Public Provident Fund (PPF)
- Public Provident Scheme 1968 is introduced in our Bank w.e.f. 1984. The scheme is now known as Public Provident Fund (Amendment) Scheme,2011
- PPF account can open by individual. The account on behalf of a minor can be opened by either father or mother. Both the parents cannot open a separate account for the same minor.
- Account cannot be opened in joint names
- Account cannot be transferred from one person to another
- Non-Resident Indians are not eligible to open the account under the Scheme w.e.f. 25.07.2003.
- The tenure of scheme is 15 years. After maturity of an account, it can be extended for one or more further blocks of 5 years without any loss of benefit.
- Interest Rate:
As per Govt. Guidelines
- Frequency of computing interest:
Interest is credited on 31st March every year
- The interest is totally exempt from Income Tax. The amount standing to the credit of the Subscriber in the Fund is totally exempt from Wealth Tax.
- Subscription in a Financial Year should not be less than Rs.100/- and not more than Rs.1,50,000/-. The number of subscriptions should not exceed 12 in a year. It can be deposited in lump sum also.