The Public Provident Fund Scheme has long been one of the most popular tax saving and long term investment options in India. Some noteworthy benefits of this scheme include risk-free deposit (government-backed), easy availability, fixed rate of return and completely tax-free returns. At present, only three private sectors banks in India offer PPF accounts and the Axis Public Provident Fund (Axis PPF) account is among the most popular among these.
The interest rate offered on PPF accounts is determined by the Ministry of Finance and is the same across all banks and post offices that provide this scheme. The Axis PPF account interest rate is subject to change every quarter as and when the Ministry of Finance makes an announcement to that effect. The following are the current and historical Axis PPF interest rates*:
|Time Period||Interest Rate (per annum)|
|Q1 FY 2020-21||7.1%|
|Q4 FY 2019-20||7.9%|
|Q3 FY 2019-20||7.9%|
|Q2 FY 2019-20||7.9%|
|Q1 FY 2019-20||8.0%|
|Q4 FY 2018-19||8.0%|
|Q3 FY 2018-19||8.0%|
|Q2 FY 2018-19||7.6%|
|Q1 FY 2018-19||7.6%|
|Q4 FY 2017-18||7.6%|
|Q3 FY 2017-18||7.8%|
|Q2 FY 2017-18||7.8%|
|Q1 FY 2017-18||7.9%|
*Axis PPF account balance is compounded annually. Q3 FY 2018-19 rates are applicable from 1st October 2018.
Documents Required to open Axis PPF Account
Submission of KYC documents is mandatory when opening an Axis PPF account:
- Completely filled out PPF opening form
- Passport Size Photograph of the applicant
- Self attested copies of ID proof – PAN, Aadhaar, Driving License, Voter ID, etc.
- Address Proof – Passport, Aadhaar Card, Electricity Bill, etc.
- KYC Document filled according to the rules and regulations
- Birth Certificate of the person whose account is being opened, if he/she is a minor
- Proof of DOB if the account holder is a senior citizen
Axis PPF Account Opening Procedure
At present, the Axis PPF account cannot be opened online. The following are the key steps in opening the Axis Public Provident Fund offline:
- Visit your nearest Axis Bank branch to get the PPF account opening form or download the PPF Form A online.
- Take a print of the downloaded form or fill out the paper form and submit at the nearby Axis Bank Branch.
- Provide cheque/draft/cash as initial account opening deposit (min. Rs.500).
- Provide photographs and self-attested photocopies of KYC documents such as PAN, Aadhaar, etc.
- Carry the originals of the KYC documents with you for verification.
- The Axis Public Provident Fund account will be opened after the verification of details is completed.
- Once the PPF account is up and running, you will receive a PPF account passbook with details of your credits, debits, account number, PPF balance, etc.
How to access Axis Bank PPF Account Passbook?
Axis Bank allows its users to access the Axis PPF Passbook and get details of the account credits as well as debits. Bank account passbook can be accessed online and offline.
Access your PPF Account Passbook Online:
- To avail online services, you need to have your Axis PPF account linked with your Axis Savings/current account
- Get Net-banking activated for your account
- Log-in to the online banking website with your user ID and password
- Now, you can go to ‘PPF Account Balance Check’ to access your passbook
- The report can be downloaded and printed too
Access your PPF Account Passbook Offline:
- Go to your nearest Axis bank branch
- Get your PPF passbook updated and check all the transactions easily
Axis Bank PPF account Statement Download
E-statements are downloadable using Axis bank Net-banking. The account holders can log in with their User ID and password for Net-banking to download bank statements. With these e-statements, customers can easily keep track of all the transaction details of your credit cards, debit cards, and other transaction online.
There is a customer request form which should be filled and submitted to get the e-statement- Download Customer Request Form
Axis PPF Account Calculator
The account calculator can be used to:
- Calculate the maturity value of PPF account
- Clarity of Interest associated with the account
- Performance of the account with respect to Principal and Interest Earned
Note: Amount exceeding the maximum contribution limit of Rs.1.5 lakhs in a year will not be taken into account while calculating the interest. The exceeding amount is not eligible for any tax benefits
How to transfer PPF Account?
