The Industrial Development Bank of India (IDBI Bank) is one of the leading public sector banks in India. The bank offers customised banking and financial solutions to its retail and corporate customers with its huge network of branches spread across the country. IDBI Bank has been authorized by the Government of India to accept subscriptions for PPF accounts through its select 675 branches spread across India. Public Provident Fund (PPF) account is a financial scheme wherein you can invest for a long term. This is an investment scheme supported by the Government of India as per the Public Provident Fund Act, 1968. IDBI Bank PPF accounts offer attractive interest rates and returns on your investments. Besides, investments made in IDBI PPF account are fully exempted from income tax liabilities. You can invest a minimum amount of Rs.500 and a maximum of Rs.1, 50,000 in a financial year in your IDBI Bank PPF account.
How to open an Industrial Development Bank of India PPF Account Online?
IDBI Bank provides facility for online subscription of PPF application form. You can open your PPF account online with IDBI Bank by using your internet banking facility. You need to follow the below mentioned steps to open your online PPF account:
- First log in to your internet banking profile.
- Fill the online PPF application form.
- And take a print out of the filled application form and submit at your nearest branch.
After receiving the payment and hard copy of your online application form, the bank will verify your details and after proper verification it will activate your PPF account.
Documentation required to open an Industrial Development Bank of India PPF Account
You need to submit the following documents to open your PPF account in IDBI Bank:
- Identity proof which include – Passport, PAN card, Driving License, Election Card, Government ID Card, Photo ID Card, Credit Card and Aadhar Card. ( Any of the following documents).
- Documents in support of your address proof which include – Passport, PAN card, Driving License, Election Card, Employer’s Certificate, Electricity/Telephone Bill, Latest house lease agreement, Bank account or Credit Card Statement, Ration Card and Aadhar Card. ( Any of the following documents).
- Proof of your signature which include - Self-signed Cheque, Passport, Government ID Card, Photo ID Card and Credit Card. ( Any of the following documents).
- The filled application form.
- A Passport size photograph.
- In case of a minor PPF account, you need to submit either Birth Certificate of the minor or School leaving Certificate.
Industrial Development Bank of India PPF Account Opening Form:
The IDBI PPF account opening form is available online. You can fill it online by putting all required information requested by the bank. Then, get a print of your application form and submit it at your nearest designated branch.
Industrial Development Bank of India PPF Account Rules and Guidelines
Mentioned below are the rules and guidelines applicable to IDBI Bank PPF account:
- Members of Hindu undivided family are not eligible to open PPF account in IDBI Bank.
- Non-resident Indians (NRIs) are not eligible to open their PPF account in IDBI Bank.
- IDBI Bank PPF scheme can be availed by Individuals as well as minors.
- You can transfer your PPF account from other banks and post offices to IDBI Bank. This is free from any charges.
- Minimum yearly subscription limit accepted by IDBI Bank is Rs.500. The maximum limit is Rs.1, 50,000. If your maximum annual subscription limit exceeds Rs.1, 50, 000 in a single financial year, you will neither receive any interest nor be eligible for tax exemption under the Indian Income Tax Act, 1961.
- The bank allows a maturity period of 15 years for your PPF account. However, the time period is extendable and you can continue this account to 1 more or additional blocks of 5 years.
Industrial Development Bank of India PPF Account Features & Benefits
You can enjoy a host of attractive features and benefits by opening your PPF account in IDBI Bank. Listed below are the features and benefits offered by IDBI Bank for its PPF account holders:
- You can enjoy tax benefits by investing in IDBI PPF account under section 88, the Indian Income Tax Act, 1961. The annual interest income earned from your PPF account is also totally free from income tax.
- Enjoy nomination facility for one or more persons. Nomination facility is not applicable for minor PPF accounts.
- Get loan against the balance in your PPF account in the third financial year. The bank will charge 2% more, above the interest rate on your PPF account.
- You can withdraw cash from your PPF account once in a year after you complete 5 years.
- IDBI Bank does not accept premature closure of PPF accounts except in cases when the depositor is dead.
Industrial Development Bank of India Bank PPF Interest Rate:
IDBI Bank offers attractive rate of interest on its PPF accounts. Currently, the bank offers an annual interest rate of 8.70% on its PPF account.
Industrial Development Bank of India Bank PPF Calculator:
A PPF calculator will help you calculate the maturity value of your PPF account. It is very simple and effective, and helps you know the maturity value of your PPF account instantly. What you have to do is to put the following information in the PPF calculator:
- Principal amount invested.
- Rate of Interest.
- Tenure of PPF deposit.
How to deposit money in your Industrial Development Bank of India PPF Account:
You can deposit money your PPF amount in lump sums or in a maximum of 12 instalments in a single financial year. You can deposit money in your PPF account by using both online and offline methods:
Online Method: In online method, you have to log in to your internet banking and transfer the amount to IDBI Bank. The bank may request you fill up certain details like your name and PPF account number.
Offline Method: You can also deposit money in your PPF amount by using the offline method. In that case, you need to visit your concerned branch and deposit it via a cheque or a deposit slip available in the bank.
How to transfer your PPF Account from Post Office to Industrial Development Bank of India?
You can transfer your PPF account from post office or any other banks to IDBI Bank. What you have to do is to submit an application form. You can download this form online, fill it up and submit it to your existing bank or post office. Once your existing bank/post office receives the application, it will close your PPF account. Subsequently, you can transfer your PPF account to IDBI Bank.
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