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PNB PPF Account Opening Form PDF Download : In case of PNB Bank, the PPF account opening process is not available online. To complete the process, you will have to go to the bank branch and submit the documents. Public Provident Fund (PPF) is a tried and tested investment option. It has never disappointed investors.
Tax exemption on investment amount, tax-free returns on maturity and government hand in hand are the main attractions of this scheme. For this it is necessary to open a PPF account. To download the PNB PPF account opening form, a direct link has been provided to you in the article below.
PNB PPF Account Opening Form PDF Download
PNB PPF account is a Public Provident Fund account managed by Punjab National Bank (PNB). Public Provident Fund is a savings and investment scheme whose main objective is to provide long-term savings opportunity to people so that they can accumulate money for their housing, education, marriage, pension, and other financial goals.
PNB PPF account has the following features:
- Multiple investments: You can invest your savings in PPF in multiple ways. You have to deposit a minimum and maximum amount per financial year.
- Account Tenure: The basic tenure of PPF account is 15 years, but you can extend it also.
- Interest Rate: Interest is earned on investments in the PPF account, and it is at a rate set by the government.
- Tax exemption: There is a facility of tax exemption on the interest and principal amount of investment related to PPF investment.
- Regular deposits: You can deposit money into the PPF account in regular installments, thereby creating long-term savings.
To open and manage a PNB PPF account, you need to visit the nearest PNB branch and submit the required documents. Thereafter, you can invest regularly in your account and check the investment status online or at the branch.
PNB PPF Account Opening Form PDF In Hindi
PNB (Punjab National Bank) PPF (Public Provident Fund) Account Form is an essential document which is used to invest in this fund. PPF is a pension scheme in which both the government and private employees are participants. This ensures that employees can live a comfortable and secure life after retirement. Generally, the following information is demanded in the PNB PPF account form:
- Account holder’s personal and contact information
- PAN card number and Aadhar card number
- Bank account statement
- family information
- Information about nominated candidates
- Nominee information
- Age and date of birth
- Service related information
- proof of income
This form also lists the documents required, such as PAN card, Aadhar card, address proof, and income certificate, etc. After filling it, you have to submit it to your nearest PNB branch. It would be better to contact the PNB branch and follow their instructions for accurate information about the PNB PPF Account Opening Form and certified copy of the required documents before submitting them.
Eligibility For PNB PPF Account Opening Form PDF
- Resident Individual in his/her own name and as guardian of a minor or a person of unsound mind can open the account.
- PPF Account can not be opened in joint names.
- Non Resident Indians (NRIs) can not open PPF account w.e.f. 25.07.2003
- HUFs can not open PPF account w.e.f. 13.05.2005
- Accounts opened by NRIs and HUFs prior to above mentioned dates will continue till maturity. Thereafter no extension is allowed and no interest is payable on HUF and NRI PPF Accounts.
- Only one account can be opened by an individual in one name. Second PPF Account opened in contravention of PPF Rule will be treated as irregular account and will be closed and will not carry any interest.
How To Download PNB PPF Account Opening Form PDF
Below you have been provided a direct link to download PNB PPF Account Opening Form PDF, through which you can easily download PNB PPF Account Opening Form PDF, take a print out, fill it and get your PNB PPF Account Opening.
Opening of Accounts
PPF account can be opened in any branch of our bank.
PPF account cab also be opened by IBS Retail user by using Internet banking services.
The account can be opened with a minimum initial deposit of Rs. Five Hundred only and thereafter deposit of any sum in multiple of Rs Fifty can be made subject to not more than Rs.One lakh Fifty thousands in an account during a F.Y in one lump sum or in installments. Maximum limit of Rs one lakh fifty thousand by an individual, shall be inclusive of the deposits made in his own account and in the account opened on behalf of the minor. The total deposit in a year as specified, shall be inclusive of deposits made in respect of years of default of the preceding years but excluding the default fee.
The account is of 15 years duration and the account can be extended for one or more blocks of 5 years without loss of interest on written request within 1 year from the date of maturity.
Interest on PPF is payable as per Government of India, Ministry of Finance Gazette Notification issued in each quarter.
Loans and Withdrawals
The depositor is eligible for a loan. The first loan can be taken in the third financial year from the financial year in which the account was opened up to 25% of the amount at the credit at the end of first financial year. The principal amount of loan shall be repaid by the account holder before the expiry of thirty six months from the first day of the month following the month in which the loan is sanctioned. The repayment of the loan can be made either in lump sum or in installments.
After the principal amount of the loan is fully repaid, the account holder shall pay interest thereon in not more than two monthly installments at the rate of one percent, Per annum of the principal for the period commencing from the first day of the month following the month in which the loan is drawn up to the last day of the month in which the last instalment of the loan is repaid.
Where the loan is not repaid or is repaid only in part, within a period of 36 months, interest on the amount of loan outstanding shall be charged at six per cent per annum instead of at one percent, per annum with effect from the first day of the month following the month in which the loan was obtained to the last day of the month in which the loan is finally repaid.
Any time after the expiry of five years from the end of the year in which the account was opened, the account holder may, avail withdrawal by applying in Form-2, (Annexure-II) from the balance to his credit, an amount not exceeding fifty per cent. of the amount that stood to his credit at the end of the fourth year immediately preceding the year of withdrawal or at the end of the preceding year, whichever is lower.
