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How to open PPF Account in Axis Bank: Features, Eligibility & Withdrawal

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Axis PPF Account – Get to know everything related to opening a PPF account in Axis bank, features, interest rate, eligibility , etc.

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.

This means,

  1. Your PPF contributions are eligible for tax deduction under Section 80C
  2. Interest earned from PPF is tax-free
  3. 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:

  1. Fill in ‘Form A’ (You can get this form in Axis Branch)
  2. An Identity proof (PAN card, Aadhaar, Voter Id, valid Passport, permanent Driving License, etc.)
  3. A proof of residence (Valid Passport, permanent Driving License, Voter Id, Aadhaar, Ration Card, etc.)
  4. 2 passport size photographs
  5. 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:

  1. NRI’s are not allowed to open a PPF account, however If he/she opened the account while being in India, then they can continue their PPF account till the maturity.
  2. 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.
  3. 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.
  4. After maturity, PPF subscriber has the option to extend their maturity period of the PPF account in a block of 5 years.
  5. 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.

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