Axis Bank PPF Account

All Indian residents are eligible to open a PPF account. The scheme also has no age-related restrictions for investment in PPF accounts. Eligible applicants can invest in the scheme at any time during the year at any age. The other details pertaining to the eligibility under PPF accounts are provided below.

• PAN card details are to be mandatorily provided for opening a PPF account.
• Parents/Grandparents or guardians can also invest under PPF on behalf of minors or persons of unsound mind.
• The parents can open only one PPF account in the name of their minor child and such investment will be clubbed with the investment of such parents in order to determine the maximum limit of investment by the parent.
• The scheme also does not permit joint holding of PPF accounts.
• HUFs and NRIs are not allowed to open a PPF account.

Documents required for opening a PPF account

The documents required to open a PPF account with the bank are,

• Completed and signed Form A
• Duly filled pay-in Slip Form B
• Nomination Form E duly filled and signed
• Identity Proof (Aadhaar Card, PAN Card, Voter’s ID, etc.)
• Address Proof (Aadhaar Card, Electricity Bill, Water bill, Gas bill, etc.)
• Recent passport size photographs
• Birth certificates of the minor (in case investment is made on behalf of the minor)

Features and benefits of Axis Bank PPF account

• PPF account with Axis Bank can be opened in only selected branches of the bank which are eligible for opening a PPF account.
• The minimum contribution to be made each year is Rs. 500 in the multiples of Rs. 5. The maximum contribution that can be made each year is Rs. 1,50,000.
• Such contributions can be made each year in a single lump-sum payment or in monthly installments.
• There are restrictions placed with regards to such monthly installments that state that a person cannot contribute more than 2 installments per month and not more than 12 installments in any particular year.
• Any contribution made beyond Rs. 1,50,000 in any year is not eligible for any interest or tax benefits.
• The rate of interest is determined by the government on a quarterly basis. The current rate of interest offered on Axis Bank PPF accounts is 7.1% per annum.
• Such interest is calculated on the minimum balance available in the investor’s PPF account between the 5th and the last day of the month. The interest so calculated is paid on the 31st March of every year that the investment is held and thereby compounded annually.
• The interest is eligible for tax exemption and the investment in PPF is eligible for Tax deduction under section 80C of the Income Tax Act, 1961 up to Rs. 1,50,000.
• The tenure of the PPF account available is 15 years. 
• An investor is allowed the extension of his/her PPF account for one or more blocks of 5 years
• There is no restriction on the number of times that such extension can be availed.
• Such an extension can be availed within 1 year from the date of maturity.
• The investor can also file for nomination under the PPF scheme by submitting a Form E in this regard.
• The bank allows nomination of one or more persons up to a maximum of 4 under the PPF scheme offered by the bank. The investor can also define the shares of each of such nominees.
• The scheme also allows a change in the nomination as well as a change in the percentage of share of the nominees.
• In the event of the death of the investor, the bank can repay the amount in the PPF account to his/her nominee or the legal heir before the PPF account reaches maturity.
• The bank provides the facility of loans and withdrawals against the PPF account of the investors.
• Loans can be availed after the completion of 3rd year but not after the completion of 5th year.
• Withdrawals from the account can be done only once in any year after the completion of 5 years from the date of opening the account. The PPF account also cannot be closed in such a case.
• The maximum amount of withdrawal allowed to the PPF account holder is up to 50% of the balance that is available at the end of the 4th year immediately before the year of withdrawal or at the end of the preceding year whichever is lower.
• An investor can also transfer the PPF account to any of the other branches of the bank or any other bank or any of the post offices across the country as well as transfer from any such avenues upon a written request from the investor.
• If a person becomes an NRI post-opening an account under the PPF scheme, such person can close the account prematurely i.e. before the completion of the term of 15 years by submitting the copy of his/her passport and visa or a copy of the Income Tax Return of such person (applicable only to those accounts that are opened after 12th December 2019).
• The rate of interest applicable to such accounts is one percent lower than the normally applicable rate of interest on other PPF accounts.
• A person can hold the PPF account even beyond maturity i.e. after the completion of the tenure of 15 years.
• The account is eligible to avail interest at the prevailing rate of interest.

How to open a PPF account with Axis Bank?

Axis Bank does not have an online facility to open a PPF account. The investor has to physically visit the nearest authorized branch of the bank in order to open a PPF account. The list of KYC documents mentioned above has to be mandatorily submitted by the investor at the time of application for the PPF account. The procedure for opening a PPF account is detailed hereunder.

