Vijaya Bank Public Provident Fund Application
Name of the Organization : Vijaya Bank (vijayabank.com)
Type of Facility : Public Provident Fund Application
Location : Bangalore
| Want to comment on this post? Go to bottom of this page. |
|---|
Website : https://www.vijayabank.com/
Vijaya Bank Related Content:
Submit Pensioners Complaints: https://www.indianjobtalks.in/6276.html
Transfer Funds by Netbanking: https://www.indianjobtalks.in/15044.html
Account Balance on Mobile: https://www.indianjobtalks.in/24227.html
Download Passbook Apps: https://www.indianjobtalks.in/24262.html
Public Provident Fund :
The PPF Scheme has come into force from 01.07.1968. It is an ideal investment option for both salaried as well as self employed class. The Scheme enables the members of the public to make contributions to the Fund and obtain Income Tax rebate under the relevant provisions of the Income Tax.
Eligibility :
** Individuals who are residents of India are eligible for opening an account under the PPF Scheme. However, each person is eligible to open only one account under his/her name.
** A PPF account can also be opened under the name of a minor by his/her legal guardian.
** Non Resident Indians (NRIs) are not eligible to open an account under the PPF Scheme.
** HUF (Hindu Undivided Family)-An individual cannot invest on behalf of HUF or Association of persons.
Minimum / Maximum Investment :
** Minimum investment per financial year in PPF is Rs. 500/- and with effect from 01.12.2011 (as per Government notification GSR (E) dated 25.11.2011) the maximum limit has been raised from Rs. 70,000/- to Rs. 1,00,000/-.
** The minimum payment is Rs. 100/- and the total payment in a financial year shall not be less than Rs. 500/-.
** The investments can be made in multiples of Rs. 5/- either as a whole sum, or in instalments as mentioned above.
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.
Rate of Interest :
8.7% (w.e.f. 01-04-2013) per annum credited in account on 31st March every year calculated on the minimum balance between 5th day and end of the month.
PPF Forms : vijayabank.com