PPF or Public Provident Fund is a long-term fixed-income savings scheme backed by the Government of India. Axis Bank offers the customers this long term investment option and provides good returns as well. Furthermore, an Axis Bank PPF account offers you tax benefits under Section 80C of the Income-tax Act and hence acts as a tax-saving instrument. The minimum investment amount in the PPF account starts from as low as Rs. 500 and the maximum investment is Rs. 1,50,000 in a financial year. The PPF account has a mandatory tenure of 15 years and the account cannot be closed prematurely except on certain grounds. However, the depositor is allowed to make a partial withdrawal after five years. One can withdraw up to 50% of their PPF balance as at the end of the preceding financial year.
The Axis Bank provident fund account comes with a plethora of features and benefits. Some of these features and benefits are:
At present Axis Bank PPF account online opening facility is not available. The PPF offered by Axis Bank cannot be opened online but can be operated online. To open the account you will need to fill out the PPF account opening application form and submit it at an Axis Bank branch along with certain supporting documents. The following are the steps to open a PPF account in Axis Bank:
Axis Bank PPF Account Opening Form: The account opening form is available to download online and is very simple to fill. It has 5 sections which ask for the following information:
Personal details: This will include personal details including your name, date of birth, marital status, employment status, PAN card details, etc.
Minor declaration: As the name implies, this is the section used in case the applicant is a minor and it needs information and declarations by the legal guardians of the child.
Address details: Here you need to enter the details regarding your permanent and communication address and provide other contact details.
Initial Subscription Details: This is the section where you inform the bank about how you are going to make an initial contribution to the PF. This can be done via cheque or by allowing the bank to debit the indicated amount from your bank account.
KYC: In this section, you need to fill the KYC (Know Your Customer) requirements by mentioning the details of the documents you are submitting.
The rest of the form asks for the agreement to the terms of the PPF and signatures to validate the application form.
Axis Bank allows the depositors of the Axis Bank PPF account to access their Axis PPF Passbook and get the details of all the transactions of the account. Bank account passbook can be accessed both in online and offline ways.
How to access your PPF Account Passbook Online:
How to access your PPF Account Passbook Offline:
PPF account transfer can be done in two ways – Either one can transfer within the same bank or Post Office and Transfer from Post office to Bank or vice versa
PPF Account Transfer within the same Bank or Post Office
PPF Account Transfer from Post Office to Bank or vice versa
Axis Bank PPF Account – Frequently Asked Questions
Ques. What is the interest rate provided by Axis Bank PPF account currently?
Ans. The Axis Bank PPF interest rate of 2020 is 7.1%.
Ques. What is the maximum number of contributions that I can make in a PPF account in a year?
Ans. A maximum of 12 contributions can be made in a year, which is not related to the months.
Ques. Can a PPF account be closed before the lock-in period of 15 years?
Ans. Yes, but only after the account has completed 5 financial years based on the following grounds:
Ques. Can NRIs invest in PPF?
Ans. As per a recent notification issued by the Government of India, NRIs are no longer allowed to open a new Public Provident Fund (PPF) account.