Organization : State Bank of Travancore
Facility :Public Provident Fund Scheme
Applicable For : State Bank of Travancore Account Holder
Home Page :http://www.statebankoftravancore.com/portal/home
For more Details :http://www.statebankoftravancore.com/portal/public-provident-fund
PPF Scheme :
** This Scheme may be called the Public Provident Fund (Amendment) Scheme, 2014
** It shall come into force on the 13th of August 2014
Related : State Bank of Travancore Internet Banking : www.statusin.in/22077.html
** The Public Provident Fund scheme is a statutory scheme of the Central Government framed under the provisions of the Public Provident Fund Act, 1968.
** The account can be opened in any branch of the State Bank of India or its Associates (except offices managed by single officer/clerk) or in any Head Post Office or any selection grade sub post office or in any of the nationalised banks.
** An individual can open a Public Provident Fund Account in his own name. He can also open an additional account on behalf of a minor of whom he is guardian. He can subscribe any amount in multiples of Rs. 5/- of not less than Rs.500/- and not more than Rs.1,50,000/- in a year in each of his account. A year for the purpose of the Scheme means a financial year (1st April to 31st March). The deposits in excess of Rs. 1,50,000 made during a year will not carry any interest and will not be eligible for rebate.
** Those having General Provident Fund or Employees’ Provident Fund Account can also open a Public Provident Fund Account.
** An individual can open only one account in his/her name either in Post office or in Bank. If two accounts are opened by the subscriber in his/her name by mistake, the second account will be treated as irregular and will not carry interest.
** The subscriptions can be deposited in lumpsum or in convenient installment of not more than 12 installments.
** It is not necessary to deposit subscription in every month of the year. The amount of subscription can also be varied to suit the convenience of the subscriber.
** The account can be transferred at the request of the subscriber from one office of SBI or its Associates to Head Post Office or vice versa.
** The account can be closed after completion of 15 full financial years or the expiry of 15 years from the close of the financial year in which the initial subscription was made. This is, of course, optional and the subscriber can continue the account even after the period of 15 years for any number of further blocks of 5 years by exercising an option in form ‘H’.
** A subscriber can take a loan from the fund in case of need.
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