 5 years.
- Eligibility: Individuals can open the account on their behalf or on behalf of a minor. Hindu Unified families (HUF), body of individuals or association of persons can also open this account. Joint accounts and accounts for NRIs are not available.
- Withdrawal: One withdrawal can be made per year from the end of 5th year onwards. The amount is capped at 50% of the total credit in the PPF account that was available in the preceding year or 4th year immediately preceding the withdrawal year, whichever is lower.
- Investment limit: Investments can be made from Rs.500 to Rs.1 lakh per year in lump sum or in not more than 12 instalments per year.
- Loan repayment: Availed loan has to be repaid within 36 months from the month after the amount is sanctioned. Loan can be repaid as lump sum or in instalments.
- Closure of account: You can close the account after 15 years from the year of subscription.
Andhra Bank PPF account feature and benefits
The features and benefits of Andhra Bank PPF account are:
- Tax benefits: The amount deposited in your PPF account in a year is fully exempted from taxes under Section 80C of the Income Tax Act, 1961. Interests earned from the account are also tax-free.
- Loans: Loans can be availed after completion of 1st year of the account and before completion of 5th year of the account. Loan amount is capped at 25% of the credited amount in the account at the end of 2nd year, which immediately precedes the loan application year.
- Nomination Facility: Nomination facility is available with Andhra Bank PPF account. You can also nominate multiple people and decide on the proportion of funds available to each nominee.
Andhra Bank PPF interest rate
The PPF accounts from Andhra Bank attract interest at the rate of 8.70% p.a. The amount is compounded annually and the interest is applicable on the funds available in the account before 5th of every month PPF Interest rates are paid out on 31st march of every year.
Andhra Bank PPF calculator
PPF calculations can help you out with choosing a deposit amount as well as extensions to the basic tenure of 15 years. Ideally, you can use any of the PPF calculator online to come up with combinations of amount and tenure that best suit your future plans. A typical PPF calculator will give you the maturity amount you can expect from the account on entering details such as:
- Amount to be invested
- Interest rate
- Age of applicant
- Subscription option such as monthly, quarterly, half-yearly or yearly.
How to deposit money in your Andhra Bank PPF account?
You can deposit money in the account either online or offline.
- Online deposit: you can make online deposits by linking your savings account with Andhra Bank with the PPF account. This service may not be available if the bank withdraws it.
- Offline deposit: You can approach any of the listed branches that accept PPF deposits and make your deposit by cheque or in cash with the pay-in slip.
How to transfer your PPF account from post office to Andhra Bank?
You can transfer your PPF account from the post office to Andhra Bank through a simple procedure. You need to submit the filled in transfer request as well as a written application for the same to the post office, which will then process the request and send a check to the relevant bank detailing the amount in your PPF. The post office may also send policy documents as per their standard procedure.
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