Who is eligible to open a PPF account with the Central Bank of India?Â

Resident individuals above 18 and minors (through guardians) are eligible. HUFs and NRIs cannot apply.

What is the minimum and maximum deposit amount?Â

The minimum annual deposit is Rs. 500, and the maximum is Rs. 1.5 lakh.

What is the tenure of a PPF account?Â

The minimum tenure is 15 years, extendable in 5-year blocks.

Can I withdraw money before maturity?Â

Yes, premature withdrawals are allowed after 6 years, subject to conditions.

Is the interest earned taxable?Â

No, the returns and withdrawals are entirely tax-exempt.

What is the current Central Bank of India PPF interest rate?Â

The current interest rate for 2025 is 7.1%.

Central Bank of India PPF Account

The Central Bank of India, established in 1911, is a prominent banking institution offering various financial services, including the popular Public Provident Fund (PPF) account. This article provides a detailed overview of the Central Bank of India PPF account, covering its features, eligibility, benefits, and the Central Bank of India PPF interest rate.

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What is the Central Bank PPF?

The Public Provident Fund (PPF) is a government-backed savings scheme under the PPF Act, 2019. It encourages long-term wealth creation while providing tax advantages. The Central Bank of India is authorized to operate PPF accounts, offering individuals a secure investment avenue. The Central Bank PPF interest rate is a key factor for those considering this investment option.

Central Bank of India PPF Calculator

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Monthly Investment

₹500 ₹12.5K

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PPF Rate of Interest (Yearly)

Rate of Interest (Yearly)

Time Period

15 Years 50 Years

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Total Investment

Interest Earned

Maturity Amount

Eligibility for Central Bank of India PPF Account

To open a Central Bank of India PPF account, you must meet the following criteria:

Be a resident individual above 18 years of age.
Minors can apply through their legal or natural guardian.
Hindu Undivided Families (HUFs) and Non-Resident Indians (NRIs) are not eligible for this scheme with the Central Bank of India.
Joint PPF accounts are not allowed.

How to Open a PPF Account in the Central Bank of India

To open a Central Bank of India PPF account, visit your nearest branch and submit the following forms:

Form A – Account opening form
Form B – Pay-in-slip
Form E – Nomination slip

You'll also need to provide these documents:

PAN Card
ID proof
Address proof
Two passport-sized photographs
Aadhaar card

The bank may request additional documents if necessary.

Invest & Save upto ₹46,800 per annum in tax

Features of PPF Account in Central Bank of India

Deposit Amount and Frequency: You can open an account with as little as Rs. 100. The maximum annual deposit is Rs. 150,000, with a minimum of Rs. 500 required annually. If an individual maintains accounts for themselves and a minor, the combined maximum contribution remains Rs. 1.5 lakh.
Tenure: The PPF deposit has a lock-in period of 15 years. It can be extended in blocks of 5 years indefinitely, even without further contributions.
Premature Withdrawal: Withdrawals are permitted after the 6th year, subject to conditions:
- The maximum withdrawal is 50% of the balance at the end of the 4th year preceding the year of withdrawal.
- Alternatively, you can withdraw up to 50% of the balance at the end of the previous year, whichever is lower.
Premature Closure Policies: Premature closure is allowed after 5 years under specific circumstances:
- Life-threatening illness of the account holder, their dependent children, parents, or spouse.
- Higher education expenses.
- Change of residency.
- Supporting documents are required. A 1% lower interest rate applies upon early closure.
Nomination Facility: You can nominate one or more individuals for your Central Bank of India PPF account, specifying each nominee's share. In case of the account holder's death, the nominee(s) can transfer the account but cannot make further contributions to the existing balance.
Tax Benefits: Deposits up to Rs. 1.5 lakh qualify for tax exemption under Section 80C. The returns and withdrawals are entirely tax-free.
Account Transfer: You can transfer an existing PPF account from a post office or another bank to the Central Bank of India or vice versa. Transferring between Central Bank of India branches is also possible.
Interest Rate: The Indian government revises the Central Bank PPF interest rate quarterly. The current interest rate for 2025 is 7.1%. Interest is calculated monthly on the lowest balance between the 5th and last day of the month. The monthly interest is added to the principal annually and also earns interest. Upon maturity, the Central Bank of India PPF interest rate is calculated using a weighted average method, considering all applicable rates during the account's tenure.

Conclusion

The PPF is a secure and reliable savings option with guaranteed returns. Understanding the features and benefits of the Central Bank of India PPF account allows individuals to make informed investment decisions.

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FAQs

Who is eligible to open a PPF account with the Central Bank of India?

Resident individuals above 18 and minors (through guardians) are eligible. HUFs and NRIs cannot apply.
What is the minimum and maximum deposit amount?

The minimum annual deposit is Rs. 500, and the maximum is Rs. 1.5 lakh.
What is the tenure of a PPF account?

The minimum tenure is 15 years, extendable in 5-year blocks.
Can I withdraw money before maturity?

Yes, premature withdrawals are allowed after 6 years, subject to conditions.
Is the interest earned taxable?

No, the returns and withdrawals are entirely tax-exempt.
What is the current Central Bank of India PPF interest rate?

The current interest rate for 2025 is 7.1%.

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^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.

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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CARG 8%; ₹50,45,591 @ CAGR 4%

¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.

**Returns are based on past 10 years’ fund performance data (Fund Data Source: Value Research).

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