Bank of Maharashtra is a public sector bank in India having about 2263 branches across India. It offers exclusive financial services to its customers as well as eases the process of investment in various government-backed schemes.
Bank of Maharashtra PPF account service is available at selected branches. You can use this feature to deposit an amount for a period of 15 years. Additionally, you can access the facility of changing your nominee details for this scheme.
| Key features of Bank of Maharashtra PPF Account | |
| Interest Rate | 7.1% per annum |
| PPF Duration | 15 Years |
| Premature Withdrawal Penalty | |
| Opening Mode | Offline |
What is a Bank of Maharashtra PPF Account?
At the Bank of Maharashtra PPF account, you can invest conveniently to get substantial returns and rebates on taxes under Section 80C. To calculate your returns use the given PPF calculator and accordingly decide the investment amount. Download your Maharashtra PPF form from the online portal and begin your investment journey.
A PPF account is a form of savings scheme that helps you develop your savings habit from an early age by putting aside a small portion of your earnings. Your deposit amount ranges from ₹500 to ₹1,50,000 in a financial year with a lock-in period of 15 years and your interest is compounded annually.
Key Features of the Bank of Maharashtra Public Provident Fund Account
There are several features and benefits of the Bank of Maharashtra PPF account, which are listed below.
- You can deposit an amount in the range of ₹500 to ₹1,50,000 at your convenience in your Bank of Maharashtra PPF account.
- Your amount reserved with your Bank of Maharashtra PPF account is exempted from wealth tax.
- The interests earned on your amount are also exempted from income tax and the contributions to this PPF account can avail of a tax rebate under Section 80C of the Income Tax Act.
- A user can nominate one or more individuals to gain their credit amount at the time of death. You can easily change or cancel your nomination details as a prime investor.
Bank of Maharashtra PPF Interest Rates – 2024
The rate of interest on your PPF account is decided every quarter by the government of India. Currently, it is set at 7.1% per annum w.e.f. April 1st, 2021.
| Rate of Interest | 7.1% per annum |
How to Open a PPF Account in Bank of Maharashtra Online?
The process of Bank of Maharashtra PPF account opening online can be completed using the following steps.
- Step 1: Visit the official website of the Bank of Maharashtra
- Step 2: Move to the application form and fill out their PPF application form accurately.
- Step 3: Verify the details and enter the captcha. Then, click on ‘Submit’.
How to Open a PPF Account in Bank of Maharashtra Offline?
You can follow the given steps to open your Bank of Maharashtra PPF account offline by visiting your nearest branch.
- Step 1: Visit the official website of the Bank of Maharashtra to download the PPF application form.
- Step 2: Fill in the required details. Cross-check the details to minimise the chances of errors.
- Step 3: Attach the required documents with a duly filled form and submit them to your nearest branch of the Bank of Maharashtra.
Documents Required to Open a PPF Account in the Bank of Maharashtra
To open a PPF account with the Bank of Maharashtra, the following list of documents are required to submit along with the duly filled and signed account opening form.
- Copy of an address proof (Passport, Ration Card, Gas Receipt, Bank Statement or Utility Bills) along with their original copies for verification.
- Passport-size photographs.
- A copy of your Govt-approved ID card, along with your original ID (PAN card, Voter Card, Aadhaar Card, Driving License or Ration Card) for verification.
Eligibility to Open a PPF Account in the Bank of Maharashtra
The eligibility criteria to open a PPF account in the Bank of Maharashtra include:
- Any resident Indian (Not for HUFs and NRIs)
- For a minor account, only one parent can open their child’s account. Guardians such as grandfather or grandmother cannot open an account on behalf of a minor grandchild if either of their parents is alive.
- When the minor exceeds their age cap before the maturity of their account, the ex-minor is required to submit a revised application to open their PPF account duly signed by their Guardian.
- PPF Accounts cannot be created in joint names
- NRIs and HUFs are not allowed to open their PPF account at the Bank of Maharashtra under this scheme.
Bank of Maharashtra PPF Withdrawal Rules
The Bank of Maharashtra has set the following rules for withdrawals from a PPF Account:
- One withdrawal is allowed during a financial year, which can be availed after the completion of 5 years after your subscription year ends.
- Withdrawals from your PPF account are limited to half the balance at credit at the fourth year’s end.
Bank of Maharashtra PPF Formula and Calculation
It is quite important to calculate your savings and deposits to invest your hard-earned money in the right place.
F= P[({(1+i)^n}n}-1)/i]
The variables used in the above formula are described below.
