Canara Bank PPF Account: Interest Rate, How to Open, Eligibility & Withdrawal

Public Provident Fund or PPF in India is a Government of India-backed investment option therefore it features low levels of risk which translates to guaranteed returns on maturity along with tax deduction of up to Rs. 1.5 lakh annually. At present, you can open a PPF account with various public sector banks in India including Canara Bank as well as with select leading private sector banks and India Post offices. Read on to get a detailed insight into Canara Bank PPF account features, PPF interest rate in Canara Bank, eligibility criteria, account opening procedure and more.

Canara Bank PPF Interest Rates 2024-25

The PPF account interest rate may be changed once each quarter as per the decisions made by the Finance Ministry. The interest rate offered for Canara Bank PPF is 7.1% for the Q3 (October-December) FY 2024-25. To know the historical interest rates of PPF accounts held with Canara Bank*, click here.

Features of Canara Bank PPF Account

• PPF maturity is 15 years from account opening date. The extension allowed in 5 year blocks after maturity
• The minimum investment required to keep a Canara Bank PPF Account active is Rs. 500, maximum annual investment allowed is Rs. 1.5 lakh
• Online services available to Canara Bank net banking customers include PPF account opening, PPF account balance check, online transfer to/from PPF account, etc.
• The PPF account can be transferred from one branch to another/other banks/Post Offices by paying the applicable charges
• Subscribers can set up online standing instruction for monthly contribution (max. 12 annually)
• PPF offline deposits can be made using cash/cheque or draft
• A maximum of 4 people can be nominated by a PPF account holder

Eligibility Criteria

The eligibility criteria for opening a Canara PPF Account are as follows:

• Resident Indians aged 18 years or more are allowed to open Canara Bank PPF Account
• Minor PPF accounts can be opened by parents/guardians on behalf of a minor child
• Joint PPF accounts are not allowed and only one PPF account allowed per person
• Canara Bank PPF accounts cannot be opened by NRIs/HUFs. In case an existing PPF subscriber becomes NRI before the maturity of the account, he/she can continue operating the account till maturity on non-repatriation basis.

Documents Required to Open Canara Bank PPF Account

Given below is the list of documents required to open a PPF account with Canara Bank:

• Completely filled PPF opening form
• Passport size photograph
• Self-attested copies of ID proof – Aadhaar, PAN, Driving License, Voter ID, etc.
• Address Proof – Aadhaar Card, Passport, Electricity Bill, etc.
• KYC document filled as per rules and regulations
• Birth Certificate in case the PPF account is being opened on behalf of the minor

Click here to find out the complete list of acceptable documents required for PPF account opening.

How to Open PPF Account in Canara Bank

Online Process

Canara Bank offers the option to open a Canara Bank PPF account online. The following are the key steps of the online PPF account opening process:

1. Go to the Canara Bank Online PPF Account Opening page
2. On clicking on the ‘Account Opening’ option, you will be taken to the Canara PPF registration page
3. You are required to provide and submit details such as name, date of birth, mobile number (for OTP verification) and email id
4. Type in the OTP received on your phone to start the online PPF account opening process
5. On subsequent pages, you will be required to provide additional details and also upload your photo/KYC documents as part of the process

Once your Canara PPF account is opened online, the bank will print a PPF passbook which will contain key details such as PPF account number, balance, branch code, etc. You need to keep this handy for your records and get it updated from time to time from any nearby Canara Bank branch.

Offline Process

You can also open your Canara Bank PPF account offline using PPF Form A which is available for download on the Canara Bank website as well as at bank branches. You simply need to fill out and submit the form at the nearby Canara Bank branch with photographs and supporting documents such as Aadhaar, PAN, etc.

How to Access Canara Bank PPF Account Passbook

With Canara Bank, users can access their Canara Bank PPF account passbook both online and offline and check key details relating to both accounts, credits as well as debits.

How to Get PPF Account Passbook Online

• To avail online services, you need get net-banking activated for your account
• Log-in to the Canara Bank website using your user ID and password
• Now, select the appropriate option to access your passbook
• The passbook can be downloaded and printed as well

Steps to Get PPF Account Passbook Offline

• Visit your nearest Canara Bank branch
• Get your PPF passbook updated and check all the transactions easily

Canara Bank PPF Account Statement Download

You can also download your Canara Bank PPF account e-statements online via net banking. For this, account holders simply need to log in to netbanking using their user id and password. With these e-statements you can easily keep a track of all the debits as well as credits made in your Canara Bank PPF account.

