Hello, here I am providing you the details of the Public Provident Fund account scheme of SBBJ as under:

PUBLIC PROVIDENT FUND - 1968
The PPF Account Scheme enables the members of the public to make contributions to the Fund and obtain Income Tax rebate under the relevant provisions of the Income Tax.

Eligibility
Individuals
Individuals on behalf of a minor

Minimum / Maximum Investment ( w.e.f. 01.12.2011 )
Minimum 500/- per annum in multiples of 5/-
Maximum 100,000/- per annum

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
8.80 % per annum effective from 01.04.2012 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Withdrawal limited to 50% of the balance at the credit at the end of 4th year preceding the year in which the amount is withdrawn

Tax Benefits
Benefit available u/s 80 C of the I.T. Act
Interest totally exempt from Income Tax.
Amount standing to the credit is fully exempted from Wealth Tax.