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  #1  
July 16th, 2016, 08:07 AM
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Public Provident Fund State Bank Of Patiala

I am planning to open an account in the State Bank of Patiala and want details about the Public Provident Fund. Will you please tell what the purpose of State Bank of Patiala Public Provident Fund along with interest rate also tell documents needed to apply for the PPF account here?
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  #2  
July 16th, 2016, 08:21 AM
Super Moderator
 
Join Date: Mar 2012
Re: Public Provident Fund State Bank Of Patiala

State Bank of Patiala, founded in 1917, is associate bank of the State Bank Group.

State Bank of Patiala Public Provident Fund is a savings as well as a tax saving instrument offered in India.

The main purpose of the State Bank of Patiala Public Provident Fund is to encourage small savings and offering reasonable returns along with the income tax benefits.

State Bank of Patiala PPF interest rate:

The deposits attract an interest of 8.7% compounded annually.

Documentation required to open PPF Account in State Bank of Patiala:

Form A to open the Public Provident Fund account
Nomination form
Passport sized photographs
Pan card copy or Form 60-61
ID proof and Residence proof as per the State Bank of Patiala’s norms.

The following are some of the guidelines that you need to keep in mind:

The deposit amount per year cannot exceed Rs.1,50,000 and the minimum deposit amount is Rs.500.
A penalty of Rs.50 is charged on defaulting the yearly payment.
Premature withdrawal is not allowed but if the customer dies, then his heir can close the account as per the regulations by the Ministry of Finance.
Customer can make one withdrawal every year from the 6th financial year.
Joint account is not allowed.

Contact:

General Manager (Treasury, F & A)
State Bank of Patiala
Head Office,The Mall, Patiala – 147 001
Phone No. 0175-2395629
E-mail id. gmtry@sbp.co.in


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