Punjab National Bank PF

Can you tell me in detail about the PPF or Public Provident Fund Scheme of Punjab National Bank as I am planning to apply for it, please help me with this?

[shikha]

PPF or Public Provident Fund Scheme of Punjab National Bank was introduced by Government of India in1968 and it provides the depositor the twin benefits of attractive return and tax benefit. It is operational in select 693 branches of PNB.

Eligibility
• Individual or individual as guardian of a minor can open the account. (can not be opened in Joint names).
• HUF are not eligible.
• Non Resident Indians are not eligible to open the account.
• Only one account can be opened by an individual in one name.

Duration
The account is of 15 years duration and the account can be continued for one or more blocks of 5 years without loss of interest on written request within 1 year from the date of maturity.

Interest
Interest on PPF from 1.4.2016 to 30.06.2016 is 8.1%.
Interest is credited to the account on 31st March of every year on the minimum balance between 5th day and end of the month.
The rate of interest is notified by Ministry of Finance every year.

Tax Benefits
The subscriptions to the account qualify for deduction under Section 80 C of IT Act. The interest credited to the account is totally exempt from Income Tax.
The amount standing to the credit of the account is fully exempted from Wealth Tax.

Documentation required for opening a PPF Account in PNB
1. Account Opening Form
2. PPF Deposit Slip
3. Identification Proof
o PAN (Permanent Account Number) Card
o Driving License
o Voter ID Card
o Passport
4. Address Proof
o Telephone Bill
o Electricity Bill
o Ration Card
5. Two recent passport size photographs
6. Pay-In Slip

All documents need to be self-attested. Along with the same, originals of the documents need to be presented for verification purposes.