Who can open:

1. Any individual may subscribe on his/her own name to the Public Provident  Fund and no joint account is allowed.
2. An individual can open only one account in his name. He / she can open another account on behalf of a minor of whom he / she is the guardian, the other guardian can not open another account of the same minor child. Minor attaining majority will operate the A/c himself
3. To open a PPF A/c the subscriber need not have any deposit A/c in the branch.
4. Non resident Indians, HUF are not eligible to open PPF a/c. If a resident who subsequently becomes NRI during the currency of maturity period, may continue to subscribe to the fund till its maturity on a non repatriation basis.
5. PPF A/c will not be opened or extended in the name of Hindu Undivided Family or an Association of Persons w.e.f. 13-05-2005.
6. PPF Account opened on behalf of Hindu Undivided Family prior to the 13th day of May’2005, shall be closed after expiry of fifteen years.
7. In case of Accounts opened on behalf of Hindu Undivided Family, where fifteen years has already been completed, they shall also be closed at the end of this year i.e. the 31st day of March .

Limit :                                                                                

1. Minimum Rs 500.00 and Maximum Rs 100000.00 (in multiple of Rs 5.00) in a financial year.
2. Amount is payable in lump sum or in convenient installments which should be in multiple of Rs 5.00. But instalment should not be more than 12 installments in a year.
3. A minimum of Rs 500.00 should be deposited in each financial year otherwise the account will be treated as discontinued resulting in loss of benefits.
4. The branch can condone default by charging default  fee Rs 50.00 for each financial year along with the arrears of subscription.

Interest:

1. Yearly interest rate notified by the central government  in the official Gazette from time to time. Presently it is 8.80% (w.e.f. 01.04.2012 ).
2. Interest is calculated on lowest balances in account between 5th & last day of the month.
3. At the end of the year, the branch will prepare two scrolls-“Interest credit scroll” for the interest amount credited to the individual A/c and
4. “Interest debit scroll” for the total amount credited to show a “Nil” effect and send to the link branch.
5. Even discontinued accounts earn interest.On the death of the subscriber, the balance in the PPF account does not cease to earn interest. Interest is admissible till the end of the month preceding the month on which payment of deposit is made.

Closure of Account:

1. The account can be closed after expiry of 15 years from the close of the financial year in which the initial subscription was made.
2. It is an annuity for a term of 15 years requiring at least 16 contributions.
3. PPF Accounts opened on behalf of Hindu Undivided Family, where fifteen years has already been completed, they shall also be closed at the end of this year i.e. the 31st day of March ,  2011.

Extension of PPF Account:

1. PPF A/c can be extended for one or more blocks of 5 years by giving option in form-H within one year from the date of maturity of the account.
2. During extended period, partial withdrawals not exceeding one every year are permitted, subject to a maximum of 60% of the amount standing to his /her credit at the beginning of the period.
3. This limit of withdrawal will apply on every extension of block period.
4. PPF Accounts opened on behalf of Hindu Undivided Family, where fifteen years has already been completed, they shall also be closed at the end of this year i.e. the 31st day of March ,  2011 and period cannot be extended.

Loan :

1. A subscriber can avail loan in the 3rd year of opening the account and amount up to 25% of the balance at the end of second year preceding the year in which the loan is applied for.
2. Where an application is made by a person who has made subscription to the fund on behalf of a minor of whom he / she shall furnish a certificate in the following form namely:

“Certified that the amount for which loan is applied for is required for the use of (Name of the minor) who is alive and still a minor.

1. No loan can be taken after the end of 5th year from the end of the year in which the initial subscription was made.
2. The loan (Principal) is repayable either in lump sum or in convenient  instalment nor exceeding 36 and interest portion will be repaid by two monthly instalment after the principal is liquidated.
3. If the loan is repaid within  36 months, interest @ 1% p.a. on the principal amount will be charged from the first day of the month following the month in which the loan is drawn up to the last day of the month in which the last instalment of the loan is repaid and if the loan is not paid within 36 months, interest @6% p.a. will be charged.
4. The penal interest on outstanding loan which has not been paid before the expiry of 36 months or paid partly, will be debited to the subscriber’s account at the end of each financial year.
5. Interest recovered should be credited to the government and not to account.

                                                                                                           
Withdrawal :

1. No withdrawal is permitted before the expiry of 5 years from the end of the year in which the initial subscription was made and only one withdrawal in a year will be allowed during the rest period.
2. A subscriber may withdraw 50% of the balance to his credit of 4th year immediately preceding the year of the withdrawals or the balance at the end of the preceding year which ever is lower.
3. No reason need to be stated for making withdrawals.
4. The amount of withdrawal is not repayable.

  Nomination :

• A Subscriber may nominate one or more persons in Form E.
• No nomination shall be made in respect of account opened on behalf of a minor.
• A nomination may be cancelled or varied by a fresh nomination in Form F.
• Every nomination or cancellation or variation thereof shall be registered and be effective from the date of such registration, the particular of which shall be entered in Pass Book.
• If there is more than one nominee and one of them dies, other nominees must furnish proof of death of the deceased nominee along with the proof of death of the subscriber.
• In the event of death of the subscriber, the account can be repaid to his / her nominee / legal heir,even before the expiry of 15 year.
• Nominee can not continue the account of the deceased subscriber.
• If the nominee is a minor, the subscriber may appoint any person to receive the amount due under the account in the event of the death of the subscriber during the minority of the nominee.

Types of Forms and their purpose.

• Form-A : Account opening form.
• Form-B : PPF Challan
• Form-C : Application for withdrawal
• Form-D : Application for loan
• Form-E : Nomination
• Form-F : Cancellation or variation of nomination
• Form-G : Application for withdrawal by nominee / legal heirs.
  
  

Download Forms