Indian Overseas Bank PPF Account

Hii sir, I Wants to get the Information About the PPF Account of the Indian Overses bank Will you Please provide It ?

[pawan]

Indian Overseas Banks Public Provident Fund (PPF) scheme is a great investment which provides great return, and it is with tax benefits. You can invest from Rs. 500 to maximum Rs. 1,50,000 in one financial year. PPF account has 15 years locking period, however anyone can partially withdraw from seventh year and onward.

Features And Benefits

Loans-The depositor is eligible for the loan if the account is continued after maturity. The first loan can be availed in the third year counting from the first financial year when the account was opened.

Withdrawals-Withdrawal is allowed every year from the end of 5th policy year.The withdrawal amount is limited at 50% of the balance at credit.


Tax benefits-The account qualifies for tax deductions under section 80C of the Income Tax Act.The interest on the account is exempted from income tax and the amount standing to the credit of the account is exempted from Wealth Tax.

Revival of discontinued account-A discontinued account can be revived on payment of Rs.50 every year along with the subscription fee of Rs.500 every year.

Duration- The duration of the account is 15 years. Though one can continue the account for one or more more block of 5 years provided that there exists a written request within one year from the date of maturity.

Interest Rates :

Interest rate on PPF account in Indian Overseas Bank is no different to all other bank and post offices rate. Current (FY16-17) interest rate for Indian Overseas Bank's PPF Account is 8.1%

Eligibility- The account is available for the residents of India including minors. In case of a minor, the guardian should open the account. The account is not available for Non resident Indians and Hindu Unified Individuals.

For more information you may Visit the Nearest branch of the HDFC Bank