The Public Provident Fund Scheme of State Bank Of Patiala introduced by Central Government in 1968.

Public Provident Fund Scheme

The Scheme enables the members of the public to make contributions to the Fund and obtan Income Tax rebate under the relevant provisions of the Income Tax.

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.

Eligibility-

Individuals
Individuals on behalf of a minor

Minimum/Maximum Investment-

Minimum Rs.500/- per annum in multiples of Rs.5/-
Maximum Rs. 1,50,000/- per financial year

Rate of Interest-

8.1% (w.e.f. 01-04-2016) per annum 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Withdrawal limited to 50% of the balance at the credit at the end of 4th year preceding the year in which the amount is withdrawn or the end of the preceding year whichever is lower.

The account extended beyond 15 years; partial withdrawal allowed upto 60% of the balance to the credit at the commencement of the extended period

Toll Free: 1800-180-2010