- F – Maturity of PPF
- P – Annual Instalments
- I – Rate of Interest
- n – total years
How to Use a Bank of Maharashtra PPF Calculator
The Bank of Maharashtra PPF calculator will help you calculate your maturity value after the completion of 15 years on your PPF account. You can use it using the following steps.
- Step 1: Navigate to the website offering the Bank of Maharashtra PPF calculator.
- Step 2: Enter your yearly investment amount by adjusting the slider.
- Step 3: Set the total duration for your PPF investment.
Once done, you will be able to visualise the maturity value by the end of your investment tenure.
Steps to Check Bank of Maharashtra PPF Balance
Bank of Maharashtra offers you two ways of checking your PPF balance. These include:
1. Online Method
You can check your Bank of Maharashtra PPF account balance online using the following steps.
- Step 1: Activate net banking facilities for the Bank of Maharashtra linked to PPF.
- Step 2: Log in to your PPF account portal of the Bank of Maharashtra using your user ID and password.
- Step 3: Click on the ‘PPF account’ tab to retrieve the necessary information.
Once done, all details of your PPF account appear on the screen. Thus, it becomes easier to view your net balance present in your PPF account.
2. Offline Method
You can even check your PPF account status offline. The steps are as follows:
- Step 1: Visit your nearest branch of the Bank of Maharashtra .
- Step 2: Enquire about your PPF account details from the bank representatives.
However, note the following points when going for enquiring about PPF details from a bank branch.
- You are provided with a passbook whenever you open a PPF account with a bank where you have all the details such as your PPF account number, account balance, branch details, transactions, etc.
- Get your passbook updated from the nearest branch while enquiring about the details regarding your account balance.
- Your updated passbook will reflect the details of your PPF transactions and your account balance.
You can also visit your nearest post office to check your PPF account balance at the Bank of Maharashtra.
Extension of Bank of Maharashtra PPF Account
The extension of the PPF account after maturity could be considered for one or more blocks of 5 years to keep reaping the benefits. However, to use this feature at your Bank of Maharashtra PPF account, you need to provide your extension request in writing within one year from the date of maturity.
If you fail to do so within a year while keeping the deposits in your account, your deposits shall be considered irregular deposits and will not be considered during interest calculation.
You can even retain your account status after maturity without making further deposits for any duration without any limits. In such a situation, you do not need to provide a written document. For such scenarios, your account will keep gaining interest at the normal rate applicable to the PPF accounts occasionally.
You can withdraw any amount once every year within the tenure. After a year of not putting funds into your account, you cannot opt again to continue with regular deposits. In case you want to avail the benefits of PPF investments, you can only create a new account once you close your current PPF account.
Things to Note While Opening Bank of Maharashtra PPF Account
To open a Bank of Maharashtra PPF account, consider the following points.
- Ensure that all the required documents are available
- You need to be an Indian resident over 18 years of age, as this service is not available for NRIs.
- Fill and submit all the forms, including Forms A and E (Application and Nomination Forms)
- Make sure to make regular payments to your PPF bank account.
- The Bank of Maharashtra PPF account is non-transferable except for the nominee after the policyholder’s death.
- Being non-transferable, the nominee is not allowed to continue the account of the deceased policyholder under their name
- You cannot open a PPF account jointly
- In the case of a minor’s PPF account, both parents cannot open separate PPF accounts for the same child.
How to Transfer Bank of Maharashtra PPF Account
The PPF account at the Bank of Maharashtra is not transferable from one individual to another. Therefore, the nominee will not be able to use the deceased’s account in his name.
Loan Against Bank of Maharashtra PPF
From the period between the expiry of one year and before the expiry of your term of 5 years, you can apply for a loan on your deposit. However, note that no loan can be taken after the end of the 6th financial year from the year of opening of your PPF account.
Final Word
With a Bank of Maharashtra PPF account, you can open a non-transferrable PPF account with various features and benefits. Additionally, you can use an online PPF Calculator to easily and accurately estimate your Return on Investment (ROI) and make the right decisions. Moreover, the stepwise guidelines have been provided to assist you in opening a PPF account online.
FAQ
After the maturity of your account, your term can be extended for one or more blocks of 5 years without any loss of interest. However, you must submit the request to extend your account in writing within a year from the date of maturity.
The minimum and maximum investment range of a PPF account at the Bank of Maharashtra is from ₹500 to ₹1,50,000. You cannot make more than 12 subscriptions in a year, and your deposits can be made in lump sums as well.
With a Bank of Maharashtra PPF account, you can easily cancel or change your nomination list.
No, only one account can be opened in one name. In case an individual has two accounts, the second account shall be treated as an irregular account and shall not carry any interest unless both accounts are merged after the approval of the Ministry of Finance.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
