Best Bank For Opening PPF Account in India

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Best Bank For PPF Account in India – PPF accounts are available from a many banks in India. Both Government & Private banks offer PPF facility to their customers. ICICI Bank, SBI, UBI, BOI are some of the renowned examples. The list of top ranked banks are mentioned in the upcoming section of the article

PPF Account Opening Facilities at Bank

A person needs to fulfil certain eligibility for opening PPF Account. He/She can opt for PPF account opening in a bank as a secured investment plan, due to reasons mentioned below-

  1. In a financial year, a PPF account can be opened in both online and offline modes with a minimum deposit of Rs.500 and a maximum of Rs.1,50,000. Deposits can be made in a flat sum or over the course of 12 transactions via bank transfer. It has a 15-year maturity period, but it can be extended for more years after maturity.
  2. PPF contributions are exempted under Section 80C of the Income Tax Act of 1961. The interest that you earn is tax-free. Apart from the loan facility, a partial withdrawal facility is available from the sixth financial year, after opening a PPF account. 

Best Bank for PPF accounts are given below:

  • ICICI Bank
  • State Bank of India and its Subsidiaries
  • Punjab National Bank
  • Oriental Bank of Commerce
  • Bank of Maharashtra
  • Canara Bank
  • IDBI Bank 
  • BOB – Bank of Baroda
  • Central Bank of India
  • IOB – Indian Overseas Bank
  • Union Bank of India
  • Vijaya Bank
  • UCO Bank
  • Corporation Bank
  • HDFC Bank
  • Dena Bank
  • Indian Bank
  • United Bank of India
  • Axis Bank 
  • BOI -Bank of India

It should be noted that not all of the above-mentioned banks’ branches are authorized to open PPF accounts. But before proceeding, people must know that how many PPF account can be opened.

Points To Consider Before Selecting A Bank For PPF Account

  1. Individuals can make their decision based on their previous experiences with the bank and the services they give, as the PPF scheme’s elements are consistent across banks. 
  2. One of the most significant factors to consider when opening a PPF account is having a bank account at the same branch. However, this isn’t strictly necessary, it could be beneficial in terms of making payments to your PPF account.
  3. You should open a PPF with a bank that supports ECS and SI as well as a track record of providing excellent and timely service. 
  4. You should open a PPF with a bank which provides the option for closing PPF account online.

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FAQs Related to Best Bank for Opening PPF Account

Is it better to open a PPF account in a bank than a post office?

Choose a bank over a post office to open a PPF account, so that, you may send money online, you should register a PPF account at a bank rather than a post office.

Can I transfer my existing post office PPF account to bank?

Yes, you can also transfer your post office account to a bank. 

Can I open a PPF account at any of my nearby branches?

Yes, banks (having PPF facilities) allow you to open PPF account with your nearby branch. You need to collect the application form and submit back along with the necessary KYC documents.