Axis Bank PPF Account – Axis Bank PPF Interest Rates 2024

On 3^rd December 1993, Axis Bank was established as a Unit Trust of India (UTI) bank. They are the third largest private sector bank headquartered in Mumbai. They have nearly 4903 branches spread wide across the country. 
Besides, they have the largest ATM network within all the other private sector banks. Putting aside a portion of savings in an Axis Bank PPF account is ideal for investors who have just begun their journey. To know more about this scheme, keep reading.

What is an Axis Bank PPF Account?

Axis Bank Public Provident Fund account is a type of savings scheme offering a fixed income. You will get numerous tax advantages along with guaranteed returns. Investing in this scheme not only helps you develop a  savings habit but also plan your retirement.

PPF scheme falls under Sec 80C of the old regime of IT (Income Tax) Act. Most people choose to open a PPF account as it includes easy availability, tax-free returns, and risk-free deposits. To explore more about the Axis PPF account, scroll down.

Key Features of Axis Bank Public Provident Fund Account

Below are a few significant features of the Axis Bank PPF account:

1. You will get an attractive interest rate of up to 7.10% on your deposit.
2. The maximum amount you can deposit is ₹1.5 lakhs.
3. You can avail tax benefits on your deposit amount in every financial year.
4. You can start investing from a minimum amount of ₹500 only.
5. The lock-in period for an Axis PPF account is 15 years.
6. Opening such accounts in Axis Bank is beneficial as it has low-risk investments backed by the Central government.
7. Parents can also open a PPF account with Axis Bank on behalf of a minor (below 18 years).
8. The bank provides loans against PPF accounts so you can meet financial urgencies.
9. You can easily access your account through their net banking facility.

Axis Bank PPF Interest Rates 2024

The ROI on PPF accounts are determined by the Indian Ministry of Finance quarterly every year. Before the fifth of every month, the interest is calculated based on your account balance. Henceforth, to get the maximum benefits, it would be prudent to make your deposit before the fifth of the month. The Axis Bank PPF account interest rate is as follows:

How to Open a PPF Account in Axis Bank Offline?

Follow the below-mentioned steps to open an Axis Bank PPF account by visiting your nearest bank branch.

• Step 1: Either download your PPF account opening form (Form A) from the official website of Axis Bank or collect it from the bank.
• Step 2: Fill in the necessary details of yours such as marital status, name, DOB, address, PAN Card and so on.
• Step 3: In case you are opening an account for a minor, fill in the required details at the minor declaration part along with attaching a birth certificate (as an age proof).
• Step 4: Provide the initial subscription details which will state how you are going to make your first deposit.
• Step 5: Submit the duly filled and signed form along with one passport-size photograph, a copy of address and identity proof.
• Step 6: Make the initial deposit ranging from ₹500 to ₹1,50,000 at your convenience.

That’s it! The bank officials will verify all your documents and open your Axis PPF account instantly.

Documents Required to Open a PPF Account in Axis Bank

Keep all the below-listed documents to ease out your whole Axis PPF account opening process:

1. Identity proof (Driving licence, Voter ID, Aadhaar card, PAN, etc.)
2. Address proof (Passport, Electricity bill, etc.)
3. Birth certificate (In case of a minor or senior account)

Additionally, make sure to carry the initial deposit amount, Axis PPF opening form, and 1 passport-size photograph when visiting the bank branch for opening a PPF account.

Eligibility to Open a PPF Account in Axis Bank

Go through the below-stated pointers to know who can and cannot open an Axis Bank PPF account.

1. Any Indian resident can open a PPF account with Axis Bank.
2. NRIs (non-residential Indians) will not be able to open a PPF account with this bank.

Axis Bank PPF Withdrawal Rules

Below are some of the pointers explaining all about the Axis Bank Public Provident Fund (PPF) withdrawal rules:

1. Axis Bank allows one withdrawal per annum starting from the seventh year.
2. You can avail the premature withdrawal facility after completing five years from the date of opening the account.
3. You will have to submit a duly filled ‘Form C’ at the bank branch for withdrawal.
4. Axis Bank allows you to withdraw up to 50% of the account balance at the end of the previous year or immediately preceding the year of withdrawal (whichever is less).
5. Remember, you cannot repay the withdrawal amount to the bank.

Axis Bank PPF Formula and Calculation

You can either use the standard PPF calculating formula or the online Axis BankPPF calculator. In the section below, both ways are briefed for your better understanding.

Axis Bank PPF Formula

Below is the standard PPF calculating formula that you can use:

F = P [({(1+i) ^n}-1)/i]

The above-mentioned variables represent the following:

• N (Total number of years)
• I (Interest rate)
• P (Yearly instalments)
• F (Maturity value)

Axis Bank PPF – Calculation with Example

Neha deposits a yearly amount of ₹1,50, 000 in her Axis PPF account for a total period of 15 years at an ROI of 7.1%. As per the formula, the total maturity value will be ₹40,68,209.

