Bank of Baroda has an array of investment options along with the government savings schemes such as BOB PPF Account. Bank of Baroda is a multinational and is one of the largest public sector banks in the country post its merger with other public sector banks. A PPF account with Bank of Baroda can be opened in the offline method as there is no option of online BOB PPF account opening at present. A Public Provident Fund investment is a great method of investment for developing the habit of savings among people. The government of India has expanded the PPF schemes from just post offices to almost all major banks in the country so that the PPF scheme is accessible to more people.
Bank of Baroda PPF Account online deposit option is not available. You can open a PPF account in any branch of BOB with an account opening application form. To open a ppf account you need to fill-up the form along with certain documents such as passport size photo, photocopies of Aadhar and PAN.
However, deposit into BOB PPF account can be made online through m connect plus or Baroda net banking (this must be done on working days between 10 am to 4 pm only). You cannot make deposit into the account on holidays or outside banking service hours.
Low-risk scheme: One of the key benefits of Public Provident Fund is that it is a safe investment product. Since the PPF account is backed by the Government of India, an important PPF account benefit is that it has little to no risk. The returns on the PPF investment are guaranteed by the government, so you can invest in a PPF and relax. An additional benefit of PPF account benefit is that if in any case, you default on your debts, the funds in your PPF account cannot be attached by a court order to pay off the debt.
Tax benefits: An investment made up to Rs 1.5 lakh in a year into a PPF account is eligible for tax benefits under section 80C of the Income Tax Act. So the investments made into PPF will be deducted from your taxable income. Another Public Provident Fund tax benefit is that the interest you earn on your investment is completely tax-free.
Nomination Facility: A PPF account can be opened by anybody, including minors. Minors can also invest in a PPF account under the guidance of their parents/legal guardian. A major public provident fund benefit is that the account has a nomination option. So, you can also nominate a beneficiary to your account in the unfortunate case of your death.
No minimum limit: There is no minimum limit on deposits in the PPF scheme. You can start investing with as low as Rs 500 and go on increasing the funds up to Rs 1.50 Lakhs.
Good returns: Your PPF returns are guaranteed by the Government of India. One of the key benefits of PPF account is you can also decide if you want to invest monthly or at once.
Liquidity and loan facilities: A PPF account makes you eligible to get a loan from the Bank against your PPF account. You can avail a loan from the 3rd financial year till the end of 6th year. In case of any emergency, you can also make partial withdrawals from your PPF account upon completion of five years from the end of the year in which the account was opened.
Flexible tenure: A PPF provides the maturity amount after 15 years when the account tenure is over. Upon maturity, you can decide to withdraw the entire amount or further invest in the PPF for an additional block of five years by applying for account extension within one year of maturity.