The Public Provident Fund is an exclusive savings account conceptualised by the National Savings Institute under the Ministry of Finance in 1968. It is designed to act as a savings fund which also offers a tax saving solution to the citizens of India. Bank of Maharashtra has been instrumental in the Indian banking scene, having established itself as a major player even before independence. The Public Provident Fund Scheme allows ordinary citizens of India to make contributions to the fund and offers them a rebate on income tax under Section 80C of the Income Tax Act as an incentive.
Bank of Maharashtra has been offering this scheme since 1984 and has kept abreast with the amendments in the scheme, incorporating the new guidelines as per the Public Provident Fund (Amendment) Scheme of 2011.
How to open a Bank of Maharashtra PPF Account?
The Public Provident Fund Account offered by Bank of Maharashtra can be opened without any hassles. Individuals who wish to open the account can download the application form from the internet and submit it at the nearest Bank of Maharashtra Branch. It is important to note that not all branches are equipped to open the PPF Account and the entire list of eligible branches can be accessed through the bank’s website. At present, the account can be opened at 125 branches of the bank across India. The account can be opened either through cash or cheque, with the actual date of account opening being the date of realization of the cheque.
All Indian citizens are eligible to open a PPF account, regardless of their domicile or place of work. The account can be opened in their own name or on behalf of a minor by the parents of the minor. The revised PPF scheme does not allow NRIs to open a PPF Account in the country.
Documents required to open Bank of Maharashtra PPF Account
An individual who wishes to open a PPF account with Bank of Maharashtra is expected to furnish certain documents before the account can be opened. The list of documents required are mentioned below.
Duly filled and signed account opening form.
Copy of government approved ID card along with the original for verification. This ID could be either a Pan-card, Voter ID card, Aadhar card, Driving License or Ration card.
Copy of address proof along with the original for verification. This could be either a passport, ration card, gas receipt, bank statement or any utility bill (electricity/water).
Passport size photographs.
Bank of Maharashtra PPF Account opening form
The form to open a PPF Account at Bank of Maharashtra can be obtained online or at specified branches of the bank. The form is extremely simple to fill and requires interested individuals to provide some basic information which includes the following.
- PAN number
- Initial contribution
- Account opening branch
- Details of minor (in case account is being opened for a minor)
- Passport size photograph
Bank of Maharashtra PPF account rules and guidelines
Individuals who wish to open a PPF account with Bank of Maharashtra have a set of guidelines which they are expected to follow. The major guidelines are mentioned below.
- Individual Account - The PPF account can be opened only by individuals. Joint PPF accounts cannot be opened under any circumstance.
- Minor Account – A PPF account on behalf of a minor can be opened only by one parent of the minor (either father or mother). A separate account cannot be opened by both the parents for the same minor.
- Account Transfer – A PPF account cannot be transferred to any other person. It will remain in the name of the individual for whom it is opened.
- NRI PPF Accounts – Non-Resident Indians (NRIs) are not eligible to open a PPF account.
- Tenure – The tenure of a PPF scheme is 15 years, which can be extended in multiples of 5 years after maturity of the account.
- Subscriptions – The minimum subscription amount for a financial year is Rs 500 and the maximum subscription amount is Rs 150,000. The maximum subscriptions allowed in a year are 12.
- Withdrawal – Bank of Maharashtra allows only one withdrawal after the sixth year. This withdrawal could be in any year with the withdrawal limit set at 50% of the balance at the end of the fourth preceding year before the withdrawal. Partial withdrawal of 60% of the balance is allowed for accounts which have been extended beyond 15 years.
Features and Benefits of Bank of Maharashtra PPF Account
The Bank of Maharashtra PPF account offers multiple features and benefits to account-holders. Some of these are listed below.
- Income Tax Rebate – The interest earned on the PPF account is completely exempt from Income tax. Contributions made to this account are eligible for tax rebate under section 80C of the Income Tax Act.
- Nomination Facility – Individuals can avail the nomination facility which allows them to nominate one or more person.
- Wealth Tax – The balance amount held in the Bank of Maharashtra PPF account is free from any wealth tax.
Interest rate on Bank of Maharashtra PPF scheme
Bank of Maharashtra PPF interest rate is 8.7% per annum to individuals who have a PPF account with it. This interest amount is credited on the 31st of March every year.
Bank of Maharashtra PPF Calculator
A PPF calculator is a simple yet effective tool which allows individuals the chance to calculate their PPF amount. It enables people to plan their PPF investments accordingly, to suit their requirements. The PPF calculator takes into account certain details and processes them to provide information about their investment and the money earned through interest. Individuals need to enter their investment details (fixed amount/variable amount every year), interest rate and the PPF tenure. The calculator provides them with a detailed summary of how much they are expected to earn based on these criteria.
How to deposit money in your Bank of Maharashtra PPF Account
There are two ways in which individuals can deposit money into their PPF account, online money transfer and offline money transfer.
- Online Method – Bank of Maharashtra offers an internet banking option called Mahaconnect to its customers wherein they can transfer funds electronically. Individuals must register for this service and can login to their account to transfer money.
- Offline Method – Individuals who prefer making payments offline can do so by visiting any Bank of Maharashtra branch and make payments through cheque or pay-in slips.
How to transfer your PPF Account from post office to Bank of Maharashtra
Individuals who wish to transfer their PPF account from the post office to Bank of Maharashtra can do so without any hassle. They are required to submit a written application to the post office where they have their PPF account, requesting them to transfer it to Bank of Maharashtra. A transfer form needs to be submitted along with this application. The transfer form can be downloaded from the internet and individuals are expected to mention bank details including account number and branch location in the request. Once the details are verified the account is transferred to the bank.
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