Indian Overseas Bank PPF Account

1. Login to Indian Overseas Bank's official website to register.
2. Fill in the online application form.
3. Submit the form to your branch.
4. The account will be activated once the application is received.

Once the customer has access to internet banking, they can open the PPF account online by filling in the form and submitting a print out of the form to their nearest bank branch.

Documents required to open PPF account in IOB

The customer needs to submit a few documents at the time of opening a PPF account in IOB. Listed below are the documents required to open a PPF account with IOB.

1. Account opening form
2. Identification proof- PAN card/driving license/passport/voter's ID
3. Address proof- Telephone bill/electricity bill/ration card
4. Pay-in slip

IOB PPF account opening form

IOB PPF account form can be availed online or at one of the bank branches. The customers need to fill in a few details before submitting the form. Listed below are the details that need to be filled in before submitting the form.

1. Name
2. Address
3. PAN number
4. Pay-in slip
5. Account opening branch
6. Initial contribution
7. Debit Mandate
8. Debit account number
9. Standing instructions

Indian Overseas Bank PPF interest rate

IOB offers attractive interest rates for its customers for PPF accounts. Currently PPF interest rate is 7.1% is credit to the account on 31st March of every year on the minimum balance between the 5th day and the end of the month.

Indian Overseas Bank PPF calculator

One can calculate the maturity value of their PPF account using a PPF calculator. PPF calculator is a simple tool that will give you the maturity value of your account when you enter certain details of the account.

Listed below are the details you need to input in order to obtain the maturity value.

1. Age
2. Subscription option(Yearly/Monthly/Quarterly/Half yearly)
3. Amount invested
4. PPF tenure
5. Interest

How to deposit money in your Indian Overseas Bank PPF account?

There are two ways in which you can deposit money in your PPF account. One way is to transfer the money online and the other way is to do it offline.

Online deposit- Making an online deposit to your PPF account is easy and hassle free. One has to login to their IOB account online and make a fund transfer to deposit the money online. You might need to enter a few details such as your PPF account number and the payee's name.

Offline deposit- Another way to make deposits to your IOB PPF account is by visiting one of the branches of IOB. Here, the customer can make the deposit either through a cheque or through pay-in slip available at the bank.

How to transfer your PPF account from post office to the Indian Overseas Bank?

It is easily possible to transfer your account from post offices for a fee. The customer needs to submit a written application for transfer along with a transfer form to the post office to initiate the transfer. The form can be availed online. Once the form is submitted, it is verified and the account is closed by the post office. The cheque stating the outstanding balance is sent to the new bank along with a few policy documents.

Indian Overseas Bank PPF account Rules & Guidelines

Listed below are the rules and guidelines of IOB PPF account.

1. Eligibility- The account is available for the residents of India including minors. In case of a minor, the guardian should open the account. The account is not available for Non resident Indians and Hindu Unified Individuals.
2. Number of accounts- Only one account can be opened by an individual under one name. Multiple accounts are not allowed.
3. Subscription limit- The subscription limit is Rs.1,00,000 per annum.

Indian Overseas Bank PPF account features & benefits

Listed below are the features and benefits of IOB PPF account

1. Loans-The depositor is eligible for the loan if the account is continued after maturity. The first loan can be availed in the third year counting from the first financial year when the account was opened.
2. Withdrawals-Withdrawal is allowed every year from the end of 5th policy year.The withdrawal amount is limited at 50% of the balance at credit.
3. Tax benefits-The account qualifies for tax deductions under section 80C of the Income Tax Act.The interest on the account is exempted from income tax and the amount standing to the credit of the account is exempted from Wealth Tax.
4. Revival of discontinued account-A discontinued account can be revived on payment of Rs.50 every year along with the subscription fee of Rs.500 every year.
5. Duration- The duration of the account is 15 years. Though one can continue the account for one or more more block of 5 years provided that there exists a written request within one year from the date of maturity.