The Bank of Baroda is one of the nationalized banks India, which the government of India has added to the list of banks that can accept PPF accounts from the public. As an old institution in banking, the bank has tremendous reputation in the public and its scheme in PPF is a successful one. Right now, the bank operates this PPF scheme through a network of 911 branches. Log on to this URL and see whether the bank has any branch, which is accredited to operate a PPF account. You can contact that particular branch to open your PPF account there.
Only norm for opening the PPF account in Bank of Baroda
Bank of Baroda only allows the individuals to open PPF account. It does not have any provision for PPF accounts for HUF and NRIs.
Minimum amount needed it
You need to open the PPF account with a minimum deposit of Rs 500. The minimum deposit in the account in a year has to be Rs 500. An account, once opened with a balance of Rs 500, can be discontinued without any deposit subsequently. But it cannot be declared as closed by the bank.
What can be the highest limit in your deposit in the PPF account?
The highest limit in deposit in the PPF account in Bank of Baroda can be Rs 1, 00,000.
What can be the period of deposit for the PPF account?
Like the other authorized banks for PPF account, the PPF account can be operated for a period of 15 years and it can be extended for another 5 years.
Totally tax- free
The income obtained at the maturity in BOB is completely tax free
Can you withdraw the amount?
You can withdraw the amount in the account only after the completion of 5 years. In case, the account is in the name of a minor, you need to submit a declaration that the money would be utilized for the benefits of the minor.
Rate of interest
With the revised rate of interest in 2004, the Bank of Baroda now gives 8.7% rate of interest.
How can you open the account?
First of all, you need to be sure that the BOB branch with the facility of PPF account in your city does exist. You can be sure about it from the list. You can approach the branch manager for the application form to open the account. The bank will cooperate with you at every step.