In Indian Overseas Bank, the consumers will find the facility of public provident fund scheme. With this scheme, the consumers will be able to save the tax on return of long-term savings. If you want to avail the tax benefits on your long-term saving in Indian Overseas Bank, you just need to apply for public provident fund account as a consumer. All the individuals and minors will be able to open the account with a guardian. You will be able to deposit the minimum fund of Rs 500 per year in your PPF account in this Bank.
If you are using PPF account facility in Indian Overseas Bank, they will credit 8.60 % interest rate every year on your deposits. You will be able to apply for PPF account in this bank with the methods given below:
- Visit the bank branch for PPF account
If you want to apply for PPF account in Indian Overseas Bank, you just need to visit the bank branch for it. You can know about all the branches at the website link https://www.iob.in/1Provident-fund-scheme-19681 where this facility is available.
You will fill and submit the application form to apply for PPF account with all the required documents to the bank executive. After verification, they will activate your PPF account.
- Online process to apply for PPF account
The consumers can also avail the online benefits to apply for PPF account in Indian Overseas Bank. You can use your internet banking account and can apply for PPF account online easily. You will fill and submit the application form with all mandatory information. You will also find the option to deposit the funds in your PPF account by using online process.
Therefore, the consumers will be able to avail tax benefits on the returns by applying for PPF account in Indian Overseas bank with these processes.
I do no have an IOB account, but hold a PPF account. Can I transfer money to the PPF account by online transfer eg NEFT, etc.?