Vijaya Bank is one of the nationalized banks in India. Established in 1931, the bank offers a wide range of personal and international banking services to its clients. The PPF account offered by Vijaya Bank enables you to invest in public provident funds and get attractive returns on maturity.
How to open a Vijaya Bank PPF Account Online?
You can open a PPF account in Vijaya Bank by submitting an application. The application form is available on the official website of Vijaya Bank. You can download this form online, fill the required details and submit it at your nearest Vijaya Bank branch.
Both salaried and self-employed individuals can invest in Vijaya Bank PPF schemes. By investing in Vijaya Bank PPF account, you can get exemption on your income tax liabilities. PPF account is a financial scheme developed by the Government of India in 1968 to help individuals and minors save for their future.
Documentation required to open PPF account in Vijaya Bank
You can open a PPF account in Vijaya Bank by submitting a few documents which include:
- Your address proof.
- Proof of identity.
- Pan Card.
- A Passport sized photograph.
- And the filled application form.
Vijaya Bank PPF Account Opening Form
You can download the PPF account opening form the official website of Vijaya Bank. Fill it by putting all the required information such as the applicant’s name, PAN no, permanent address and bank account details, and submit the filled application at a designated branch of Vijaya Bank.
Vijaya Bank PPF Account Rules and Guidelines
The bank maintains a number of rules and guidelines for its PPF account. Listed below are some of the rules and guidelines maintained by Vijaya Bank:
- Hindu undivided family (HUF) members are not eligible to open PPF account in Vijaya Bank. No individuals can invest in PPF on behalf of HUF.
- Non-resident Indians (NRIs) are not allowed to open PPF account in Vijaya Bank.
- The PPF account offered by Vijaya Bank is open for Individuals as well as minors.
- PPF account can be transferred from other banks and post offices to Vijaya Bank.
- You can invest a minimum amount of Rs.500 and a maximum amount of Rs.1, 50,000 in a Vijaya Bank PPF account.
- The maturity period determined for a Vijaya Bank PPF account is 15 years. However, you can extend it up to one or more blocks of five years.
- You can invest in your PPF account in multiples of Rs. 5, or as a whole sum, or in instalments.
- You can make a minimum payment of Rs. 100. But, the total payment made by you should not be less than Rs. 500 in a signal financial year.
Features & Benefits of Vijaya Bank PPF Account
PPF accounts are safe investment options and you can enjoy a lot flexibilities by investing in them. The PPF account offered by Vijaya Bank comes with a host of attractive features and benefits that include:
- Enjoy tax benefits by investing in Vijaya Bank PPF account under section 88, Income Tax Act of India, 1961. The interest income received from your PPF account is free from income tax.
- Nomination facility is available.
- You can also take loan against your PPF account.
- You can withdraw cash from your PPF account.
- You can transfer your PPF account from other banks and post offices to Vijaya Bank.
Vijaya Bank PPF Interest Rate
The bank offers competitive rate of interest on its PPF account. You can earn good returns by investing in Vijaya Bank PPF account. Vijaya Bank offers 8.7% as its annual interest rate on PPF. The interest gets credited to your account on 31st March every year.
Vijaya Bank PPF Calculator
You can easily calculate the maturity value of your Vijaya Bank PPF account by using a PPF calculator. The bank may request you put the following information in the PPF calculator:
- Principal amount invested by you.
- Interest rate applicable on your PPF account.
- Tenure of the PPF account.
Once you put all the required information in the calculator, it will instantly reveal the maturity value of your PPF account opened with Vijaya Bank. This is a very simple, effective and hassle-free procedure to know the exact maturity value of your PPF deposit.
How to deposit money in your Vijaya Bank PPF Account:
It is very easy. The bank accepts a minimum yearly subscription of Rs.500 and a maximum subscription of Rs.1, 50,000. You can pay it off in lump sums or installments. You can use either online or offline method of depositing cash in Vijaya Bank.
Online Method: It is hassle-free and simple process. By using the online method, you can deposit money to your PPF account instantly. What you have to do is to login to your online banking profile via internet banking and transfer the amount. Vijaya Bank may ask for details like your name and PPF account number while depositing cash online.
Offline Method: You can also deposit money in PPF account by using the offline method. Then, you need to personally visit a designated branch of Vijaya Bank and deposit the money via pay-in- slip or a cheque.
How to transfer your PPF Account from Post Office to Vijaya Bank?
Although a PPF account is a long term investment account, you can transfer it from one bank to another. You can also transfer your PPF accounts opened with post office to a different bank. Likewise, you can transfer your PPF accounts opened in other banks to Vijaya Bank. It is a very simple process. You can do so by submitting an application form to your existing bank or post office. Upon receiving your application and doing proper verification, the bank or post office will close your PPF account. Later on, you can transfer the same to your preferred bank.
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