PPF Scheme Summary
This is summary of Public Provident Fund (PPF) Scheme covering major features of the scheme summarized in one picutre.
|Eligibilty||•Only 1 A/c in one name. No Joint A/c. No Age limit|
•Only Individual Resident. Blind/ Illitrate person can open
•Power of Attorney holder not allowed
|Deposit Rules||•Min Initial Dep. Rs.500|
•Thereafter any sum in multiple of Rs.50
•Max. Rs.1.50 lac/ FY (incld. Self + minor)
•Min Dep/ FY Rs.500.
•Treated as discoutninued A/c if Min Amt not Deposited
•Rs.50 penaly + arrear of Min Amt for for revival
•Loan/ Withdrawal not allowed in Discontinued A/c
|Nomination||•Can be 1 or nominee. No Nomincation in minor a/c|
•Nominee not to be NRI. Change/ cancel anytime
•No Fee for change/ cancel
|Loan||•Once in a year. 1st Loan in 3rd FY.|
•Loan can be taken upto 5th FY from end of 1st subscription year.
•Max 25% of bal incl. int. at FY end 2 years back
•Repayment Principal – 36 months, Int. – 2 months (@1%pa)
|Withdrawl||•Once in a year.|
•After expiry of 5 years from end of 1st FY.
•Max 50% of O/s Amt at the end of 4th Precding FY
•Not allowed if loan o/s
|Misc.||•Transfer of A/c allowed – Bank to Bank/ branch to branch & to/from post office|
•Closure any time after 15 Years
•Extension – 5 years after 15 years
•Income Tax – Deduction u/s 80C. Interest & Withdrawal exempt.
•Not attachment under any order or decree of any court/ Income tax
•Premature closure (after 5 years) – For treatment of life threatening deases of self/ spouse/ dependent children or higher educaiton of self/ dep child or change in residential status