State Bank of Patiala Public Provident Fund is a savings as well as a tax saving instrument offered in India. The Public Provident Fund was introduced by the National Savings Institute of the Ministry of Finance in the year 1968. The main purpose of the State Bank of Patiala Public Provident Fund is to encourage small savings and offering reasonable returns along with the income tax benefits.
How to open State Bank of Patiala PPF Account online?
Not all the branches of State Bank of Patiala allows you to open the PPF account. You need to recognise and choose the branch closest to your residence. You need to have a savings account with the State Bank of Patiala so you can transfer the PPF subscription amount online. The Form A to open the Public Provident Fund account can be downloaded from the State Bank of Patiala website. The account will be activated when you have duly filled and submitted the form along with the documents required.
Documentation required to open PPF Account in State Bank of Patiala
The customer needs to submit the following documents at the time of opening a PPF account with State Bank of Patiala:
- Form A to open the Public Provident Fund account
- Nomination form
- Passport sized photographs
- Pan card copy or Form 60-61
- ID proof and Residence proof as per the State Bank of Patiala’s norms.
State Bank of Patiala PPF Account opening form
The State Bank of Patiala PPF Account opening form can be availed on the State Bank of Patiala website or at any of the State Bank of Patiala branch. The Form A requires you to fill the following details:
- Name of the applicant
- Amount that is being invested initially
- Permanent and communication address of the applicant
- If the account is opened for a minor, then his date of birth and the applicants relation with the minor needs to be mentioned.
- The name, address of the bank or the post office and the account number detail must be filled in the form.
- Signature of the subscriber and the guardian.
- Debit mandate and debit account number.
- You must also attest your passport sized photograph.
State Bank of Patiala PPF Account rules and guidelines
The following are some of the guidelines that you need to keep in mind:
- The deposit amount per year cannot exceed Rs.1,50,000 and the minimum deposit amount is Rs.500.
- A penalty of Rs.50 is charged on defaulting the yearly payment.
- Premature withdrawal is not allowed but if the customer dies, then his heir can close the account as per the regulations by the Ministry of Finance.
- Customer can make one withdrawal every year from the 6th financial year.
- Joint account is not allowed.
- Only one account can be maintained by an individual except an account that is opened on account of a minor.
- The State Bank of Patiala PPF account is available to resident Indians over the age of 18 years. Minors will need a guardian to open the account under their name.
State Bank of Patiala PPF Account features and benefits
- The State Bank of Patiala PPF account is matured after completion of 15 years.
- You can extend the tenure of the State Bank of Patiala PPF account for a block period of 5 years after its maturity. For this you will have to submit the Form H within one year from the date of the maturity of the scheme.
- The amount that can be withdrawn from the 6th financial year cannot exceed 50% of the balance amount.
- You can avail the loan facility from the third financial year up to the end of fifth financial year.
- You can avail tax benefits under the section 80C of the Income Tax Act, 1961.
- Deposits maintained in the State Bank of Patiala PPF account is exempt from the wealth tax.
State Bank of Patiala PPF interest rate
State Bank of Patiala offers attractive interest rate on the PPF account at the rate as notified by the Central Government in the Official Gazette. The interest will be calculated in the manner as specified in the scheme. For the current year, the deposits attract an interest of 8.7% compounded annually.
State Bank of Patiala Calculator
You can use the PPF calculator to calculate the maturity value of the State Bank of Patiala PPF account. The PPF calculator is a tool that gives you the value of the amount that you invested at maturity. You will have to fill in the following details:
- Subscription option that is if it is on a yearly, monthly, quarterly or a half yearly basis.
- Amount you invested
- PPF tenure
- Interest rate for your scheme
How to deposit money in State Bank of Patiala PPF Account?
You can deposit money into your State Bank of Patiala PPF account through online deposit and through offline deposit.
Online deposit is only possible if you have internet banking access. You can open your internet banking account and transfer money from your savings account to the State Bank of Patiala PPF Account. You can also give a standing instruction to transfer the money to the PPF Account and thus saving you the time of filling up the PPF account number and other details every time you want to transfer the amount.
Offline deposits are done by physically approaching the branch of State Bank of Patiala and making the deposit through cheque or the pay-in slip that will be available at the bank.
How to transfer your PPF account from post office to State Bank of Patiala?
The Public Provident Fund account can be transferred from the post office to the State Bank of Patiala for a nominal fee. It will be considered as a continuing account. The customer has to approach the post office where his account is maintained and must fill up the application for transfer of PPF Account to State Bank of Patiala branch that maintains the Public Provident Fund account.
Once the application is processed, the post office will send the original documents like the certified copy of the account and the account opening application and the nomination form as well as the specimen signature etc. to the State Bank of Patiala branch. The post office will also send the cheque or the demand cheque for the outstanding balance in the PPF account.
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