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Punjab and Sind Bank is a public sector bank and has its headquarters in the national capital of the country. The bank caters to various segments of retail and corporate banking like MSME banking, agricultural banking, international banking, digital banking, various government schemes, priority banking among many other services. The bank provides various savings schemes for its customers so as to give them the maximum possible benefit and assistance in meeting their needs and desires like any medical emergencies or any planned or unplanned expenses.
PPF accounts of the bank are available in the fifty branches of the bank across the country that have been authorized to accept subscriptions under the scheme. The list of the bank’s designated branches is available at the official website of the bank.
About PUNJAB AND SIND BANK PPF ACCOUNT
The highlights or the main features of the PPF accounts are mentioned below.
Tax benefits – The investment in PPF is still a very popular option even after decades of its introduction due to the various tax benefits attached to it. The interest earned on the investment each year is tax-free as well as the entire accumulated fund at the time of maturity of the account. Contributions made to the PPF account each year are also eligible for tax deduction under section 80C of the Income Tax Act, 1961.
Contributions – According to the PPF scheme, an investor can contribute a minimum of Rs. 500 to a maximum of Rs. 1,50,000 to his/her PPF account during any particular year via Form B available online or the paper form available at the bank’s branch. Contribution in excess of the given limits is not eligible for any tax benefits.
Tenure – The maturity period of the PPF account is 15 years. The investor can extend the PPF account beyond this maturity term for one or more blocks of 5 years. The investor has to apply for the same within one year from the date of maturity.
Rate of Interest – The rate of interest on the PPF accounts is decided on a quarterly basis by the Government of India and is currently at 7.9% per annum effective from 1st January 2020.
Loans against PPF accounts – The investors can avail of a loan against their PPF account after the completion of one financial year from the end of the year in which the account was opened but before the completion of 5 years. An investor is not eligible for any loans after the completion of the 6th financial year from the year in which the account was opened.
Nomination – The bank allows nomination facility on the PPF accounts wherein the investor can nominate one or more nominees to the PPF account (maximum 4). The investor can also direct the share of each nominee. As well as change the nomination and share of each of such nominees at the discretion of the investor.
Transfer of PPF account – The investor can transfer his/her PPF account to any of the branches of the bank or to any post office and vice-versa.
Withdrawal from the account – The investor is allowed to withdraw from his/her PPF account after the completion of 5 years from the year in which the account was opened. Withdrawals are restricted to one per year.
The documentation required by BOM to open a PPF account is fairly basic and simple.
The eligibility details under PPF are mentioned below.
Such an account can be opened by either of the parents of the minor or person of unsound mind or by their grandparents or guardians in the absence of the parents.
One account can only be opened for one child or person.
In the absence of continuous contributions to the PPF account for a period of 15 years, such PPF account will become inoperative or dormant.
A person is eligible to earn interest on dormant accounts but the benefits available on such accounts are limited. (for example, loans against such accounts are not permitted).
A person can revive such dormant account by in the following manner,
The modes of investment in the PPF account of the bank are,
The customer care of the bank is available 24x7 for the customers to contact the bank and resolve all of their queries and concerns and also give any feedback. The customers can contact the bank in the following manner.
Email Id - psbmobile[at]psb[dot]co[dot]in,
Phone - 011-40045508/516
Internet banking cell –
Email Id - psbonline[at]psb[dot]co[dot]in,
Phone - 011-40045520/23
1. What is the minimum age to open a PPF account?
There is no age restriction in opening a PPF account.
2. Where can a person find the required forms to be submitted with respect to the PPF accounts?
The forms required for PPF accounts are available online at the bank’s website or at the bank’s designated branch.
3. When is the interest on a PPF account paid to the investor?
The interest is credited to the account of the investor on the last day of each financial year that the investment in PPF is held.
4. What are the specific exclusions from eligibility under PPF?
NRIs, HUFs and Trusts are specifically excluded from opening a PPF account.
5. When is the rate of interest decided and by whom?
The rate of interest is decided by the Government of India on a quarterly basis.
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