#1
20th July 2016, 12:03 PM
| |||
| |||
PPF Account Opening Form in State Bank of Patiala
Can you tell me which Form do I have to fill up for opening of the PPF Provident Fund (PPF) Account in State Bank of Patiala?
|
#2
20th July 2016, 01:12 PM
| |||
| |||
Re: PPF Account Opening Form in State Bank of Patiala
To apply for the PPF Provident Fund (PPF) scheme, 1968, in State Bank of Patiala one has to fill Form A and submit it at any branch with relevant documents. Eligibility • Individuals • Individuals on behalf of a minor Minimum/Maximum Investment • Minimum Rs.500/- per annum in multiples of Rs.5/- • Maximum Rs. 1,50,000/- per financial year Duration • 15 years • Can be extended for one or more blocks of 5 years • Account can be discontinued but repayment of subscriptions along with interest only after 15 years. Rate of Interest 8.1% (w.e.f. 01-04-2016) per annum credited in account on 31st March every year calculated on the minimum balance between 5th day and end of the month. Loans Loan upto 25% of balance at the end of first financial year from third to sixth year. Second loan can be taken on full payment of first loan. Withdrawals Only one withdrawal allowed during any one year from sixth year. Withdrawal limited to 50% of the balance at the credit at the end of 4th year preceding the year in which the amount is withdrawn or the end of the preceding year whichever is lower. The account extended beyond 15 years; partial withdrawal allowed up to 60% of the balance to the credit at the commencement of the extended period Tax Benefits • Benefit available u/s 88 of the I.T. Act. • Interest totally exempt from Income Tax. • Amount standing to the credit is fully exempted from Wealth Tax. |