Oriental Bank of Commerce Public Provident Fund is a savings as well as a tax saving instrument offered to the investors in India. The Public Provident Fund was introduced by the National Savings Institute of the Ministry of Finance in 1968. The main purpose of the Oriental Bank of Commerce Public Provident Fund is to encourage small savings which also offers a reasonable return along with the income tax benefits.
How to open Oriental Bank of Commerce PPF Account online?
You cannot open a PPF account in all the branches of the Oriental Bank of Commerce. First find out which branches allows you to maintain a PPF account and choose the branch closest to your residence. You will be required to have a savings account with the Oriental Bank of Commerce so you can avail the net banking access and then you can easily transfer the PPF subscription amount online. The Form A to open the Public Provident Fund account can be downloaded from the Oriental Bank of Commerce website. The account will be activated when you have duly filled and submitted the form along with the documents required by the bank.
Documentation required to open PPF Account in Oriental Bank of Commerce
The customer needs to submit the following documents at the time of opening a PPF account with Oriental Bank of Commerce:
- Form A to open the Public Provident Fund account
- Nomination form
- Pay-in slip
- Passport sized photographs
- Pan card copy or Form 60-61
- ID proof and Residence proof as per the Oriental Bank of Commerce’s norms.
Oriental Bank of Commerce PPF Account opening form
The Oriental Bank of Commerce PPF Account opening form can be availed on the bank’s website or at any of the Oriental Bank of Commerce branch. The Form A requires you to fill the following details:
- Name of the applicant
- Amount that is being initially invested
- Permanent and communication address of the applicant
- If the account is opened for a minor, then his date of birth and the applicants relation with the minor needs to be mentioned.
- The name, address of the bank or the post office and the account number detail must be filled in the form.
- Signature of the subscriber and the guardian.
- Debit mandate and debit account number.
- You must also attest your passport sized photograph.
Oriental Bank of Commerce PPF Account rules and guidelines
The following are some of the guidelines that you need to keep in mind:
- The deposit amount per year cannot exceed Rs.1,50,000 and the minimum deposit amount is Rs.500.
- A penalty of Rs.50 is charged on defaulting the yearly payment.
- Premature withdrawal is not allowed. If the customer dies, then his heir can close the account as per the regulations by the Ministry of Finance.
- Customer can make one withdrawal every year from the 6th financial year.
- Joint account is not allowed.
- Only one account can be maintained by an individual except an account that is opened for a minor and if you are a guardian.
- The Oriental Bank of Commerce PPF account is available to resident Indians over the age of 18 years.
- Minors will need a guardian to open the account under their name.
Oriental Bank of Commerce PPF Account features and benefits
- The Oriental Bank of Commerce PPF account is matured after completion of 15 years.
- You can extend the tenure of the Oriental Bank of Commerce PPF account for a block period of 5 years after its maturity. You will have to submit the Form H within one year from the date of the maturity of the scheme.
- The amount that can be withdrawn from the 7th financial year cannot exceed 50% of the balance amount.
- You can avail the loan facility from the third financial year up to the end of sixth financial year.
- The loan should be repaid in 36 EMIs or can be paid in one lump sum.
- You can avail tax benefits under the section 80C of the Income Tax Act, 1961.
- Deposits maintained in the Oriental Bank of Commerce PPF account is exempt from the wealth tax.
Oriental Bank of Commerce PPF interest rate
Oriental Bank of Commerce offers PPF interest rate as notified by the Central Government in the Official Gazette. The interest will be calculated in the method as specified in the scheme. For the current year, the deposits draw an interest of 8.7% which is compounded annually.
Oriental Bank of Commerce Calculator
You can use the PPF calculator to calculate the maturity value of the Oriental Bank of Commerce PPF account. The PPF calculator is a tool that gives you the value of the amount that you invested, at maturity. You will have to fill in the following details:
- Subscription option that is if it is on a yearly, monthly, quarterly or a half yearly basis.
- Amount you invested
- PPF tenure
- Interest rate for your scheme
How to deposit money in Oriental Bank of Commerce PPF Account?
You can deposit money into your Oriental Bank of Commerce PPF account through online deposits and through offline deposits.
Online deposit is only possible if you have internet banking access. You can open your internet banking account and transfer money from your savings account to the Oriental Bank of Commerce PPF Account. You can give a standing instruction to transfer the money to the PPF Account and thus saving you the time of filling up the PPF account number and other details every time you want to transfer the amount. For this you must have a savings account with Oriental Bank of Commerce.
Offline deposits are done by physically approaching the branch of Oriental Bank of Commerce and making the deposit through cheque or the pay-in slip that will be available at the bank. You will have to fill in your name, PPF account number, amount you are depositing and denomination of the currency or the cheque number along with your signature.
How to transfer your PPF account from post office to Oriental Bank of Commerce?
The Public Provident Fund account can be transferred from the post office to the Oriental Bank of Commerce for a nominal fee. It will be considered as a continuing account. The customer has to approach the post office where his account is maintained and must fill up the application for transfer of PPF Account to Oriental Bank of Commerce’s branch that maintains the Public Provident Fund account.
Once the application is processed, the post office will send the original documents like the certified copy of the account and the account opening application and the nomination form as well as the specimen signature etc. to the Oriental Bank of Commerce branch. The post office will send the cheque or the demand cheque for the outstanding balance in the PPF account to the Oriental Bank of Commerce.
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