Here is the IOB PPF Calculator to help you know the PPF maturity amount from Indian Overseas Bank. We have provided the list of IOB PPF Rates of interest for the financial years of 2000 to 2017. If you want to open a PPF account in Indian Overseas Bank, here are the easy steps for you. So, get down the page and make use of the following information provided.
Online IOB PPF Calculator
The Indian Overseas Bank PPF calculator aids you in calculating the maturity amount on your IOB PPF account. It provides you with the annual interest you earn on your initial investment. With the help of IOB PPF account calculator, you can get the maturity amount instantly. You need to choose the type of deposit which is either a fixed deposit or a variable deposit. To make use of the Indian Overseas Bank PPF interest calculator, you should also choose the deposit amount.
IOB PPF calculator helps you in estimating the amount you will be investing for a certain duration. Since the IOB PPF interest rate varies annually, it will be added to your amount every year. At the end of your maturity, you will receive the investment along with interest. So, to use the PPF calculator of IOB, you should enter the details of following.
- Indian Overseas Bank PPF interest rate for that financial year.
- Investment value.
- Duration of your PPF.
- Subscription type (Yearly/Monthly/Quarterly/Half Yearly)
How to Use Indian Overseas Bank PPF Calculator?
- Click on the below link to IOB PPF Calculator.
- The IOB public provident fund calculator opens on your screen.
- Fill in the above mentioned details and check for any mistakes of entries.
- Then click on “calculate.”
- The IOB PPF rates calculator displays your maturity amount that you will receive at the end of tenure.
So, to use IOB PPF calculator online, click the below link.
IOB Bank Interest Rates on PPF
|IOB PPF Interest Rates|
|Financial Year from April to March||IOB Interest rate on PPF|
|2000 to 2001||11.0%|
|2001 to 2002||9.5%|
|2002 to 2003||9.0%|
|2003 to 2004||8.0%|
|2004 to 2005||8.0%|
|2005 to 2006||8.0%|
|2006 to 2007||8.0%|
|2007 to 2008||8.0%|
|2008 to 2009||8.0%|
|2009 to 2010||8.0%|
|2010 to 2011||8.0%|
|2011 to 2012||8.6%|
|2012 to 2013||8.8%|
|2013 to 2014||8.7%|
|2014 to 2015||8.7%|
|2015 to 2016||8.7%|
|2016 to 2017||8.1%|
The Indian Overseas Bank provides its customers with attractive interest rates on IOB PPF accounts. Moreover, the current IOB rates of interest on PPF is 8.1%. This interest is credited to your account on 31st of March every year on your balance between 5th day and end of the month.
About IOB PPF Scheme
A major Indian Bank with its headquarters at Chennai is the Indian Overseas Bank. It has around 3350 domestic branches all over the country and 1150 branches only in the state of Tamil Naidu. IOB was set up in the year 1937 with a motto of promoting overseas banking and boost foreign exchange operations.
The Indian Overseas Bank provides a variety of financial products and services like private banking, corporate banking, retail banking, asset management, etc. IOB is one of the few banks which have implemented the Core banking solutions as a part of their working system. This is to provide an integrated and robust platform for its customers.
One of the services offered by IOB is the Public Provident Fund. This is a savings-cum-tax savings account that helps in mobilising your savings and to gain the benefits of income tax. Under section 88 of the Income Tax Act, 1961, the deposits of IOB PPF account are tax deductible. Only the selected branches of Indian Overseas Bank offer PPF scheme.
So, to know more details on the Public Provident Fund Scheme of IOB, click the below link.
Indian Overseas Bank PPF – Overview
|Bank Name||Indian Overseas Bank|
|Scheme Name||IOB Public Provident Fund Scheme|
|IOB PPF Scheme Duration||15 Years|
|Indian Overseas Bank PPF Interest Rate||8.1%|
|Minimum IOB PPF annual amount||Rs. 500 per year|
|Maximum IOB PPF annual amount||Rs. 1, 50, 000 per year|
|IOB PPF account Maturity Period||15 Years|
|Indian Overseas Bank PPF Eligibility||Any individual|
IOB Online PPF Account Opening
An individual can apply for the Indian Overseas Bank PPF account online through some simple steps. For opening an IOB PPF account online, one should have an internet banking account with Indian overseas bank. Below are the steps to open the IOB internet banking account and PPF account. Once you have opened the PPF account, you can use the IOB PPF Calculator to know your maturity and investments.
