The Punjab and Sind Bank is a public sector bank with pan-India presence. The bank offers PPF accounts to new customers as well as customers looking to transfer their existing PPF accounts to one of its branches. The PPF accounts offer an array of benefits including tax exemptions, attractive interest rates, easy liquidity and flexibility in choosing deposit amount, among others. You can apply for a PPF account in any one of the participating branches of Punjab and Sind Bank.
How to open Punjab and Sind Bank PPF account online?
You can download the application form online, and fill and submit the same at a participating branch of Punjab and Sind Bank. You can find the list of participating branches from the official website of the bank. At present, there are around 100 branches of Punjab and Sind Bank accepting PPF applications. To access and download the application form in PDF format, you can follow the steps below:
- Visit official website of the bank
- Scroll to the section titled “Others”
- Click on “Application Forms”
- Navigate to the section titled “PPF, NPS and SCSS Scheme”
- Click on the PPF forms link and download and save the file
Documentation required to open Punjab and Sind Bank PPF account
PPF account opening typically requires very less documentation. In general, you have to submit the following documents when applying for a new PPF account at any bank:
- Filled-in and duly signed application form.
- Identity proof including PAN card, passport, voter’s ID or driving license etc.
- Address proof including ration card, electricity bill or telephone bill etc.
Punjab and Sind Bank PPF account opening form
The account opening form is available both online and offline. You can get an application form from participating branches of the bank, or you can download one from the official website of the bank. The account opening form (From A) is a 2-page simple form that has to be filled in with details such as:
- PAN card number
- Recent passport size photograph
- Permanent address
- Branch name
- Details of earlier PPF accounts
- Signature/thumb impression
Punjab and Sind Bank PPF rules and guidelines
The rules and guidelines governing PPF accounts in Punjab and Sind Bank include:
- Duration of Punjab and Sind Bank PPF scheme: The basic tenure of the plan is 15 years, after which customers can apply for extension in blocks of 5 years.
- Eligibility: Individuals can open the PPF account in Punjab and Sind Bank in their own names or in the name of a minor. NRIs cannot open this account. PPF account is available only in select branches of the bank. People with Employee Provident Fund and General Provident Fund accounts can open a PPF account also.
- Withdrawal: Withdrawals are allowed depending on the age of the account. In general, PPF withdrawals are allowed after completion of the 5th year of account. Also, withdrawal amount is generally capped at 50% of total credit in the account on a specified date before application.
- Investment limit: Investment is accepted from a minimum of Rs.500 and up to Rs.1 lakh per financial year. Investments can be made in multiples of Rs.5 only. Any investment over and above Rs.1 lakh will not earn interest or tax rebates.
- Loan repayment: In general, loans on PPF accounts have to be repaid within 36 months from the month after the amount is sanctioned. The general rate of interest is 2% if paid within 36 months, and 6% if not paid within that time frame.
- Closure of account: You can close the account after 15 years from the year of subscription.
- Account transfer: The account can be transferred to any bank or branch accepting PPF applications, as well as post offices without any additional charges.
Punjab and Sind Bank PPF account feature and benefits
The features and benefits of the Punjab and Sind Bank PPF account are:
- Tax benefits: PPF accounts enjoy tax rebate on all holdings up to Rs.1 lakh per financial year. The interest earned from this amount is also tax-free. The principal amount also does not attract Wealth Tax. Exemptions are provided under Section 80C and Section 10(11) of the Income Tax Act, 1961.
- Loans: Loans are available on PPF account balance. In general, loans are provided for up to 25% of the amount in the account as on a specified date before application.
- Nomination Facility: Customers can nominate one or more nominees for their PPF account.
Punjab and Sind Bank PPF interest rate
The interest rate on PPF accounts is decided as per circulars given out by the central government. At present, interest is accrued at 8.70% p.a. compounded annually. The interest is calculated on account balance between 5th and end of month.
Punjab and Sind Bank PPF calculator
The PPF calculator will help you in calculating the maturity amount of your PPF account for various amounts and tenures. These calculations can be cumbersome if you are doing them on your own. A PPF calculator will have fields where you enter data and receive results in a matter of seconds. A typical PPF calculator consists of fields such as:
- Subscription type, i.e. monthly, quarterly, half-yearly or yearly
- Rate of interest
How to deposit money in your Punjab and Sind Bank PPF account?
You can deposit money in your PPF account by approaching a participating branch and using a cheque or pay with cash via pay-in slips. Some banks also allow online payments to the PPF account through their net banking facilities, however information on the same from Punjab and Sind Bank is not available.
How to transfer your PPF account from post office to Punjab and Sind Bank?
You can easily transfer your PPF account from a post office to the Punjab and Sind Bank. The process involves submitting a written request for account transfer along with the filled-in transfer form to the post office. This request will then be processed, and a cheque with credit details and some policy documents will be forwarded to the relevant branch of Punjab and Sind Bank.
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