The Government of India has authorised IDBI Bank to receive subscriptions to PPF Accounts through its designated 675 branches across India.

The Details of the PPF Account is as Follow

SUBSCRIPTION LIMITS: Minimum of Rs.500/- and a maximum of Rs.1,50,000/- per financial year may be deposited. Any amount in excess of Rs.1,50,000/- in a financial year shall neither earn any interest nor will be eligible for rebate under the Income Tax Act. The amount can be deposited in lump sum or in a maximum of 12 instalments per year.

Maturity Period : 15 years. Extendable for 1 or more blocks of 5 years each after maturity.

RATE OF INTEREST: As declared by Government of India time to time.

TAX BENEFITS: Income Tax benefits are available under Sec 80C of the IT Act. Interest income is also totally exempt from Income Tax. Amount outstanding to the credit is fully exempt from Wealth Tax.

NOMINATION: Nomination facility is available in the name of one or more persons.

8) LOANS : A depositor can avail loan against balance in the PPF account in the third financial year. Rate of Interest for Loan will be 2% above the rate of interest on PPF.

Maturity Period : 15 years. Extendable for 1 or more blocks of 5 years each after maturity.

Partial Withdrawal: Partial withdrawal is allowed once every year but after the expiry of 5 years from the end of financial year of the initial deposit in the PPF account.

For more details you may Visit the Near by branch of the IDBI Bank