Andhra Bank
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Toll Free Number: 1800 425 1515

Call 040-23122297 for Internet & Mobile Banking/ATM -24x7 Helpdesk or mail to us on adchelpdesk@andhrabank.co.in

Anytimers
 
Public Provident Fund(PPF)
 
  Name of the Scheme

Public Provident Fund Scheme-1968

 
Tenure of the Scheme

15 years.

 
Limit of Subscription

Amount not less than Rs.500/- and not more than Rs.1,50,000/- in a year in one lump sum or in installments not exceeding twelve in a year

 
Rate of interest

8.00%-Compounded annually or as prescribed in the Official Gazette published by the GOI from time to time. Interest is paid on funds deposited before 5th of every month.

 
Mode of holding

Any individual on his behalf or on behalf of a minor of whom he is Guardian or HUF or an association of persons or body of individuals can subscribe for PPF fund. NRI's cannot open accounts under this scheme.

 
Tax treatment

The entire amount deposited in to PPF during the financial year is treated as deductible Under Sec.80C of ITR Act.

 
Transferability

Account can be transferred from one account office to another. (Inter Bank and intra Bank)

 
Nomination facility

Nomination facility is available.

 
Withdrawal facility

Withdrawals from the account can be made any time after the expiry of five years starting from the end of the year in which the initial subscription was made. The loan amount shall not exceed fifty per cent of the amount that stood to the credit at the end of the fourth year immediately preceding the year of withdrawal or at the end of preceding year, whichever is lower, less the amount of loan, if any, drawn by him and which remains unpaid: Only one withdrawal is permitted in a year.

 
Loan facility

Permitted any time after the expiry of one year from the end of the year in which the initial subscription was made but before expiry of five years. Loan amount not to exceed twenty five percent of the amount to the credit at the end of second year immediately preceding the year in which the loan is applied for.

 
Repayment of Loan and Interest

Repayable with in 36 months from the first day of the month following the month in which the loan is sanctioned. Repayment can be made in one or in two or more installments.

 
Application Form and Branches

Click here for application form

Click here for list of branches

 
Extension of account

Can be extended for a further period of 5 years at the option of the subscriber.

 
Closure of account

Subscriber can close the account after the expiry of 15 years from the end of the year in which the initial subscription was made.

 
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