An account holder of Syndicate Bank can easily open a Public Provident Fund account by following the given steps:
One can open the account with a minimum amount of Rs 100 and but would have to deposit at least Rs 500 and a maximum of Rs 1,50,000 in the PPF account during the year. An account-holder can pay the amount either in a lump sum or in installments.
The interest is credited every year on March 31 and is calculated on the minimum balance between fifth day of the month and the last day.
One can open a PPF account by visiting the nearest Syndicate Bank branch and depositing the amount. The amount can be paid via a cheque as well, provided the date of realization of the cheque is the date of opening of the account.
- A PPF account can be opened in the name of only one individual and a Hindu Undivided Family cannot open a single PPF account.
- PPF account holders can also avail nomination facility at the time of opening the account and later as well.
- Syndicate Bank allows its customers to transfer PPF accounts between different branches.
- The bank does not allow premature closure of the account however, on maturity the account can be closed without an extension.