Oriental Bank Of Commerce PPF Account

Hi buddy can you here tell me about features of Oriental Bank Of Commerce PPF Account, as my want to open this account there ??

[Rajkumar Agarwal]

As you asking I am telling Oriental Bank of Commerce is authorized to operate Public Provident Fund (PPF) scheme through 300 Branches across the India.

Eligibility for open PPF account
An Individual
An Individual on behalf of a minor of whom he / she is the guardian
NRIs / HUFs cannot open the account.


Account Subscription
Minimum of Rs.500/- is to be deposited every financial year.
Maximum of Rs.150000/- can be deposited in a financial year.
Deposits can be made in one lump sum or convenient 12 installments in a year.


Interest rate
Rate of interest for the financial year 2014-15 is 8.7%
Interest is to be credited in the account on 31st march of every year.


Term of Account
The term of the account is 15 financial years.


Extension of Account

Oriental Bank Of Commerce PPF Account can be continued with deposits by exercising the option in form H to extend the account for a block of 5 years


Loans

On Oriental Bank Of Commerce PPF Account loan facility available any time after the expiry of one year from the end of the year in which the initial subscription was made but before expiry of five years from the end of the year in which the initial subscription was made.


Withdrawals
There is a lock-in period of 15 years and the money can be withdrawn in whole after its maturity period.

Transferability

A subscriber may apply for transfer of his account from one “Account Office” to another “Account Office”.


PPF tax concessions
Subscription in Oriental Bank Of Commerce PPF Account qualify for tax rebate under section 80-C of Income Tax Act

Interest accrued on Oriental Bank Of Commerce PPF Account and withdrawals thereof are fully exempted under sec. 10(11) of Income Tax Act
Balances held in PPF account is also exempted from wealth tax

Tax bracket for PPF is EEE i.e. (exempt, exempt, exempt).