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11th January 2017, 03:57 PM
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Join Date: Aug 2012
Re: indian overseas bank PF

Indian Overseas Bank is a major public sector bank based in Chennai, with about 3700 domestic branches, including 1150 branches in Tamil Nadu, 3 extension counters, and eight branches and offices overseas as of 30 September 2014


the information About the Provident Fund Scheme of the Indian Overseas bank is given below


Public Provident Fund Scheme was introduced by Government of India on 01.07.1968 and it provides the depositor the twin benefits of attractive return and tax benefit.

Eligibility:

Individual or individual as guardian of a minor can open the account.( cannot be opened in Joint names).
HUF are not eligible.
Non Resident Indians are not eligible to open the account.
Only one account can be opened by an individual in one name.
Those persons who subscribe to General Provident Fund or Employees’ Provident Fund can also open the account.


Deposit:
Minimum remittance of Rs.500/- and maximum of Rs.1,00,000/- in multiples of Rs.5/- can be made in lumpsum or in 12 installments per year. (The subscription limits stands enhanced to Rs. 1,00,000/ per year


Interest:


Interest at the rate of 8.60% w.e.f 01.12.2011 ( 8.00% p.a upto 30.11.2011) is credited to the account on 31st March of every year on the minimum balance between 5th day and end of the month.

Revival:

Discontinued account can be revived on payment of Rs.50/- per year along with arrears of subscription of Rs.500/- p.a.

Customer service: 1800 425 4445


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