Provident Fund Scheme 1968

Provident Fund Scheme 1968

Public Provident Fund Scheme was introduced by Government of India on 01.07.1968 and it provides the depositor the twin benefits of attractive return and tax benefit.  The Scheme is operational in select branches of IOB. (List furnished separately) The salient features of the Scheme are as under:


Eligibility:
 
 a. Individual or individual as guardian of a minor can open the account.( cannot be opened in Joint names).
 b. HUF are not eligible.
 c. Non Resident Indians are not eligible to open the account.
 d. Only one account can be opened by an individual in one name.
 e. Those persons who subscribe to General Provident Fund or Employees’  Provident Fund can also open the account.


Deposit:

Minimum remittance of Rs.500/- and maximum of Rs.1,00,000/- in multiples of Rs.5/- can be made in lumpsum or in 12 installments per year. (The subscription limits stands enhanced to Rs. 1,00,000/ per year w.e.f.01.12.2011.)

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 at the rate of 8.60% w.e.f 01.12.2011 ( 8.00% p.a upto 30.11.2011) is credited to the account on 31st March of every year on the minimum balance between 5th day and end of the month. (Increase in interest rate to 8.60% p.a. came into force w.e.f.01.12.2011)


Loans and Withdrawals:

If the account is continued after maturity, a partial withdrawal up to 60% of the balance of credit at the commencement of the extended period is permitted.  The depositor is eligible for a loan.  The first loan can be taken in the third financial year from the financial year in which the account was opened up to 25% of the amount at the credit at the end of first financial year.
Withdrawal is allowed every year from the end of the 5th year.  The amount is limited to 50% of the balance at credit, at the end of 4th year immediately preceding the year in which the amount is withdrawn or at the end of the preceding year which ever is lower less the amount of loan if any drawn by him which remains unpaid.
Loan is repayable in 36 months.
w.e.f 01.12.2011, Interest is payable on the loan at 2% per annum of the principal ( 1% p.a upto 30.11.2011) if interest is paid in not more than two monthly instalments,
and 6% per annum if the loan is not fully paid within 36 months.


Transfer of a/c:
The account is transferable to and from permitted branches of Nationalised  or Private sector Banks or Post Offices on a fee.Premature closure of the account after completion of 5 years from the end of the year in which the account was opened could be considered by the Ministry on genuine grounds of hardship.


Tax Benefits:

The subscriptions to the account qualify for deduction under section 88 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.


Revival:

Discontinued account can be revived on payment of Rs.50/- per year along with arrears of subscription of Rs.500/- p.a.  


Subscribers can register for internet banking and view the PPF account ledger online.
 