Axis Bank PPF Calculator

The online PPF calculator Axis Bank is a type of financial tool used to ease calculations and make prompt investment decisions. The manual calculation has a scope of the mistake but the automatic PPF calculator gives accurate results instantly. These PPF calculators can be used for calculating the total maturity value along with the interest amount and performance of your account in terms of interest earned and principal.

How to Use an Axis Bank PPF Calculator?

Follow the below-stated easy-to-follow steps to ease out your calculation with the PPF calculator:

• Step 1: Open the PPF calculator Axis Bank.
• Step 2: Select the investment frequency from the drop-down box.
• Step 3: Slide and set your investment amount.

That’s it! You will get to see the total deposit amount, interest amount, and maturity amount.

Steps to Access Axis Bank PPF Passbook Online 

To ease your banking experience with Axis Bank, they allow their customers to access their Axis PPF passbook through their net banking portal. Keep reading to know how to get the access:

• Step 1: Link your Axis PPF account with your Axis current or savings account.
• Step 2: Activate your account for Axis net banking.
• Step 3: Enter your credentials accurately and log in successfully.
• Step 4: Click on the ‘PPF account balance check’ option.

Note: You can view, download and print the reports at your convenience.

Steps to Check Axis Bank PPF Balance 

You can seamlessly check your Axis PPF account balance via both online and offline methods. Here are the steps on how you can check your PPF balance via their net/mobile banking facility:

• Step 1: Link your PPF account with Axis savings or current account.
• Step 2: Use your user ID and password to log in to their net banking portal.
• Step 3: Navigate through the page and check your Axis PPF account balance within a few minutes.

How to Download Axis Bank PPF Account Statement?

Axis Bank aims to make your banking experience more convenient and time-saving thus they offer e-statements on this net banking portal. With such e-statements, you can track your transaction histories. The steps are as follows:

• Step 1: Enter your Axis Bank login credentials to access the Internet banking portal.
• Step 2: Surf through the portal to move to the PPF investments page.
• Step 3: Download the e-statement to keep track of your PPF transactions.

Extension of Axis Bank PPF Account 

As an Axis PPF account holder, you can choose to extend your account. Here are some of the things you must know before you extend your PPF account:

1.  You can extend your account for a block of five years as many times as you want.
2. You can also make additional contributions and earn interest accordingly.
3. Axis Bank allows you to withdraw up to 60% of your account balance that was there at the initial extended period.
4. It is mandatory to submit a few documents such as Form H.
5. You can extend your Axis PPF account only extending it within one year from the maturity period.
6. You can also choose not to make any new contributions while extending your PPF account with this bank.

Things to Note While Opening Axis Bank PPF Account

In case you are planning to open a Public Provident Fund Axis Bank, keep reading to learn some of the important things you should know prior to opening a PPF account with this bank.

1. Axis Bank allows the opening of single/self-PPF accounts and not joint PPF accounts.
2. You can open only one PPF account with this bank.
3. Axis Bank allows premature withdrawals from their PPF account for certain conditions.
4. A loan facility is available.
5. You must put a nominee for your PPF account via the ‘Form E’.

How to Transfer Axis Bank PPF Account?

Below are the steps for transferring your Axis PPF account from one branch to another.

• Step 1: Visit the current PPF account branch.
• Step 2: Submit a transfer application (mention the full address of your new bank).
• Step 3: Submit your old passbook to your current bank branch.

Afterwards, all your documents like a sample of your signature, existing PPF passbook, certified copy of your account, a cheque of the account balance, and others. After your new bank receives all your documents from your existing bank, they will notify you. Then you have to submit a new PPF account opening form along with your KYC documents.

Note: You can make the transfer from Axis Bank to any branch, other bank, or post office as you prefer.

Loan Against Axis Bank PPF

As an Axis PPF investor, you can avail loan against your PPF account. You are eligible to opt for this facility from the second year to the sixth year of your PPF account operation. Submit a ‘Form D’ to apply for this type of loan.

1. Axis Bank allows their customers to repay their loan amount with an interest of 2% per annum.
2. You have to repay the loan within 36 months.
3. You can either pay in lump-sum or instalments.
4. In case you fail to repay your borrowed amount after 36 months, Axis Bank will charge a penalty of 6% over your PPF rate.
5. Furthermore, if you cannot repay your entire interest within the next two months after your loan term, this amount will be deducted from your Axis PPF account balance.
6. After your first loan is settled completely, you can apply for your second loan before the end of the sixth financial year.

Final Words

Axis Bank PPF account is a tax-efficient investment scheme which will help you with long-term wealth collection. Most people choose to invest in PPF accounts for their stable and risk-free returns. Now that you have a clear idea about PPF (Public Provident Fund) with Axis Bank, open your PPF now.

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Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.