How to Apply for Public Provident Fund – 2021 (Updated)

 

Post Office – Public Provident Fund:

  • Deposits can be made in lump-sum or in 12 installments.
  • Joint account cannot be opened.
  • Account can be opened by cash/cheque and In case of cheque, the date of realization of cheque in Govt. account shall be date of opening of account.
  • Nomination facility is available at the time of opening and also after opening of account. Account can be transferred from one post office to another.
  • The subscriber can open another account in the name of minors but subject to maximum investment limit by adding balance in all accounts.
  • Maturity period is 15 years but the same can be extended within one year of maturity for further 5 years and so on.
  • Maturity value can be retained without extension and without further deposits also.
  • Premature closure is not allowed before 15 years.
  • Deposits qualify for deduction from income under Sec. 80C of IT Act.
  • Interest is completely tax-free.
  • Withdrawal is permissible every year from 7th financial year from the year of opening account.
  • Loan facility available from 3rd financial year.
  • The PPF account can be opened in a Post Office which is Double handed and above.

From 1.4.2016, interest rates are as follows:- 8.10% per annum (compounded yearly).

Type of Account Minimum Amount for Opening Minimum Deposit Maximum Deposit
Public Provident Fund(Individual account on his behalf or on behalf of minor of whom he is the guardian) INR 100/- INR. 500/- in a financial year INR. 1,50,000/- in a financial year

Banks – Public Provident Fund:

There are Many Banks in Bangalore are supporting PPF Accounts Like ICICI, HDFC, Canara & SBI ..etc

1. ELIGIBILTY – Individuals in their own name as well as on behalf of a minor can open the account at any Branch. As per extant instructions, opening of PPF accounts in the name of Hindu Undivided Family is not permitted.

2. INVESTMENT LIMITS – A minimum of Rs.500.00 subject to a maximum of Rs.1,50,000 per annum may be deposited. The subscriber should not deposit more than Rs.1,50,000 per annum as the excess amount will neither earn any interest nor will be eligible for rebate under Income Tax Act. The amount can be deposited in lump sum or in a maximum of 12 installments per year.

3. DURATION OF SCHEME – Original duration is 15 years. Thereafter, on application by the subscriber, it can be extended for 1 or more blocks of 5 years each.

4. RATE OF INTEREST – The rate of Interest determined by Central Govt. on quarterly basis. At present it is pegged at 7.90% per annum with effect from 01.04.2017. Interest is paid on 31st March every year. Interest is calculated on the minimum balance between 5th day and end of the month.

5. LOANS AND WITHDRAWALS – Loans and withdrawals are permitted depending upon the age of the account and balances as on the specified dates.

6. TAX BENEFITS – Income Tax benefits are available under Sec 88 of IT Act. Interest income is totally exempt from Income Tax. Amount outstanding to the credit is fully exempted from Wealth Tax also.

7. NOMINATION – Nomination facility is available in the name of one or more persons. The shares of nominees may also be defined by the subscriber.

8. TRANSFER OF ACCOUNT – The account can be transferred to other branches/ other banks or Post Offices and vice versa upon request by the subscriber. The service is free of charges.

9. PREMATURE PAYMENT – Premature payment is allowed only after the account or the account of the minor account holder of whom he/she is the guardian has completed five financial years,
where:

a) The amount is required for the treatment of serious ailments or life threatening diseases of the Account holder, spouse or dependent children or parents, on production of supporting documents from competent medical authority;

b) That the amount is required for higher education of the account holder or the minor account holder, on production of documents and fee bills in confirmation of admission in a recognized institute of higher education in India & abroad.

TAGS:

