A Public Provident Fund (PPF) account is one of the most trusted and tax-efficient long-term investment schemes backed by the Government of India. Bank of India (BOI), one of the leading public sector banks, offers this scheme through its wide network of branches. This guide offers a comprehensive overview of how to open and manage a PPF account with the Bank of India.
The Public Provident Fund (PPF) is a long-term savings scheme launched by the Government of India in 1968. It aims to mobilize small savings and provide returns on those savings along with tax benefits. The interest earned and the returns are not taxable under the Income Tax Act, which makes it highly appealing to investors looking for secure, tax-free earnings.
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Opening a PPF account in BOI is a straightforward process. Follow these steps:
Bank of India offers the convenience of online account opening through its internet banking portal:
Note: Not all branches may support online PPF account creation. It’s advisable to verify online access with your home branch.
Here is the list of documents needed:
There are multiple ways to deposit money into your BOI PPF account:
You can make a maximum of 12 deposits in a financial year. Each deposit must be at least Rs. 50.
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A PPF deposit account is a type of account where deposits accumulate interest annually. It is not a traditional fixed deposit, as the interest is not paid out yearly but compounded and added to the account balance.
| Feature | Offline | Online |
| Application Method | Physical Form | Internet Banking |
| Time Required | 1–2 Working Days | Instant (if available) |
| KYC Submission | Physical Documents | Already available with a bank |
| Passbook | Physical | Virtual Statement |
A Public Provident Fund (PPF) account with the Bank of India offers a secure, long-term investment avenue for individuals seeking tax-free returns with minimal risk. Whether you choose to open the account offline or online, BOI ensures a smooth and reliable process with adequate support throughout the account’s lifecycle. As a government-backed scheme, the PPF stands out for its capital protection, attractive interest rates, and long-term financial discipline.
By investing in a BOI PPF account, you not only secure your future financially but also enjoy the benefits of a tax-efficient savings instrument that supports long-term goals like retirement, education, or large life expenses. Use BOI’s digital tools like internet banking and the PPF calculator to stay on top of your investments and make informed financial decisions.
The current PPF interest rate is around 7.1% p.a., subject to quarterly revision by the Ministry of Finance.
Yes, select branches of the Bank of India offer online account opening via internet banking.
You can make a maximum of 12 deposits in a financial year.
You must deposit at least Rs. 500 in a financial year to keep your PPF account active.
Yes, a penalty of Rs. 50, along with the minimum deposit, is charged to reactivate the account.
No, the interest earned is fully exempt under Section 10 of the Income Tax Act.
Yes, you can extend it in blocks of 5 years with or without contribution.
Partial withdrawals are allowed from the 7th year onward under specific conditions.
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