PPF Account Balance Check

Canara Bank allows PPF account balance check via both online and offline methods:

• To check PPF balance online, your PPF account needs to be linked to your Canara Bank savings/current account and internet/mobile banking must be enabled
• You can use your phone/online banking credentials to log into your banking account to check the current balance of your Canara Bank PPF account
• You can also check your PPF account balance offline by updating your Canara Bank PPF passbook on a periodic basis

Canara Bank PPF Calculator

You can use the Canara Bank PPF calculator to:

• Compute the maturity value of your PPF account
• Know the interest that you will earn on your PPF account
• Performance of the account vis- Principal and Interest Earned

Note: Rs. 1.5 lakh is the maximum amount of money on which you can earn interest by contributing to your PPF account. Moreover, any excess amount that you contribute is not eligible for tax benefits.

How to Transfer Canara Bank PPF Account

Canara Bank offers the facility of intra-transfer of PPF accounts, that is, transferring your PPF account from one Canara Bank branch to another. Besides, it also lets account holders transfer their PPF accounts from/to other banks/Post Offices.

PPF Account Transfer within the Same Bank or Post Office

• Submit a written application clearly stating the reason for transfer
• Specify details such as branch name, address & IFSC of the current branch as well as the branch to which it is supposed to be transferred
• The account holder should also sign the application
• Submit the application at the bank branch where the PPF account is currently held

PPF Account Transfer from Post Office to Bank or Vice Versa

• Visit your current bank branch/post office where the account is held along with the PPF passbook
• Write, sign and submit an application for the transfer stating 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
• Following this, you will need to submit a fresh account opening form along with all the documents required to open the account at the new branch/post office
• Do note that the transfer is processed in about 30 days

Mode of Deposit

You can deposit money into Canara Bank PPF Account either by cash/cheque (offline) or through internet/mobile banking (online). Given below are a few key details relating to the available modes of making PPF account deposits-

• Canara Bank offers the facility of online transfer of remittance to PPF accounts. However, this online transfer facility/Canara Bank PPF online payment is only available for net banking customers.
• You can link your existing Canara Bank savings/current account with your Canara Bank Public Provident Fund account to make online transfers immediately
• You can also fund your Canara Bank PPF account from other bank accounts using interbank transfer options like NEFT, ECS and standing instructions
• You can register for Standing Instructions facility at base branch without any charges to ensure regular monthly contributions
• Subsequent offline contributions/deposits can be made at any of the Canara Bank branches. Offline PPF deposits can be made using cash, cheque or draft

Read More: PPF Payment Methods

Partial Withdrawal/Loan in Canara Bank

Canara Bank PPF subscribers can opt for the loan against PPF subject to key terms and conditions:

• Loan against Canara Bank PPF can be availed after completion of 3rd year and before completion of the 6th year from date of account opening.
• The maximum PPF loan that can be availed between the 3rd and 6th year equals 25% of the PPF account balance recorded at the end of the 2nd year from account opening date.
• The interest rate applicable on loan against Canara Bank PPF account is 1% over the interest rate applicable to a PPF account.
• Partial withdrawal of PPF deposit is allowed seven financial years after account opening

Canara Bank PPF Account Extension

Canara Bank offers PPF account holders the option to extend the account tenure after PPF account has matured. The following are some key information in this regard:

• PPF account extension is not available to NRIs after Canara Bank PPF account has matured
• Application for extension needs to be made using PPF Form H within 1 year of PPF account maturity
• Canara Bank PPF account continues to earn interest at the applicable rate during the extension period
• PPF account extension can be made in 5-year blocks at a time with the option of not making any additional deposits

Canara Bank Customer Care

In case of complaints and issues, customers calling from within India can call on the following toll-free numbers given below:

 

                          1800 425 0018/1800 103 0018/1800 208 3333/1800 3011 3333

 Also Read: Canara Bank Customer Care

FAQs

Q. Can a PPF account be opened on behalf of a person of unsound mind?
Ans. Resident individuals can open an account in their name as well as on behalf of a minor or person of unsound mind.

Q. In how many installments can I deposit money in my Canara Bank PPF account?
Ans. The minimum deposit that you can make to your Canara Bank PPF account is Rs. 500 while the maximum is Rs. 1.5 lakh in a financial year. However, you can deposit the amount in lump-sum or as many installments as you wish.

Q. Do I need to visit the home branch to get my Canara Bank PPF account passbook updated offline?
Ans. No, you can visit any Canara Bank branch to get your PPF account passbook updated offline.

Q. What is the penalty to revive my inactive Canara Bank PPF account?
Ans. You can revive your inactive Canara Bank PPF account by paying a penalty of Rs. 50 for each year that the account was inactive along with a minimum contribution of Rs. 500 for all such years.

Q. How much return will I get on my Canara Bank PPF after completion of 15 years?
Ans. The maturity amount will depend on the principal amount that you invest and the interest earned on it.

Canara Bank PPF Interest Rates Historical

Time Period	Interest Rate (per annum))
Q1 FY 2021-22	7.1%
Q4 FY 2020-21	7.1%
Q3 FY 2020-21	7.1%
Q2 FY 2020-21	7.1%
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%

*Canara Bank PPF account features annual compounding.