Public Provident Fund(PPF)

Eligibility

• Any Resident individual on his own behalf and on behalf of a minor of whom he is the guardian
• No joint PPF accounts allowed
• Non-resident Indians (NRIs) are not eligible to open an account under the Public Provident Fund Scheme. However, a resident who becomes an NRI during the 15 years' tenure prescribed under Public Provident Fund Scheme may continue to subscribe to the fund until its maturity on a non-repatriation basis.
• An individual can open only one PPF account and declare the same at the time of account opening

Keep your documents ready

• 2 passport size photographs
• Address proof
• Identity proof
• Birth Certificate in the case of minor

• Visit any Axis Bank branch.
• Fill and submit Form A along with required KYC documents
• Your PPF Account will be opened post verification of your details. Initial subscription can be made during account opening

Subscription Amount

• Minimum Subscription of Rs. 500 and maximum subscription of Rs. 1,50,000 per Financial Year (subject to change as per notification issued by Central Government)
• Subscription should be in multiples of Rs. 5/-
• Deposit can be of one lump sum amount or easy instalments not exceeding 12 instalments in one financial year
• Amount deposited in excess of Rs.1,50,000/- shall neither be entitled to interest under PPF scheme nor be eligible for Tax Benefits

Period of Investment

The original tenure of the PPF account is 15 years, which can be extended further in blocks of 5 years each for any number of blocks. The extension can be with or without contribution.

Closure of Account

• No premature withdrawal is allowed for Public Provident Fund (PPF) accounts.
• Only in the case of the death of a customer, their nominee /legal heir can close the account by submitting the required documents