I want to get information about the Public Provident Fund eligibility as well as features. So here can you provide me information about it?

I would like to tell you about the Public Provident Fund eligibility as well as features, as you want.

Here I am giving you information about it, as you want.

Public Provident Fund;
Bank of Baroda operates PPF Scheme across its network of select -1077- branches all over India.

Eligibility;
Any adult applicants in his / her name or in minor's name in the capacity of guardian of the minor

HUF and NRIs cannot open PPF account.


Features and benefits of the Bank of Baroda provident fund
The PPF can is open to all individuals and even minors.

There is no minimum limit on how much you can deposit in a year as long as that amount is not below Rs. 500.
Basically you can open this provident fund with as little as Rs. 500.

The amounts you deposit in the PPF in a year are eligible for tax benefits under section 80C of the IT Act.

Since the Bank of Baroda PPF account is not linked to any markets and is part of a government scheme, it is a very safe investment medium.

You can even make partial withdrawals from the PPF account after the first 5 years are over.

If you shift from one city to another then you can have your PPF account also shifted to the Bank of Baroda branch in that city.

The interest you earn is completely tax free.

The account can even be opened by a minor under the guidance of a legal guardian.

The account also comes with a nomination option which allows you to name a beneficiary for the account in the unfortunate event of your death.

The account can also be transferred from the bank to the post office and back as and when required.

In case you need money in a hurry, you can take a loan from the bank against the PPF you hold with them.


Bank of Baroda PPF Account Rules and Guidelines
Being a PPF account, premature withdrawals wont be allowed for any reason.

The only time the account can be closed prematurely is when the account holder passes away.

If the account holder has passed away the account must be closed. It cannot be continued by the nominee.

One person can have only one PPF account at a time.

While you are allowed to make partial withdrawals, the amount you withdraw cannot exceed 50% of the balance after 4 years.

You can take a loan against the PPF but you can take a loan only once a year and only till the end of the 5th year.

The maximum amount that can be deposited in the account in a year is Rs. 1.5 lakhs.

If you deposit more than Rs. 1.5 lakhs, the excess money will be returned without interest.

If you dont deposit anything in your PPF account it will be considered a discontinued account but it can still not be closed.

If you wish to restart a discontinued account, you can do so by paying a fee of Rs. 50 for every year that you didnt make any deposits.