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9th December 2016, 10:44 AM
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Join Date: Aug 2012
Re: PPF Central Bank Of India

The Central Bank of India is provides facility to open A Public Provident Fund account among the best savings-cum-tax-savings bank accounts in which you could park and grow your funds with tax-free compounding interest.

The PPF scheme was introduced in 1968 and offers a way to save on tax and earn a decent rate of interest with which to secure your finances in the long run.

Documents required opening PPF account in the Central Bank of India:

Account opening form – Form A.
Pay-In slip – Form B.
Nomination form – Form E

Identity proof –
Submit a copy of your driver’s license, PAN card, passport, etc. with the original to verify.

Address proof –
Submit a copy of your telephone bill, utilities bill, ownership papers, etc. along with the original to verify.
Passport sized photographs – Two recent passport sized photographs are required.

Eligibility:
The PPF account is available only to resident Indians who are over the age of 18. Guardians can open PPF accounts for minors.

Duration:
The account matures after a 15 year lock-in, and all accumulated funds in the account can be withdrawn upon maturity.

Extensions are allowed in blocks 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.

The PPF interest rate is 8.7%

Detail of interest calculator:

Rate of deposits - monthly/quarterly/half-yearly/annually
Amount being deposited
PPF account tenure
Interest rate (currently at 8.7%)


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