#1
September 3rd, 2015, 11:55 AM
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PPF Account in PNB
I am planning to open an account in the PNB bank and want to know all about Public Provident Fund Scheme (PPF) of this bank. Will you please tell me what facilities this PNB bank offers with a PPF account and also tell me process to open an account? Public Provident Fund Scheme was introduced by Government of India in1968 and it provides the depositor the twin benefits of attractive return and tax benefit. It is operational in all branches of PNB (Punjab National Bank). 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 (NRIs) cannot open the account w.e.f. 25.07.2003 HUFs cannot open the account w.e.f. 13.05.2005 Only one account can be opened by an individual in one name. 2nd PPF Account opened in contravention of PPF Rule shall not earn any interest on it. Duration The account is of 15 years duration and 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 is payable as per Government of India, Ministry of Finance Gazette Notification issued in each quarter. Tax Benefits Presently, the subscriptions to the account qualify for deduction under Section 80 C 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. Nomination Nomination facility is available. Documents Required ID Proof PAN Card Driving License Voter ID Card Passport Aadhar No. Address Proof Telephone Bill Electricity Bill Ration Card 2 (Recent) Photographs Last edited by Neelurk; May 9th, 2020 at 09:44 AM. |
#2
October 8th, 2019, 09:48 AM
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Re: PPF Account in PNB
Can you tell me in detail about the PPF (Public Provident Fund) Scheme offered by PNB (Punjab National Bank) as I want to open an Account?
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