PPF account transfer can be initiated in two ways- Transfer within the same bank or Post Office and Transfer from Post office to Bank or vice versa
PPF Account Transfer within the same Bank or Post Office
- Write and sign an application for the same stating clearly the reason of transfer
- Details to be specified- Branch Name, Address & IFSC Code of the current branch as well as the branch to which it is supposed to be changed
- The application must be signed by the account holder
- Submit the application at the current bank branch where the account is held
PPF Account Transfer from Post Office to Bank or vice versa
- Go to your current bank branch/post office where the account is held along with the PPF passbook
- Write, Sign and submit an application regarding the transfer specifying the full address of the post office/bank’s branch where you wish to transfer your PPF account
- Your request is processed and the required set of documents are shared with the changed branch
- Afterwards, you will have to submit a fresh account opening form along with all the documents required to open the account at the new branch/post office
- Please note that the transfer is processed in about 30 days
Mode of Deposit
You can deposit money into Axis PPF Account either by cash/cheque (offline) or through internet/mobile banking (online). The following are details regarding the available modes of making PPF account deposits –
- You can link your existing Axis savings/current account with your Axis Public Provident Fund account to make online transfers immediately.
- Your Axis PPF account can also be funded from other bank accounts using interbank transfer options such as NEFT, ECS and standing instructions.
- For offline PPF deposits you can use cash, cheque or draft.
Loan Against Axis PPF Account
As an Axis Bank Public Provident Fund account holder, you may be eligible to opt for a loan against PPF account. Such a loan is however only allowed from the 3rd year to the 6th year of the PPF account operation.
Axis PPF Balance Check
You can easily check the Axis PPF account balance online or offline and also view details of all debits/credits applicable to the account. The following are pointers regarding how you can check your Axis PPF balance:
- In order to check your Axis PPF account balance online, you need to first link your Axis savings/current account with your Axis PPF account and get internet/mobile banking activated.
- You can then log into your banking account online using your net banking or mobile banking credentials to check your PPF account balance online.
- To check your PPF account balance offline, you can get your Axis PPF passbook updated at the Axis Bank branch. It will contain details of all credits/debits of your Axis PPF account till date.
Axis PPF Withdrawal
The following are some key facts about the PPF account balance withdrawal process for Axis Bank:
- Partial withdrawal of available PPF balance may be made after completion of 6 financial years and beginning of the 7th financial year of account operation calculated from the 1st year of PPF account subscription. However, it is suggested that one should check with the respective website of the bank to determine when partial withdrawal is allowed. Some banks, such as ICICI and Axis, allow withdrawals after 5 years and some after 7 years (SBI and HDFC)
- The amount that you can prematurely withdraw from your Axis PPF is capped at 50% of the PPF account balance in the year preceding the withdrawal.
PPF Account Closure
Since there is a lock-in period of 15 years, premature withdrawals cannot be initiated
The account can be closed in case of death of a customer, the nominee or legal heir only, after submitting all the required documents
You can submit ‘Form-C’ to close the PPF account
Axis Bank Customer Care
In case of any doubts, queries or discrepancies, one can call on the numbers mentioned below to get the queries solved instantly:
Customer Service no.: 1860 419 5555
Frequently Asked Questions
Q.1: Does Axis Bank have PPF account?
Ans: Yes, Axis Bank allows individuals to open PPF account but, for that, you need to have a savings account with Axis Bank. This savings account can be linked to the PPF account as well.
Q.2: How can I check my PPF account in Axis Bank?
Ans: You can log in to your Axis Bank net-banking app or website using your online banking credentials and access your PPF account. If you wish to check your account offline, you can go to your bank branch and get the passbook updated.
Q.3: Can a minor apply for Axis Bank PPF account?
Ans: Yes, a minor can apply for PPF account but the same will be operator by an adult. To open a minor account, the date of birth certificate must be provided at the bank.
Q.4: What is the locking period for the PPF account?
Ans: There is a lock-in period of 15 years in PPF after which the money can be drawn completely. However, premature withdrawals can be made from the start of 7th financial year.
Q.5: Can I open PPF account in Axis bank for my child?
Ans: Yes, you can. But, you will have to provide all the necessary documents along with the minor’s documents to get the account opened.
Q.6: How to partially withdraw from my PPF?
Ans: Partial withdrawals can be made from the 7th financial years from the date the PPF account was opened. A withdrawal application is required to be submitted along with the copy of updated passbook to initiate the withdrawal.