Facility of partial withdrawal shall also be available to the account extended subject to the condition that the total withdrawal during the block period of five years shall not exceed sixty per cent. of the balance at credit at the commencement of the block period subject to the ceiling as specified above may be made either in a single or in yearly instalments.
Transfer of a/c
A PPF account can be transferred at the request of the subscriber from one Bank to another or one Branch to other Branch. The account standing in any Bank or Post Office can also be transferred to our Bank and vice versa.
Premature Closure of PPF A/c
Premature closure of the PPF account is allowed as per PPF rules only after the account has completed five financial years on the following grounds :
- That the amount is required for the treatment of life threatening disease of the account holder, his/her spouse or dependent children or parents, on production of supporting documents and medical reports confirming such disease from treating medical authority
- That the amount is required for higher education of the account holder, or dependent children on production of documents and fee bills in confirmation of admission in a recognized institute of higher education in India or abroad.
- On change in residency status of the account holder on production of copy of Passport and visa or Income tax return
- That a premature closure penalty of one per cent shall be deducted from the interest payable on the deposits held in the account from the date of opening of the account till the date of such premature closure.
Presently, the subscriptions to the account qualify for deduction under Section 80 C of IT Act. The interest credited to the account is totally exempt from Income Tax. The amount standing to the credit of the account is fully exempted from Wealth Tax.
Discontinued account can be revived during its maturity period on payment of a fee of fifty rupees along with arrears of minimum deposit of five hundred rupees for each year of default
How To Open PPF Account In PNB
The PPF or Public Provident Fund is one of the most popular long-term investment options offered by the Central Government for Indian residents. Being a long-term investment, it fits into the portfolio of all investors with different risk profiles.
2 easy steps how to open a PPF Account
STEP-1: PPF Account Can Be Opened In All Branches
STEP-2: Submit Required Documents As Below
- Documents Required
- Account opening Form: Click Here
- PAN Card
- Driving License
- Voter ID Card
- Aadhar No.
- Telephone Bill
- Electricity Bill
- Ration Card
2 (Recent) Photographs
Pay-In Slip (available at all authorised bank branch) to transfer amount to your new opened PPF Account
Carry original documents to the bank for verification.
Documents should be self-attested.
Once the account is opened, a PPF Account passbook is issued to you. All transactions on your
PPF Account are updated in this passbook; the passbook is required for claiming tax deduction under Section 80C of IT Act.
Who can open an account under PPF?
Any residential individual can open account for himself/herself and on behalf of a minor or a person of unsound mind as a guardian.
How many accounts can a person open?
An individual can open only one account either in post office or in bank. However an individual can also open one PPF account on behalf of each minor or a person of unsound mind of whom he is the guardian.
Who can not open an account under PPF?
PPF account can not be opened in the name of HUF, Trusts, NRI. However if a resident, who subsequently becomes Non Resident Indian during the currency of the maturity period prescribed under Public Provident Fund Scheme, may continue to subscribe to the Fund till its maturity on a Non Repatriation Basis.
Can an illiterate person open a PPF account?
There is no bar in opening a PPF account by an illiterate subscriber. For this purpose the thumb impression of the subscriber will be attested by a respectable person known to the Accounts Office/Bank. The procedure for opening a savings account by a illiterate depositor will be followed. The blind person will be treated as illiterate subscriber. The attestation should be in the following terms:- “The subscriber is known to me and his thumb impression/mark has been affixed in my presence.”
What is a PNB PPF Account?
It is a Government of India Scheme. PPF account is opened under The Public Provident Fund Scheme 1968. PPF scheme, 1968 introduced vide GSR 1136(E), dated 15.06.1968 was rescind vide GSR 913 (E) dated 12.12.2019 and was reintroduced vide GSR 915 (E) dated 12.12.2019 It is savings cum tax saver scheme for Indian residents only.
Can a minor open a PPF account?
No a minor can not open a PPF account. However a PPF account on behalf of a minor can be opened by either father or mother. Both the parents cannot open a separate account for the same minor. An individual may open one PPF account on behalf of each minor of whom he is the guardian.
Under the rules only father or mother can open a PPF account on behalf of minor son/daughter. If neither parent is alive or where the only living parent is incapable of acting, a person entitled under the law for the time being in force to have care of the property of minor can open a PPF account on behalf of the such a minor.
Can loan be sanctioned against PPF account?
Yes, loan can be granted at 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 from the end of the year in which the initial subscription was made not exceeding twenty five percent of amount that stood to his credit at the ends of the second year immediately preceding the year in which the loan is applied for.
For Example the first loan can be taken in the third financial year from the financial year in which the account was opened upto 25% of the amount at credit at the end of the first financial year. Thus, if an account was opened in 1996-97, the first loan may be drawn in 1998-1999, upto 25 per cent of the amount including interest for 1996-97 at credit in the account as on 31.3.1997.
Further loans can be taken provided earlier loan(s) have been repaid in full. If one takes loan in 4th or 5th or 6th financial year, he can take loan upto 25% of the balance at his credit at the end of 2nd or 3rd or 4th financial year respectively. No loan can be taken after the end of the 6th financial year form the financial year in which the account was pened. The loan can be taken only once in a year even though the loan taken in the year is repaid in the same year as the limit of amount of loan is fixed for each year.