How to Open Indian Overseas Bank PPF Account Online?
- Log on to the Indian Overseas Bank official website to register.
- Fill in the application form online.
- Submit the form in the IOB branch.
- Once the bank receives the application, your net banking account will be active.
- Then you can fill the IOB PPF form from your net banking account and submit the print in the IOB branch.
- Hence, you have opened the PPF account in IOB.
So, to know more details on Indian Overseas Bank PPF account, click the below link.
IOB PPF Account Opening Documents
The applicant of Public provident fund account in IOB should submit the following documents to the bank. Here is the list of those documents to open a PPF account with IOB according to the bank norms.
- ID proof – PAN/driving license/passport/voter ID
- Indian Overseas Form PPF Opening form.
- Address proof – Electricity bill / Telephone bill / Ration card
- Pay-in-slip or a cheque.
IOB PPF Account Opening Form
One can get the Indian Overseas Bank PPF account opening form from the bank’s website or from the branch. You need to fill in some details while submitting the form. Below is the list of the details you need to fill.
- PAN number
- Pay-in-slip or a cheque.
- Name of the branch.
- Initial investment value.
- Debit Mandate.
- Debit account number.
- Standing instructions.
Features of Indian Overseas Bank PPF
Below is the list of features of IOB PPF account.
If you continue the account after maturity, then you are eligible for a loan against the account. You can avail a loan only after the 3rd year from the first financial year of account opening.
One can withdraw the amount every year only after the completion of the fifth policy year. You can withdraw only 50% of your investment.
Under section 80C of th eIncome Tax Act, the account gets the tax deductions. Your interest will be free from income tax and your credited amount is also free from wealth tax.
Recovery of Account
An account which is discontinued can be recovered by paying Rs.50 every year and a subscription fee of Rs.500.
The duration of IOB PPF account is 15 years. Even after the completion of tenure, one can continue the PPF account for another one year or a block of five years. This should be done with a written request within a year from the maturity date. However, you can use our IOB PPF Calculator to know your maturity amount.
Rules and Guidelines of PPF Account in IOB
Below are the rules and guidelines of IOB PPF account.
- All the individuals including minors are eligible for opening a PPF Account in Indian Overseas Bank.
- If the account holder is a minor, then the guardian should open his/her account.
- NRIs and Hindu unified Individuals are not eligible to open a PPF account in IOB.
- One account for one individual is the theme of IOB PPF scheme.
- Multiple accounts on a single name are not allowed.
- The subscription limit for the PPF account is Rs,1,00,000 per year.
To know the rules of premature withdrawal of PPF account, click here
Money Deposit in Indian Overseas PPF Account
You can deposit money in the IOB public provident fund account in two ways. One way to deposit your investment is the online process and the other one is the offline process. The online process of money deposit in PPF account is an easy process.
IOB PPF Online Payment
- Login to the IOB account online for the online payment through IOB net banking.
- Transfer the fund or the deposit money online.
- Enter a few details of PPF account number and payee’s name in the Indian Overseas Bank PPF Deposit Form.
- Hence, you have deposited the amount in your PPF account in IOB.
Offline Deposit in PPF of IOB
- Visit a nearby branch of IOB to make a deposit in IOB PPF.
- Fill up the PPF form of Indian Overseas Bank.
- Deposit money through a cheque or a pay-in-slip.
- Submit the form and the slip in the bank.
Transfer PPF Account From Post Office to IOB
- Submit a written PPF account transfer request letter and a transfer form to the post office.
- You can avail the PPF Account Transfer form online.
- Once you submit the form, the post office verifies and closes the account.
- Finally, it sends an outstanding balance cheque to the bank with some policy documents.