IDBI PPF ONLINE

Hii sir, I Wants to get the Information About the Public Provident Fund Account of the IDBI Bank ?

The Government of India has authorised IDBI Bank to receive subscriptions to PPF Accounts through its designated 675 branches across India.

The Detials of the Public Provident Fund Scheme of the IDBI bank is given below

1) ELIGIBILTY :
Individuals in their own name as well as on behalf of a minors can open the account at any designated Branch.
As per extant rules, opening of PPF accounts in the name of NRIs & Hindu Undivided Family is not permitted.

2) TRANSFER OF ACCOUNT:
The account can be transferred from other banks or Post Offices and vice versa upon request by the subscriber, free of charges.

3) SUBSCRIPTION LIMITS:
Minimum of Rs.500/- and a maximum of Rs.1,50,000/- per financial year may be deposited. Any amount in excess of Rs.1,50,000/- in a financial year shall neither earn any interest nor will be eligible for rebate under the Income Tax Act.

The amount can be deposited in lump sum or in a maximum of 12 instalments per year.

4) Maturity Period : 15 years. Extendable for 1 or more blocks of 5 years each after maturity.

5) RATE OF INTEREST: As declared by Government of India time to time.

6) TAX BENEFITS: Income Tax benefits are available under Sec 80C of the IT Act. Interest income is also totally exempt from Income Tax. Amount outstanding to the credit is fully exempt from Wealth Tax.

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Answered By StudyChaCha Member