Axis PPF Account – Get to know everything related to opening a PPF account in Axis bank, features, interest rate,
A PPF is an excellent way to save for your retirement by investing small amounts of money regularly. Also, PPF enjoys Exempt-Exempt-Exempt (E-E-E) tax status.
- Your PPF contributions are eligible for tax deduction under Section 80C
- Interest earned from PPF is tax-free
- Even maturity are also exempt from tax.
However, the most common question often asked is ‘how to open a PPF account?’
The answer is simple.
You can open your PPF account at a Post office or in a authorised bank in India.
In this post, we will see how to open a PPF account in Axis Bank. At present, the Axis PPF account can be opened only in offline at a branch.
To open a PPF account, you will need the following documents:
- Fill in ‘Form A’ (You can get this form in Axis Branch)
- An Identity proof (PAN card, Aadhaar, Voter Id, valid Passport, permanent Driving License, etc.)
- A proof of residence (Valid Passport, permanent Driving License, Voter Id, Aadhaar, Ration Card, etc.)
- 2 passport size photographs
- Nomination form (Form E)
Who is eligible to open a PPF account?
Any Indian citizen can open a PPF account and there is no entry age to open PPF. Even a minor is allowed to open a PPF through a guardian.
What is the Initial deposit to open PPF account
The initial deposit required to open a PPF account is Rs. 500 and the maximum deposit allowed within a year is Rs. 1.5 Lakh.
Important points to remember:
- NRI’s are not allowed to open a PPF account,
howeverIf he/she opened the account while being in India, then they can continue their PPF account till the maturity.
- 1 withdrawal per year is permitted, starting from your 7th year, withdraw is limited to 50% of the balance credit accrued at the end of the 4th year.
- PPF subscribers are eligible to opt for a loan against PPF. PPF loan is however only allowed from the 3rd year to the 6th year of the PPF account operation.
- After maturity, PPF subscriber has the option to extend their maturity period of the PPF account in a block of 5 years.
- PPF Subscriber has the option to transfer his/her PPF account from bank to post office or vice versa. Similarly, he/she can also transfer a PPF account from one bank branch to another or to other banks as well.