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Home > Corporate > Govt Business > PPF

Public Provident Fund (PPF Account) - IDBI Bank

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

Salient Features of the Scheme:

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: Governed by the Government of India. Presently 8% per annum.

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.

7) NOMINATION: Nomination facility is available in the name of one or more persons.

8) LOANS : A depositor can avail loan against balance in the PPF account in the third financial year. Rate of Interest for Loan will      be 2% above the rate of interest on PPF.

9) Partial Withdrawal: Partial withdrawal is allowed once every year but after the expiry of 5 years from the end of financial year of      the initial deposit in the PPF account.

10) Premature Closure: Not Allowed except in case of death of the depositor.

     Please click on below links for list of authorised branches, FAQs and FORMS.

List of Authorised branches for PPF
Frequently Asked Questions on PPF

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