State Bank Of Mysore offer Public Provident Fund (Amendment) Scheme, 2011. It shall come into force on the 1st day of December 2011

Public Provident Fund scheme

The Public Provident Fund scheme is a statutory scheme of the Central Government framed under the provisions of the Public Provident Fund Act, 1968.

Interest 8.7% w.e.f 01.04.2013 (subject to change as per GOI/RBI directives) to be applied annually.

The account can be opened in any branch of the State Bank of India or in any of the nationalised banks.

An individual can open a Public Provident Fund Account in his own name.

He can also open an additional account on behalf of a minor of whom he is guardian.

He can subscribe any amount in multiples of Rs. 5/- of not less than Rs.500/- and not more than Rs.1,00,000/- in a year in each of his account.

The deposits in excess of Rs. 1,00,000 made during a year will not carry any interest and will not be eligible for rebate.

Those having General Provident Fund or Employees' Provident Fund Account can also open a Public Provident Fund Account.

It is not necessary to deposit subscription in every month of the year.

The account can be closed after completion of 15 full financial years.
This is, of course, optional and the subscriber can continue the account even after the period of 15 years for any number of further blocks of 5 years by exercising an option in form 'H'.

Subscriptions to Public Provident Fund qualify for deduction from the taxable income of the subscriber for Income Tax purpose like contributions to Provident Fund, Life Insurance, etc.

The interest credited to the fund is totally exempt from Income Tax.

(17) The amount standing to the credit of the subscriber in the fund is totally exempt from Wealth Tax.

The balance in the PPF account is not subject to attachment under an order or decree of court in respect of any debt or other liability

For more details Contact your nearest Branch of State Bank of Mysore or

Chief Manager

State Bank of Mysore
Government Business Department
H .O.: K.G.Road, Bangalore - 560009, INDIA
Phone: 91 80 22353901 .extn.380
Fax: 91 80 22283684
Email: agmgbd@sbm.co.in