Indian Bank PPF Account

1. Offers an interest rate of 7.1%.

1. One individual can only have one Indian bank PPF account.

1. Anyone above 18 years of age and is a citizen of India can open an Indian bank PPF account.

1. NRIs and Joint account holders cannot open an Indian bank PPF account.

1. Deposits in Indian Bank PPF can be made a total of 12 times in a year.

Benefits of Indian Bank PPF Account

An Indian bank PPF account offers numerous benefits to the account holders. This scheme is regarded as a safe, long-term investment option that encourages disciplined saving. It allows you to make flexible deposits and provides a tax-free interest rate.

How to Open an Indian Bank PPF Account

No online option is available to open an Indian Bank PPF account. The steps to follow to start an account are:

1. Step 1: Visit your nearest Indian bank branch and fill up the application form.

1. Step 2: Submit the form with self-attested copies of Aadhaar, PAN, Voter ID, and photos.

1. Step 3: Make an initial deposit to complete the process and activate your account.

1. Step 4: Once the account is activated, you will be provided with your Indian Bank PPF account passbook.
   

Extension of Indian Bank PPF

Indian Bank provides the facility to extend the PPF account upon the maturity of the account.

1. Indian Bank PPF account can be extended in a block of 5 years with or without additional deposits after the initial 15-year maturity period.

1. To extend, the account holder must request within one year of maturity of the account.

1. The account continues to earn interest through the extension period.

Interest Rate of Indian Bank PPF

Indian bank offers an attractive rate of interest on its PPF account, which also comes with tax benefits.

1. Indian bank PPF provides an interest rate of 7.1%

1. This interest is also exempt from tax under Section 80C of the Income Tax Act.

Indian Bank PPF Loan service

Indian bank offers a loan facility to account holders subject to some terms and conditions:

1. Loan against an Indian bank PPF account can be accessed from the 3rd to the 6th year.

1. There would be an added 2% interest along with the applicable PPF interest rate.

1. Up to 25% of the Indian bank PPF account balance, as of the end of the second financial year can be withdrawn.