I am planning to open an account in the PNB bank and want to know all about Public Provident Fund Scheme (PPF) of this bank. Will you please tell me what facilities this PNB bank offers with a PPF account and also tell me process to open an account?

Public Provident Fund Scheme was introduced by Government of India in1968 and it provides the depositor the twin benefits of attractive return and tax benefit. It is operational in all branches of PNB (Punjab National Bank).


Eligibility

Individual or individual as guardian of a minor can open the account (cannot be opened in Joint names).
HUF are not eligible.
Non Resident Indians (NRIs) cannot open the account w.e.f. 25.07.2003
HUFs cannot open the account w.e.f. 13.05.2005
Only one account can be opened by an individual in one name. 2nd PPF Account opened in contravention of PPF Rule shall not earn any interest on it.


Duration

The account is of 15 years duration and can be continued for one or more blocks of 5 years without loss of interest on written request within 1 year from the date of maturity.


Interest

Interest is payable as per Government of India, Ministry of Finance Gazette Notification issued in each quarter.


Tax Benefits

Presently, the subscriptions to the account qualify for deduction under Section 80 C of IT Act. The interest credited to the account is totally exempt from Income Tax. The amount standing to the credit of the account is fully exempted from Wealth Tax.


Revival

Discontinued account can be revived on payment of Rs.50/- per year along with arrears of subscription of Rs.500/- p.a.

Nomination

Nomination facility is available.


Documents Required

ID Proof
PAN Card
Driving License
Voter ID Card
Passport
Aadhar No.


Address Proof
Telephone Bill
Electricity Bill
Ration Card
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