#1
November 9th, 2017, 02:58 PM
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SBBJ PPF Challan
Can you provide me the details of the Public Provident Fund (Amendment) Scheme, 2016 offered by SBBJ, now merged with State Bank of India (SBI)?
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#2
November 9th, 2017, 03:36 PM
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Re: SBBJ PPF Challan
The Public Provident Fund (Amendment) Scheme, 2016 of State Bank of India (SBI) is introduced by the National Savings Organization in 1968 to mobilize small savings. The Scheme offers an investment avenue with decent returns coupled with income tax benefits. Salient features of the Scheme are as follows: SBI PPF Account Features and Benefits • Nomination Facility SBI PPF scheme offers nomination facility to customers. This nomination can be made in terms of the number of PPF shares too. • Tax benefits applicable on SBI PPF scheme The scheme offers tax benefits that any investment scheme has. The interest earned is totally exempt from income tax under section 88 of the Income Tax Act. The outstanding PPF amount is also fully exempt from wealth tax payment. These tax benefits make PPF saving scheme one of the most profitable savings tool. • Loans and withdrawals against SBI PPF account Loans from SBI against SBI PPF accounts are permitted. Also, partial withdrawals also are allowed on SBI PPF accounts. However, the loan amount and the amount of partial withdrawal are subject to age of the PPF account and to the PPF balance on any given date. Loans and withdrawals are basically under the sole discretion of the bank. • Transfer of SBI PPF Account The PPF account can be transferred to any other bank or any other SBI branch or even to post office PPF upon transfer request by customer. This transfer of PPF account is totally free of any service charge. SBI PPF Account Rules and Guidelines • Duration of SBI PPF scheme SBI offers PPF scheme for an initial duration of 15 years after which one can request extensions in blocks of 5 years. One or more such 5 year blocks can be requested by customers. • Eligibility criteria to avail SBI PPF scheme All Indian individuals can avail the SBI PPF scheme either in their own name or in the name of minors. Hindu undivided families are not permitted to avail a single PPF scheme in their name. • Investment limit for PPF account A minimum investment of Rs.500 per annum or a maximum of Rs.1, 50,000 per annum can be deposited as PPF amount. Any amount higher than Rs.1, 50,000 earns neither interest nor any tax rebate and hence should not be invested. The amount deposited in the PPF account can either be deposited via single payment or via 12 instalments per year. |
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