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  #2  
11th August 2015, 08:35 AM
Super Moderator
 
Join Date: May 2012
Re: Indian Overseas Bank PPF Account

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. The Scheme is operational in select branches of IOB. (List furnished separately)
The salient features of the Scheme are as under:

Eligibility:


a. Individual or individual as guardian of a minor can open the account.( cannot be opened in Joint names).
b. HUF are not eligible.
c. Non Resident Indians are not eligible to open the account.
d. Only one account can be opened by an individual in one name.
e. 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.
Duration:
The account is of 15 years duration and the account can be continued for one or more blocks of 5 years without loss of interest on written request within 1 year from the date of maturity.

Interest:

Interest at the rate of 8.60% is credited to the account on 31st March of every year on the minimum balance between 5th day and end of the month.

Loans and Withdrawals:

If the account is continued after maturity, a partial withdrawal up to 60% of the balance of credit at the commencement of the extended period is permitted. The depositor is eligible for a loan. The first loan can be taken in the third financial year from the financial year in which the account was opened up to 25% of the amount at the credit at the end of first financial year.
Withdrawal is allowed every year from the end of the 5th year. The amount is limited to 50% of the balance at credit, at the end of 4th year immediately preceding the year in which the amount is withdrawn or at the end of the preceding year which ever is lower less the amount of loan if any drawn by him which remains unpaid.

Transfer of a/c:

The account is transferable to and from permitted branches of Nationalised or Private sector Banks or Post Offices on a fee.Premature closure of the account after completion of 5 years from the end of the year in which the account was opened could be considered by the Ministry on genuine grounds of hardship.

Tax Benefits:

The subscriptions to the account qualify for deduction under section 88 of IT Act. The interest credited to the account is totally exempt from Income Tax. The amount standing to the credit of the account is fully exempted from Wealth Tax.

Revival:

Discontinued account can be revived on payment of Rs.50/- per year along with arrears of subscription of Rs.500/- p.a.
  #3  
25th November 2015, 10:36 AM
Unregistered
Guest
 
Re: Indian Overseas Bank PPF Account

Hii Buddy ,I want to apply for open a Public Provident Fund Account in Indian Overseas Bank , for my help , Will you please provide me details for my help ?
  #4  
25th November 2015, 10:38 AM
Super Moderator
 
Join Date: Apr 2013
Re: Indian Overseas Bank PPF Account

The Indian Overseas Bank Public Provident Fund Account is a Savings-Cum-Tax Savings Account which helps you mobilize your savings and gain income tax benefits.

Deposits made to the bank’s PPF account is tax deductible under section 88 of the Income Tax Act, 1961.

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.

The Scheme is operational in Select Branches of IOB. (List furnished separately) .


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

Duration:

The account is of 15 years duration and the account can be continued for one or more blocks of 5 years without loss of interest on written request within 1 year from the date of maturity.

For Complete detail information Here I am sharing Image of this page

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