Organization : Andhra Bank
Facility :Public Provident Fund Scheme
Home Page :http://andhrabank.in/english/PPFSchemes.aspx
Download here :https://www.statusin.in/uploads/4193-PPF_ACOPEN.pdf
Public Provident Fund Scheme
Tenure of the Scheme :
15 years.
Limit of Subscription :
Amount not less than Rs.500/- and not more than Rs.1,00,000/- in a year in one lump sum or in installments not exceeding twelve in a year
Rate of interest :
8.7%-Compounded annually or as prescribed in the Official Gazette published by the GOI from time to time. Interest is paid on funds deposited before 5th of every month.
Mode of holding :
Any individual on his behalf or on behalf of a minor of whom he is Guardian or HUF or an association of persons or body of individuals can subscribe for PPF fund. NRI’s cannot open accounts under this scheme.
Tax treatment :
The entire amount deposited in to PPF during the financial year is treated as deductible Under Sec.80C of ITR Act.
Transferability :
Account can be transferred from one account office to another. (Inter Bank and intra Bank)
Nomination facility :
Nomination facility is available.
Withdrawal facility :
Withdrawals from the account can be made any time after the expiry of five years starting from the end of the year in which the initial subscription was made. The loan amount shall not exceed fifty per cent of the amount that stood to the credit at the end of the fourth year immediately preceding the year of withdrawal or at the end of preceding year, whichever is lower, less the amount of loan, if any, drawn by him and which remains unpaid : Only one withdrawal is permitted in a year.
Loan facility :
Permitted any time after the expiry of one year from the end of the year in which the initial subscription was made but before expiry of five years. Loan amount not to exceed twenty five percent of the amount to the credit at the end of second year immediately preceding the year in which the loan is applied for.
Repayment of Loan and Interest :
Repayable with in 36 months from the first day of the month following the month in which the loan is sanctioned. Repayment can be made in one or in two or more installments.
Extension of account :
Can be extended for a further period of 5 years at the option of the subscriber.
Closure of account :
Subscriber can close the account after the expiry of 15 years from the end of the year in which the initial subscription was made.