INDIAN OVERSEAS BANK
LIST OF BRANCHES  COLLECTING  PPF 
         
S.No.  Collecting Branch Name  Branch  BSR  Region 
1 Hyderabad 30 270062 HYD
2 Lakdikapul 437 270444 HYD
3 Guntur 28 270074 VIJ
4 Rajahmundri 77 270067 VIZ
5 Daryaganj 17 270015 DEL ( I )
6 Karol Bagh 35 270019 DEL ( I )
7 Janpath 65 270018 DEL ( I )
8 Defence Colony 115 270016 DEL ( II )
9 Rajouri Garden 193 270020 DEL ( I )
10 Golf Links 265 270017 DEL ( I )
11 Model Town 288 270283 DEL ( I )
12 Roop Nagar 349 270351 DEL ( I )
13 Pusa Road  New Delhi 442 270449 DEL ( I )
14 Tolstoy Marg 531 270531 DEL ( I )
15 Janakpuri 544 270544 DEL ( I )
16 Punjabi Bagh 687 270689 DEL ( I )
17 Greater Kailash - II 725 270729 DEL ( I )
18 Parliament Street. New Delhi. 762 270766 DEL ( I )
19 Safdarjung Enclave 919 270824 DEL ( II )
20 Cannaught Place 997 270902 DEL ( I )
21 Shalimar Bagh 1450 271461 DEL ( I )
22 Naranpura, Ahmedabad 879 270929 AHD
23 Bangalore City 11 270079 BGL
24 Bangalore  Cantonment. 12 270077 BGL
25 Mysore 61 270082 BGL
26 Shantinagar 136 270081 BGL
27 Yadavagiri 267 270084 BGL
28 Residency Road, Bangalore 268 270080 BGL
29 Indira Nagar 604 270604 BGL
30 East End Main Road. 677 270679 BGL
31 Jayanagar-7th Block 842 270965 BGL
32 Kumara Park,Bangalore 1193 271186 BGL
33 J.P.Nagar 1302 271390 BGL
34 Ernakulam 24 270257 ERN
35 Kozhikode (Calicut) 41 270265 KOZ
36 Thiruvananthapuram 99 270247 TVM
37 Power Houseroad-Trivandrum 866 270916 TVM
38 Fort - Mumbai 14 270045 MUM-M
39 Matunga 56 270050 MUM-M
40 Kalbadevi Road  -Bombay. 111 270047 MUM-M
41 Bandra(West),Mumbai 128 270042 MUM-M
42 Opera House -Mumbai 140 270052 MUM-M
43 Chembur 141 270044 MUM-M
44 Ghatkopar,Mumbai 162 270046 MUM-M
45 Juhu -Mumbai. 199 270054 MUM-M
46 Worli - Bombay 205 270055 MUM-M
47 Andheri West  Mumbai 209 270041 MUM-M
48 Santa Cruz - Mumbai 247 270053 MUM-M
49 New Marine Lines- Mumbai 301 270301 MUM-M
50 Jogeshwari 330 270327 MUM-M
51 Byculla, Mumbai 343 270345 MUM-M
52 Delisle Road-  Mumbai 388 270395 MUM-M
53 Garodia Nagar - Mumbai 397 270404 MUM-M
54 Wadala - Mumbai 431 270439 MUM-M
55 Cheddanagar 487 270498 MUM-M
56 Sion East, Mumbai 542 270542 MUM-M
57 Borivli(West), Mumbai 584 270584 MUM-M
58 Khar  -Mumbai 602 270602 MUM-M
59 Nariman Point       Bombay 625 270626 MUM-M
60 Chakala, Mumbai 756 270759 MUM-M
61 Malad (West) Mumbai 973 270878 MUM-M
62 Pali Hill -Bandra West. 1132 271106 MUM-M
63 Iskcon-Mumbai 1245 271245 MUM-M
64 Pune  City 153 270057 MUM-NM
65 Pune-Cantonment 722 270726 MUM-NM
66 Vashi 596 270597 MUM-NM
67 Pondicherry 70 270269 PON
68 Cuddalore (O.T.) 21 270131 PON
69 Big Bazaar Street, Coimbatore. 20 270180 CBE
70 Ramalinga Nagar, Coimbatore 66 270183 CBE
71 R.S.Puram    Coimbatore 79 270184 CBE
72 Gandhipuram 130 270181 CBE
73 Dr.Nanjappa Road  Coimbatore 419 270426 CBE
74 Thiruvanaikoil 202 270294 TCY
75 Adayar 2 270100 CHE- (II)
76 Kodambakkam - Chennai 38 270101 CHE- (II)
77 Kilpauk 571 270571 CHE- (I)
78 Esplanade - Chennai 48 270099 CHE- (I)
79 Mount Road -Chennai 58 270102 CHE- (I)
80 Sowcarpet -Chennai 86 270108 CHE- (I)
81 T.Nagar-Chennai 91 270109 CHE- (I)
82 Santhome -Chennai 108 270107 CHE- (I)
83 Cathedral 109 270094 CHE- (I)
84 Nungambakkam -Chennai 183 270104 CHE- (I)
85 Besant Nagar 258 270098 CHE- (II)
86 Anna Nagar   -Chennai 270 270091 CHE- (II)
87 West C.I.T.Nagar-Chennai 441 270448 CHE- (II)
88 Ashok Nagar 463 270472 CHE- (II)
89 Tower- Chennai 475 270484 CHE- (II)
90 Sriram Nagar - Chennai 479 270488 CHE- (II)
91 Egmore 522 270522 CHE- (I)
92 R.K.Nagar -Chennai 641 270642 CHE- (I)
93 Tambaram 87 270114 CHE- (II)
94 Virugambakkam 289 270284 CHE- (II)
95 Thiruvanmiyur 418 270425 CHE- (II)
96 Saligramam 676 270678 CHE- (II)
97 Kancheepuram Main 157 270112 KAN
98 Karaikudi Main 34 270212 KKDI
99 Chokkikulam  -Madurai. 18 270201 MDU
100 Madurai Main 49 270202 MDU
101 A.A.Nagar, Madurai 651 270653 MDU
102 Nagercoil 63 270238 NGR
103 Salem Main 80 270177 SAL
104 Leigh Bazaar 655 270657 SAL
105 Maharaja Nagar Colony 292 270287 T.VELI
106 Palayamkottai 67 270229 T.VELI
107 Tirunelveli  Town 94 270228 T.VELI
108 Tirunelveli Junction 570 270570 T.VELI
109 Nilagirivattam, Thanjavur 212 270350 TAN
110 Tiruchirapalli    Main 92 270159 TCY
111 Tiruchirapalli-Cantonment 93 270158 TCY
112 Tuticorin 100 270226 TUTI
113 Lucknow 207 270012 LUC
114 Indira Nagar, Lucknow 684 270686 LUC
115 Meerut 340 270341 MEE
116 Ghaziabad 457 270465 Delhi (II)
117 Chandigarh Main 284 270280 CHAN
118 India Exchange Place,Kolkata 15 270001 CAL-M