• The investor has to visit the nearest Axis Bank branch to get the PPF account opening Form A or download the same online.
• The printout of the downloaded form or the paper form has to be duly filled and to be submitted at the nearest Axis Bank Branch.
• The investor also has to provide the initial deposit via cheque/draft/cash as well as fill in Form B for making the initial deposit to open the PPF account. The minimum deposit to be made is Rs.500.
• The investor also has to submit recent passport size photographs and self-attested photocopies of KYC documents such as PAN card, Aadhaar card, etc. along with originals for verification
• The PPF account of the investor with the bank will be opened post verification of details.
• The investor will then receive a PPF account passbook with all the details pertaining to the account.

Post opening the PPF account, the investors can check the balance in their PPF accounts either through the online mode available with the bank or through the offline mode i.e., by physically visiting the branch of the bank.

Investors can access the PPF passbook via online mode through the bank’s Net Banking portal in the following manner.

• The investor has to have a savings account or a current account with the bank in order to avail access to the bank’s net banking portal.
• The user can log in to the net banking portal of the bank through the user id and password generated.
• The user can then click on the link available for checking the PPF account balance under the ‘PPF Account Balance Check’.
• The user will get a detailed PPF statement of the account balance available at any given point of time as well as the credits and debits to the account.
• The user can download as well as print this statement.

In order to check the PPF account balance via offline mode, the investor has to physically visit the branch of the bank and get the PPF passbook updated. The investors can then access all the transactions as well as the balance available in the account.

Modes of Depositing amount in PPF

According to the PPF scheme, the deposit limits under PPF during any financial year are,

• Minimum Rs 500 
• Maximum Rs. 1,50,000

Investment in PPF account can be made via any of the following ways

• Direct debit from the existing Axis Bank savings or current bank account of the investor.
• Online transfer from another bank account of investor via NEFT/ ECS
• Payment in cash or cheque or demand draft.

Another key point in depositing an amount in a PPF account is that the investor can deposit in the PPF account in a single lump-sum contribution or through installments during a particular year.

The deposit limits pertaining to such installments are that they cannot exceed

• More than 2 in any particular month
• More than 12 in a particular year

Withdrawal from PPF Account

The investor is allowed withdrawal from his/her PPF account only up on the maturity of the account i.e. after the completion of 15 years.

Upon maturity of the account, the investor can withdraw the entire amount along with the interest accrued up on such investment without any tax implications. Withdrawal at the time of maturity is eligible for tax exemption under the provisions of the Income Tax Act, 1961.

The scheme also allows partial withdrawals from the PPF account after the 7th year. The investor can make one withdrawal per year thereafter. The amount of such premature withdrawals from the PPF account is limited to the extent of 50% of the balance available under the PPF account at the end of 4th year.

The bank allows early withdrawal from the PPF account only under certain specific circumstances such as,

• Treatment of life threatening diseases for parents, spouse or children (supporting documents like medical reports from a competent medical authority are required to be submitted).
• Educational expenses of the account holder or minor account holder (supporting documents like proof of admission fees from a recognized university are required to be submitted).

Axis Bank customer care for PPF accounts

Customers/investors having their PPF accounts with Axis Bank can contact the bank for any information or queries regarding the PPF account as well as address any grievances or complaints that they may have in such cases. The various channels to contact the bank are given below.

Toll free number – 1800 419 5959 (for account balance)/ 180 419 6969 (for mini statement)

Postal address – Axis Bank Limited

    Corporate Office,

    Bombay Dyeing Mills Compound,

    Pandurang Budhkar Marg, 

    Worli,

    Mumbai – 400025

Phone – 022 – 24252525

About Axis Bank PPF account

Public Provident Fund is a government backed savings scheme introduced by the government in the year 1968 and regulated by the National Savings Institute of the Ministry of Finance. PPF was introduced with the aim to provide retirement benefits to the citizens of the country and to help them in their need of financial assistance. The investment in PPF is a government assured investment that provides assured and fixed returns on the investment with fixed tenure. It also has the option for the investors to extend their investment beyond the stipulated period subject to certain conditions. Such features along with various other benefits make it a favoured investments option across all the categories of investors especially those who are risk averse.

Axis Bank is a leading private sector bank of the country and one of the few authorized private sector banks that has the facility to open a PPF account. PPF accounts opened with the bank are governed by the Public Provident Fund Scheme 2019.

FAQs: Axis Bank PPF Account