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PUBLIC PROVIDENT FUND. FEATURES. Who can open? Account can be opened as single only by an adult or guardian on behalf of a minor Account can be opened with Rs.5/- at all Post Offices except Branch offices and single and double handed departmental offices and nationalized banks

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features
FEATURES

Who can open?

  • Account can be opened as single only by an adult or guardian on behalf of a minor
  • Account can be opened with Rs.5/- at all Post Offices except Branch offices and single and double handed departmental offices and nationalized banks
  • Account can be opened by local / outstation cheque also. For outstation cheque clearing charge should be collected in advance
  • Minimum amount of deposit is Rs.500/- and in multiple of Rs.5/- and maximum amount of deposit is Rs.100000/- in a financial year.Maximum 12 deposit in one financial year.
features1
FEATURES….
  • The period of account is 15 years from the end of the year in which account is opened
  • Rate of interest is 8.7% per annum
  • IBB is the lowest balance in between close of 5th and end of the month
  • Loan can be taken from the third financial year.Loan after two years and before five years from the end of the year of opening. 25% balance held two years back
  • Fresh loan is not allowed unless previous loan amount is repaid
  • 1% interest is charged for loan amount if it is repaid within 36 months
features2
FEATURES….
  • 6% interest is charged if loan is not repaid within 36 months
  • Withdrawal is allowed after 5 years from the end of the year in which the account was opened
  • Only one withdrawal in a financial year is allowed
  • Withdrawal- After 5 years from the end of year of opening.
  • Up to 50% of balance held 4 years back or balance at the end of previous year-whichever is less.
  • Withdrawal amount taken need not be returned
features3
FEATURES….
  • Investment in PPF account is exempted under Section-80C of Income tax and interest thereon is totally exempted
  • Depositor can close account in 16th financial year.
  • The account can also be continued with or without subscription for further block of five years
  • Not liable for attachment by court or other authority except for maintenance and income tax recovery
closure of public provident fund account
Closure Of Public Provident Fund Account.

After 15 financial years from the end of the year in which the account was opened.

Relaxation of Rules

In case of any hardship, premature closure is allowed only by ministry of Finance.

RULE NO : 151 POSB Manual Volume -I