The Punjab and Sind Bank is a public sector bank with pan-India presence. The bank offers PPF accounts to new customers as well as customers looking to transfer their existing PPF accounts to one of its branches.

The PPF accounts offer an array of benefits including tax exemptions, attractive interest rates, easy liquidity and flexibility in choosing deposit amount, among others.

The Bank is opening accounts and accepting deposits in Public Provident Fund Scheme and Senior citizen Scheme saving Schemes through our fifty branches which have been authorized by Ministry of Finance to accept subscriptions under PPF Scheme 1968 and SCSS 2004.

Rate Of Interest:
8.70% per annum

Interest will be paid on 31st March every year.
Interest is calculated on the minimum balance between 5th day and end of the month.

The interest rate notified by Government of India effective from April 01, is 8.7%p.a.

Public Provident Fund Scheme:

Deposits upto Rs 1 Lac qualify under Section-80C of I.T. Act
Interest earned is completely free from Income Tax.
The Rate of Interest is 8.7 %.
Easy liquidity by provisions of loan and withdrawal

Tenure: 15 years; account continuance is allowed beyond maturity for 5 years at every renewal, with or without making additional deposits.

Initial investment/deposit: Rs.100 to open the account

Annual Deposit amount: Rs.500 - Rs.1.5 lakhs per year (can be revised as per government directive)

Deposit frequency: A deposit has to be made every year, for 15 years, to keep the account active.

Documents needed:

Documents required to open a PPF account are KYC documents such as identity proof, address proof and signature proof.

Passport, PAN Card, Aadhar Card, Driving License, Voter’s ID, Employer’s letter, Utility Bill, Rental/Lease Agreement, Bank Account Statements, Ration Cards, Signed Cheque
Photographs
The account opening form, along with nomination forms if nominees are being named.
This is not an exhaustive list. Banks may request additional documents if necessary.