public provident funds,ppf scheme,public provident fund scheme,ppf account means,public provident fund sbi,post office public provident fund,public provident fund account,public provident fund interest rate,ppf minimum amount,ppf fund,public provident fund india,ppf minimum deposit,ppf account full form,about ppf,ppf ka full form,public provident fund scheme 1968,ppf account india,maximum amount in ppf,ppf savings,ppf deposit,icici bank ppf account interest rate,ppf act 1968,ppf yearly limit,ppf ac,sbi provident fund,ppf minimum contribution,public provident fund in hindi,ppf exemption,ppf tax,ppf financial year,public provident fund hdfc,ppf office,ppf is taxable,public provident fund rules,ppf interest is taxable,ppf maximum deposit,ppf withdrawal taxable,duration of ppf account,minimum contribution in ppf,ppf account scheme,minimum ppf contribution,public provident fund post office savings,sbi public provident fund scheme,public provident fund interest rate 2019,full form of ppf account,ppf account minimum deposit,ppf in tamil,ppf minimum deposit per year,ppf term,ppf minimum investment,public provident fund login,post office public provident fund scheme,ppf tax free,public provident fund online,new ppf rules,public provident fund details,public service mutual provident association,minimum amount for ppf in a year,minimum ppf deposit,public provident fund website,ppf interest tax free,ppf account minimum amount,multiple ppf account,maximum amount that can be deposited in ppf,ppf tamil,ppf minimum lock in period,rate of ppf interest,maximum limit of ppf,ppf minimum,public provident fund withdrawal rules,interest on public provident fund,online ppf account opening in post office,ppf public provident fund,minimum amount in ppf per year,contribution to ppf,sbi ppf account details in tamil,ppf account minimum balance,ppf maximum contribution,rate of interest for ppf account,ppf minimum period,ppf is tax free,minimum ppf amount,sbi public provident fund details,minimum yearly deposit in ppf account,ppf full form in income tax,ppf marathi,financial year for ppf,ppf upper limit,minimum period balance for ppf,bank ppf,bank ppf account,minimum balance in ppf account,ppf maximum deposit per year,ppf new rules 2018,ppf account maximum deposit in a year,public provident fund meaning in hindi,public provident fund axis bank,public provident fund benefits,ppf interest under income tax,current rate of interest of ppf,indian ppf,ppf account opening form in post office,minimum ppf contribution per year,saving public provident fund,public provident fund act,ppf account benefits in tamil,ppf minimum duration,ppf roi latest,maximum contribution to ppf,ppf account maximum deposit,minimum amount to open ppf account,ppf yearly deposit limit,sbi provident fund scheme,ppf government,about public provident fund,ppf maximum limit per year,tax on interest on ppf,personal provident fund sbi,public provident fund icici,public provident fund investment,ppf account minimum deposit per year,ppf account opening form post office,public provident,public provident fund scheme 1968 form sbi,sbi ppf account minimum deposit,postal public provident fund,ppf benefits in tamil,investment in ppf account,about ppf scheme,highest interest rate on ppf account,ppf account minimum period,financial year for ppf account,ppf minimum balance,public provident fund sbi interest rate,public provident fund scheme in hindi,duration of ppf,meaning of public provident fund,contribution to public provident fund,ppf account details in kannada,public provident fund for nri,public provident fund scheme sbi,ppf minimum deposit amount,post office public provident fund in hindi,ppf account full details,maximum limit in ppf,ppf initial deposit,public provident fund withdrawal,public provident fund account in sbi,ppf minimum years,ppf account investment,ppf maximum deposit in a year,ppf minimum term,government ppf scheme,ppf account meaning in tamil,public provident fund indian post office,public provident fund official website,public provident fund returns,public provident fund form,ppf maximum amount in a year,ppf account minimum deposit limit,ppf withdrawal is taxable,interest on ppf in post office,ppf account full details in hindi,ppf provident fund,public provident fund scheme post office,public provident fund definition,ppf maximum amount per year,public provident fund meaning in tamil,ppf investment details,ppf withdrawal minimum period,latest ppf rules,public provident fund meaning in marathi,sbi public provident fund interest rate,features of public provident fund,icici public provident fund,ppf account official website,inactive ppf account interest,state bank of india public provident fund,peoples provident fund,ppf maximum period,public provident fund organisation,whether ppf withdrawal is taxable,ppf interest current rate,uco ppf,public provident fund rules and regulations,ppf full form sbi,minimum deposit ppf account,government ppf account,ppf account minimum years,salient features of ppf account,15 year public provident fund account,ppf account maximum period,ppf account opening minimum amount,public provident fund bank of baroda,post office 15 years public provident fund,ppf minimum yearly deposit,ppf withdrawal tax free,public provident fund is a financial service provided through,public provident fund scheme details,ppf account website,type of ppf account,icici ppf account rules,minimum ppf amount in a year,ppf annual investment limit,minimum balance for ppf account,ppf taxable on withdrawal,public provident fund india post,public provident fund kotak mahindra bank,ppf amount withdrawal is taxable,public provident fund account details,online ppf account opening form post office,public provident fund canara bank,minimum contribution to ppf,public provident fund online payment,rules of public provident fund,full withdrawal of ppf,ppf account opening amount,ppf minimum annual contribution,ppf plan hindi,details of public provident fund,minimum period of ppf account,ppf account minimum duration,public provident fund rules 2018,minimum period for ppf,ppf minimum investment per year,advantages of public provident fund,minimum yearly contribution in ppf,axis bank public provident fund,ppf fund scheme,public provident fund means,public provident fund in hdfc,full form of ppf in bank,ppf fund details,public provident fund online account opening,public provident fund ppt,ppf account minimum lock in period,public provident fund icici bank,public provident fund exemption under income tax,ppf account tax,minimum amount for opening ppf account,yearly limit of ppf,ppf it exemption,public provident fund investment schemes

Leave a comment