Public Provident Fund which is generally know as PPF in India is a tool used by Indian citizens to save tax amount which they have to pay to Indian Government. If you are one of those Indian Citizens who are willing to save some tax amount then. Then PPF is a great way which you can go on and save some tax money for you. I think you have already completed your task to open PPF in Canara Bank and now you want to change name in Canara bank PPF account. If yes and you are searching online for an guide which will help you to change your name then you have been landed on the right website here.
When it comes to save money we all want to do so, we want to save the money we earn and be rich in our life. There are number of places where you can invest your money and get them doubled and save some tax money too like opening fixed deposit in Canara Bank and Public Provident fund is one of those ways. There are many advantages and disadvantages of this scheme which was introduced in India by central government in the year 1969. We will be telling you about those advantages and disadvantages of this scheme within this article.
Advantages of PPF Accounts.
But before we proceed to the further part of this guide, we would like to tell you about the Advantages you will be getting with PPF account in Canara Bank.
- This is completely risk free investment for your money.
- The process of opening PPF account in Canara Bank is very easy.
- There is no age limit for this account, what I mean to say is these accounts can be opened for minors too.
- You can get loan against the PPF account you have opened.
- The rate of interest which you will get with this is very good, better than other investment ways.
- The operation of this account, is very easy anyone can operate these accounts without putting much efforts.
- Your money will be locked for an period of time which is lock in period, which means you can’t use your money before that period. (period of 15 years)
Disadvantages of PPF Accounts.
Just like the advantages there are some disadvantages too, we have listed few of them below.
- If you are Non Residential Indian (NRI) you can’t open this account and invest money.
- You can’t touch your money before it gets matured. (Premature Closing is not allowed)
- You can’t open joint accounts under this scheme.
- There is an maximum investment cap, you can invest Rs. 1.50 lakhs only.
Recently we have published guides on:
- How to break Fixed Deposit in Canara Bank.
- Documents to open PPF Account in Canara Bank
- And How to change name in Canara Bank account.
How to Change Name in Canara Bank PPF Account?
So now let us get started with this article and check out the procedure which you need to follow to change name in Canara bank PPF account. But before that let us tell you is it possible to change name in Canara Bank PPF account?
Can we change name in Public Provident Fund?
Yes we can change the name in PPF account, but you need to give a correct reason to the bank about why you are changing. Your reason should be a valid one which should be supported by valid Address proof and Identity proof documents.
- Write an application to branch manager in which you have to portray the correct reason why you want to change your name, mention all the documents which you have attached with the application.
- Now take photo copies of your Identity proof and address proof documents and make your signature on them to make them self attested. (the documents should have your new name on them)
- Visit the branch where you have opened your PPF account, tell them that you want to change your name. They will give you a separate form which is used for this reason.
- Fill the form with all the details which is asked to you in it.
- Now submit your application with the documents attached and the form which you have obtained form the bank branch to the bank PO.
- Carry your original identity and address proof documents with you, Bank PO may ask the originals for verification purpose.
You are done with the procedure to change name in Canara Bank PPF account, I hope you are clear with all the steps and procedure which we have mentioned in this guide. If in case you have any kind of doubts or questions you can leave your comment below. We will reply to your comment as quick as possible to us and clear your doubts. For more in depth information regarding the name change you can visit bank branch too they will assist you with this.