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PUBLIC PROVIDEND FUND |
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Period During which opened |
Minimum Amount of Deposit in a Year (Rs) |
Maximum Amount of Deposit In a Year
(Rs) |
Rate Of Interest |
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From |
To |
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01.04.1986 |
14.01.2000 |
100 |
60,000 |
12.0% |
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15.01.2000 |
28.02.2001 |
100 |
60,000 |
11.0% |
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01.03.2001 |
28.02.2002 |
100 |
60,000 |
9.5% |
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01.03.2002 |
14.11.2002 |
100 |
60.000 |
9.0% |
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15.11.2002 |
28.02.2003 |
500 |
70,000 |
9.0% |
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01.03.2003 |
onwards |
500 |
70,000 |
8.0% |
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FEATURES:-
- Only one account can be opened in the name of a person.
- 12 deposites can be made in a financial year.
- Minimum deposites in a year is 500 rupees and maximum is Rs 70,000/-.
- Loan is admissible from the third financial year.Loan amount is limited to 25% of
the balance at the end of 2years of preceding.
- Fresh loan is not allowed when previous loan or interest thereof is outstanding.
- Interest is charged at the rate of 1% if prepaid within 36 months and at 6% on the
outstanding loan after 36 months.
- Withdrawal is permissible from seventh financial year from the year of opening,limited
to one in a financial year.
- Amount of withdrawal is limited to 50% of balance at the end of fourth preceding
year less amount of outstanding loan or 50% of balance at the end of immidiate
preceding year of withdrawal less amount of outstanding loan,if any whichever is
less.
- A subscriber can close the account in the 16th financial year.The account can also
be continued with or without subscription,for further blocks of 5 years.
- Deposits are qualified for Income Tax Rebate under section 88 of Income Tax Act.
- Deposits completely exempted from wealth tax.Interest is completely tax free under
section 10 of Income Tax Rebate.
- Default fee Rs 50 will be charged if no deposit is made during a financial year.
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