Yes Bank PPF Account is a savings-cum-tax efficient avenue sponsored by the government. It can be opened by individuals for a tenure of 15 years at any of the Yes Bank branches across the nation. The minimum amount that one can deposit starts from as low as Rs. 500 and goes up to a maximum of Rs. 1,50,000. The maturity amount and interest earned on the Yes Bank PPF scheme is exempted from tax. Owing to these benefits, PPF is considered as one of the most tax-efficient and popular saving schemes in India.
At present, Yes Bank does not provide the facility to open Yes Bank PPF account online. You can still approach the authorized Yes Bank branches which accept applications for PPF accounts and complete the formalities to open a new PPF account. However, if you are an existing customer with your savings account in Yes Bank and an active internet banking service, you can download the account opening application form and submit the duly filled form to the relevant branch.
Below given are the documents required to open a PPF account at Yes Bank:
Rs. 500/- per annum is the minimum amount required to be to start a PPF account. The accounts in which deposits are not made for any reason are treated as inactive accounts and such accounts cannot be closed before maturity. The inactive accounts can be revived by payment of Rs.500/- with a default fee of Rs.50/- for each defaulted year.
Rs. 1.5 Lacs per annum is the maximum deposit amount. The deposit in the PPF account can be made in one lump sum or in instalments.
A PPF account comes with a mandatory lock-in period of 15 years. An account, on the completion of fifteen years, can be extended for a further period of five years at a time.
Nomination facility is available under Yes Bank PPF scheme
A PPF account can be transferred from a Yes Bank branch to Post Office and vice versa and also from a branch of Yes Bank to another Yes Bank branch. However, note that a PPF account cannot be transferred from one person to another. Even if the depositor is no more, the nominee cannot continue the account.
Loans can be availed against your Yes bank from 3rd to the 6th financial year. The account holder can apply for availing a loan consisting of a sum not exceeding 25% of the amount that stood to credit at the time of the completion of the second year immediately preceding the year in which the loan is applied for.
Any time after the completion of 5 years from the end of the year in which the account was opened, the account holder can withdraw from the balance to his credit not more than 50% of the amount that stood to the credit at the end of the 4th year immediately preceding the year of withdrawal or at the end of the preceding year, whichever is lower.
An account holder is allowed to close the PPF account prematurely subject to certain conditions
Interest income is totally tax-free from tax