Public Provident Fund (PPF) is one of the most popular long-term savings schemes in India, offering attractive interest rates and tax benefits. The Bank of Maharashtra PPF Account provides an excellent opportunity for individuals to build a corpus for retirement or long-term financial goals with the backing of a government scheme.
The PPF account in Bank of Maharashtra is a government-backed savings scheme offered through the bank’s network, allowing individuals to earn tax-free returns on their investments. It is governed by the Public Provident Fund Act, 1968, and is suitable for individuals seeking secure investment options with consistent growth and tax exemptions under Section 80C of the Income Tax Act.
The following individuals are eligible to open a PPF account:
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Use a PPF calculator to estimate the maturity value based on your annual contributions.
You can obtain the PPF application form:
Fill in personal details, nominee details, initial deposit amount, and sign the form before submission.
You can check your PPF account balance in the following ways:
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Bank of Maharashtra provides multiple online services for PPF accounts:
A PPF calculator is an online tool to compute the future value of your PPF investment. You can input:
It helps in effective financial planning by projecting the maturity amount and total interest earned.
The Bank of Maharashtra PPF Account offers a reliable, tax-efficient, and long-term investment solution for individuals seeking financial security. With minimal risk and attractive tax exemptions under Section 80C, PPF is ideal for conservative investors. The flexible contribution structure, compounded interest, and extended tenure options make it a great instrument for retirement planning or other long-term goals. Whether you opt for online or offline modes, Bank of Maharashtra provides a seamless account opening and management experience. To make the most of the scheme, it’s advisable to contribute consistently, preferably before the 5th of each month, to maximize returns.
A minimum of Rs. 500 per financial year is required.
No, NRIs are not eligible to open a PPF account.
The maximum deposit is Rs. 1.5 lakh per financial year.
Yes, parents or guardians can open a PPF account on behalf of a minor.
Interest is calculated monthly on the lowest balance between the 5th and last day of the month and credited annually.
No, PPF interest is completely tax-free.
Partial withdrawals are allowed after the 7th year, and full withdrawal is allowed on maturity after 15 years.
Yes, you can extend it in blocks of 5 years with or without contribution.
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