Public Provident Fund

PUBLIC PROVIDENT FUND SCHEME  – 1968

The PPF Scheme has come into force from 01.07.1968. It is an ideal investment option for both salaried as well as self-employed class. The Scheme enables the members of the public to make contributions to the Fund and obtain Income Tax rebate under the relevant provisions of the Income Tax.

Eligibility

  • Individuals who are residents of India are eligible for opening an account under the PPF Scheme. However, each person is eligible to open only one account under his/her name.
  • A PPF account can also be opened under the name of a minor by his/her legal guardian.
  • Non Resident Indians (NRIs) are not eligible to open an account under the PPF Scheme.
  • HUF (Hindu Undivided Family)-An individual cannot invest on behalf of HUF or Association of persons.

 Minimum/Maximum Investment

  • Minimum investment per financial year in PPF is Rs. 500/- and with effect from 01.12.2011 (as per Government notification GSR (E) dated 13.08.2014) the maximum limit has been raised from Rs. 1,00,000/- to Rs. 1,50,000/-.
  • The minimum payment is Rs. 100/- and the total payment in a financial year shall not be less than Rs. 500/-. 

Duration

·         15 years

·         Can be extended for one or more blocks of 5 years  

Rate of Interest

7.8% (w.e.f. 01-07-2017 to 30-09-2017) per annum credited in account on 31st March every year calculated on the minimum balance between 5th day and end of the month.

PPF Amendment on Premature Withdrawal

Click Here to navigate to Public Provident Fund Page

PPF Forms

 Click here to download designated branches

 

 

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