The State Bank of Bikaner and Jaipur (SBBJ) Public Provident Fund (PPF) account offer an excellent medium to mobilize your savings into an interest-generating account that also helps you save on income tax. All deposits made into this account will be tax-deductible under Section 80C of the Income Tax Act, 1961 and all interest generated in this account is also totally tax free.
How to open a State Bank of Bikaner and Jaipur PPF account?
Just follow these steps to open an PPF scheme account in the State Bank of Bikaner and Jaipur
- Obtain and fill out the following forms with all relevant details:
- Account opening form (PPF Form A).
- Pay-In Slip (PPF Form B).
Nomination Form (PPF Form E).
All these forms are available from any of the State Bank of Bikaner and Jaipur branches.
- Submit the forms, along with all required documents to the bank.
- Once the bank reviews your application, your account will be created and you can commence deposits and savings.
Documents required to open PPF account in State Bank of Bikaner and Jaipur
Mentioned hereunder are the documents you’ll need to submit to the bank to open your account:
- Duly filled in forms:
- Account opening form – Form A.
- Pay-In slip – Form B.
- Nomination form – Form E.
- Identity proof – A copy with a verifiable original of a photo ID proof - either driver’s license, PAN card, passport, etc.
- Address proof – a copy with a verifiable original of an address proof - either telephone bill, utilities bill, ownership papers, etc.
- Passport sized photographs.
State Bank of Bikaner and Jaipur PPF account opening form
The account opening form from State Bank of Bikaner and Jaipur will contain the following information, so keep it all ready before getting the form:
- Name of the applicant (or name of the guardian in case the account is being opened for a minor).
- Permanent address and communication address.
- State Bank of Bikaner and Jaipur savings bank account number.
- PAN card details.
- Initial contribution amount details – cash (and denominations) or cheque (with name of bank and branch that’s been drawn on, and number).
- Debit mandate.
- Debit account number.
And in the case of minors:
- Date of birth of minor.
- Applicant’s relationship with minor.
- Declaration that no other PPF account is being held, other than on behalf of minors or a Hindu Undivided Family (HUF) or an association of persons.
- Details of PPF accounts being held in the above cases.
State Bank of Bikaner and Jaipur PPF Scheme Rules and Guidelines
- Eligibility: The PPF account from State Bank of Bikaner and Jaipur is available only to resident Indians (not available to NRIs) who are over the age of 18. Guardians can open accounts for minors and Hindu Undivided Families (HUF) and an association of persons.
- Number of Accounts: If you’re opening and managing the account for yourself – you can have only one account. Multiple accounts under the same name are not allowed. One person can manage the accounts of a minor, Hindu Undivided Family and association of persons under in addition to his/her own account.
- Duration: A lock-in period of 15 years is applicable, and all accumulated funds in the account can be withdrawn upon maturity. Extensions are allowed in chunks of 5 years at a time. Accounts can be kept open after maturity for any period without making deposits, the balance will continue to earn interest.
- Premature closure: PPF accounts cannot be prematurely closed or surrendered. The only way PPF accounts can be closed is on the event of the death of the account holder, nominee and legal heir.
- Joint account is not allowed.
- Deposits: The minimum deposit is Rs.500 and the maximum deposit is Rs.1,50,000, every financial year. Deposits can be made in a lump sum, or in (a maximum of 12) instalments a year.
Features and Benefits of a PPF account from State Bank of Bikaner and Jaipur
The following benefits and features that universally apply to PPF accounts can be made use of through State Bank of Bikaner and Jaipur:
- Loans: You can avail a loan against your PPF deposit account from the 4th to 6th year of its operation. Loans can be availed up to 25% of the total amount at the end of the last financial year. For example, if your account has been active since FY 2014-2015 – you will be able to take a loan only from FY 2017-2018, and the maximum amount will be 25% of the balance as of the end of FY 2014-2015.
- Premature withdrawals: Amounts from the account can be withdrawn prematurely, from the end of the sixth financial year from when the account was created. The maximum amount that can be withdrawn at this stage is 50% of the balance at the end of the previous year, or at the end of the 4th year, whichever is lower.
- Tax benefits: Funds in the account and interest earned thereon qualify for tax deductions under Section 80C of the Income Tax Act, 1961. Deposits are also exempt from Wealth Tax.
- Account deactivation and reactivation: If an account has no deposits for a considerable period of time, it will be deactivated but not closed. It can be reactivated with a minimum payment of Rs.500 and a penalty of Rs.50 for each defaulted year.
State Bank of Bikaner and Jaipur PPF interest rate
The interest on PPF accounts is set by the Government of India’s Ministry of Finance. Currently, the PPF interest rate is 8.7% and is compounded annually.
With regard to making deposits, it is advised to do so at any time between the 1st and 5th of every month, as interest is calculated on the balance in the account between the 5th and last day of the month.
State Bank of Bikaner and Jaipur PPF calculator
If you want to figure out the balance in your PPF account at maturity, you can use a PPF calculator. A PPF calculator takes into account the following information to calculate your maturity value:
- Frequency of deposits - monthly/quarterly/half-yearly/annually.
- Total amount being deposited annually.
- PPF account tenure.
- Interest rate (currently 8.7%).
How to deposit money in your State Bank of Bikaner and Jaipur PPF account?
Fill out the deposit slip – Form B with the following details:
- Branch name.
- Name of subscriber.
- PPF A/c number.
- Amount of deposit.
- Denominations of currency or cheque/DD number and date.
- Bank/branch on which drawn.
- Depositor’s signature.
Take your filled out deposit slip and the amount you wish to deposit to the bank and make your deposit.
How to transfer your PPF account from the post office to the State Bank of Bikaner and Jaipur?
If you have an existing PPF account at the post office and wish to transfer it to the State Bank of Bikaner and Jaipur – that’s possible by filling out a form and paying a small fee. You’ll need a written application for the transfer and a duly filled out transfer form and submit both of these to the post office to initiate the transfer. Once the post office receives and processes these documents, the bank is notified and a cheque with your entire balance is sent to the bank and the account at the post office is closed.
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