Central Bank of India Public Provident Fund

Hello sir would you please give me some information about Public Provident Fund scheme of Central Bank of India?

[Quick Sam]

Public Provident Fund is savings-cum-tax-saving instrument in India and the scheme is the statutory scheme of the Central Government of India and this scheme is for 15 years.

Public Provident Fund Interest Rate is fixed by the Ministry of Finance, Government of India, annually, and at present is 8.7% compounded annually.

The minimum deposit is 500/- and maximum is Rs. 1,50,000/- in a financial year.

Rules of this scheme:
It is not mandatory to make a deposit in every month of the year. The amount of deposit can be varied to suit the convenience of the account holders.

Joint account is not permissible.

The deposits shall be in multiple of Rs.100/- subject to minimum amount of Rs.500/-.

Eligibility for this scheme:
Applicants who are residents of India are eligible to open their account under the Public Provident Fund and Non-resident Indians (NRIs) are not eligible to open an account under the Public Provident Fund Scheme.

Public Provident Fund Scheme details