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#1
November 17th, 2017, 04:25 PM
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 Public Provident Fund HDFC Bank
I want to apply for Public Provident Fund in HDFC Bank so can you provide me the details of it?
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#2
November 17th, 2017, 05:05 PM
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| Re: Public Provident Fund HDFC Bank
Public Provident Fund (PPF) scheme is a popular long term investment option backed by Government of India which offers safety with attractive Interest Rate and returns that are fully exempt from Tax. Public Provident Fund (PPF) scheme Benefits PPF Account with HDFC Bank offers benefits as : Transfer funds online from linked Savings Account. Standing Instruction facility can be set online View account statement online Eligibility - Account can be opened by Resident Individuals and Individuals on behalf of minor of whom he is guardian. No joint PPF accounts are allowed. Non-resident Indians (NRIs) are not eligible to open an account under the Public Provident Fund Scheme. However, a resident who becomes an NRI during the 15 years' tenure prescribed under Public Provident Fund Scheme may continue to subscribe to the fund until its maturity on a non-repatriation basis. An individual can open only one PPF account and declare the same at the time of account opening. Features Good long term investment for 15 years. Account can be extended for a block of 5 years after maturity. Minimum deposit amount of Rs 500/- and maximum of Rs 1,50,000/- in a Financial Year. If the minimum amount of Rs 500/- is not deposited in any financial year , a penalty of Rs 50/- will be charged. Attractive Interest Rate of 7.8 % that is fully exempt from tax under Section 80C. Deposits can be done maximum in 12 transactions. Passbook will be issued to customers Option for loan facility and partial withdrawals: Loan facility can be availed any time between third financial year to sixth financial year i.e. From third financial year up to end of fifth financial year 50% of the balance can be withdrawn after expiry of 5 years, excluding the first financial year . Contact- Corporate Office HDFC Bank House 1st Floor,C.S.No.6/242, Senapati Bapat Marg, Lower Parel, Mumbai - 400 013.
__________________ Answered By StudyChaCha Member |
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