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9th December 2016, 10:44 AM
Super Moderator
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.

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

The account matures after a 15 year lock-in, and all accumulated funds in the account can be withdrawn upon maturity.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