The Public Provident Fund is an exclusive savings account conceptualised by the National Savings Institute under the Ministry of Finance in the year 1968. It has been designed to act as a savings fund which also doubles up as a tax saving solution to account-holders. This scheme allows ordinary citizens of India to make contributions to the PPF and offers them a rebate on income tax under Section 80C of the Income Tax Act as an incentive.
Canara Bank is one of the oldest banks in India with a history of over a hundred years, having over 5000 branches across India and offices at select cities abroad. Canara Bank offers individuals the option to open a Public Provident Fund with them, adhering to the norms prescribed by the Reserve Bank of India.
How to open a Canara Bank PPF Account Online?
The Public Provident Fund Account offered by Canara Bank is fast and easy to open. Individuals who wish to open the account can do so online, through the Canara Bank website. The entire process is extremely simple and all one needs to do is follow the guidelines mentioned. After logging onto the website the individual is expected to provide his/her basic information details and mobile phone number. Post this a password is sent to the registered mobile number which allows them to access the application form. Applicants are required to fill in this form (Form A) and once this form is filled an individual is eligible for a PPF account with Canara Bank.
All Indian citizens are eligible to open a PPF account with Canara Bank, regardless of their domicile or place of work. The PPF account can be opened either 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 a Canara Bank PPF Account
An individual who wishes to open a PPF Account with Canara Bank 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 (Form A).
- Copy of government approved ID card - Pan-card, Voter ID card, Aadhar card, Driving License or Ration card. The original ID is required for verification.
- Copy of address proof - passport, ration card, gas receipt, bank statement or any utility bill (electricity/water). The original might be required for verification.
- Passport size photographs.
Canara Bank PPF Account opening form
The form to open a PPF Account at Canara Bank can be obtained online or at branches of the bank. This form (Form A) 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
- Nominee Details
- Details of minor (in case the account is being opened for a minor)
- Passport size photograph
Canara Bank PPF Account rules and guidelines
Individuals who wish to open a PPF account with Canara Bank have to adhere to a set of guidelines mentioned by the bank. The major guidelines are mentioned below.
- Individual Account - The PPF account can be opened only by individuals or a Hindu Undivided family or an association. Joint PPF accounts cannot be opened.
- Minor Account – A PPF account on behalf of a minor can be opened by only one parent of the minor i.e either the 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 in India.
- Tenure – The tenure of a PPF scheme is 15 years, which can be extended in multiples of 5 years after the account matures.
Features and Benefits of Canara Bank PPF Account
The Canara Bank 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 exempt from Income tax and the contributions made to this account are eligible for tax rebate under section 80C of the Income Tax Act.
- Nomination Facility – Individuals can utilise the nomination facility which allows them to nominate one or more person to receive the amount on their behalf in case of any unforeseen incident.
- Loan Facility – Account-holders can avail loans against the amount in their PPF account.
- Wealth Tax – The balance amount held in the Canara Bank PPF account is free from any wealth tax.
Interest rate on Canara Bank PPF Scheme
The interest rate on PPF accounts is decided by the Reserve Bank of India and Canara Bank currently offers an attractive interest rate of 8.7% per annum to account-holders.
Canara Bank PPF Calculator
A PPF calculator is a simple and effective tool which offers individuals the chance to calculate their PPF amount. It offers people the opportunity to plan their PPF investments 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 as interest. Individuals need to enter their investment details (fixed amount/variable amount) year, interest rate and the PPF tenure. The calculator automatically provides them with a detailed summary of how much they are expected to earn based on these criteria.
How to deposit money in your Canara Bank PPF Account
There are two ways in which individuals can deposit money into their Canara Bank PPF account, online money transfer and offline money transfer.
- Online Method – Canara Bank offers an internet banking option to account holders through which they can transfer money electronically into the account. Customers can access this by logging on to the website with their personal details and password.
- Offline Method - Individuals who prefer to make payments offline can do so by visiting any Canara Bank branch and make payments through cheque or pay-in slips.
How to transfer your PPF Account from the Post Office to Canara Bank
Individuals who wish to transfer their PPF account from the post office to Canara Bank can do so without any hassle. They are required to submit a written application to the post office where they have a PPF account, requesting them to transfer it to Canara Bank. A transfer form needs to be submitted along with this application which can be downloaded from the internet. 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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