PPF Scheme New Update: PPF account holder will also get 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 deposit amount at the end of the first financial year.
PPF Scheme New Update: From time to time, new facility is started by Punjab National Bank (PNB) for the customers. Now anyway all the work is done online. Meanwhile, the bank has now started a new facility for depositing PPF money as well. This will help people a lot. Public Provident Fund Scheme (PPF) was launched by the Government of India and it offers the depositor the twin benefits of attractive returns and tax benefits. This scheme is operational in all the branches of PNB.
PNB did this tweet on PPF
Recently Punjab National Bank made a tweet. It said, ‘Now you will save and tax will also be saved.’ Apart from this, the bank has said that from now on you do not need to go to the bank to deposit money in PPF, you can transfer funds online from the comfort of your home.
Explain that in this scheme, a person can deposit a minimum of Rs 500 and a maximum of Rs 1,50,000. The government is giving the benefit of interest at the rate of 7.1 percent in this scheme. The maturity of PPF scheme is 15 years.
Savings bhi, tax mein bachat bhi in PPF account with PNB!
For more info,visit: https://t.co/uDOH5lNR87#Savings #PPF #Funds #Tax #DigitalBanking pic.twitter.com/VRtnQAEuGA
— Punjab National Bank (@pnbindia) August 5, 2023
Who can open the account?
- PPF account cannot be opened in joint names.
- NRI cannot open PPF account.
- HUFs cannot open PPF account.
A resident resident in India can open the account in his own name and as a guardian of a minor or a person of unsound mind.
Loan will also be available
The depositor is eligible for the 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 deposit amount at the end of the first financial year.
The principal amount of the loan should be repaid by the account holder before the expiry of thirty six months from the first day of the month in which the loan is sanctioned. The loan can be repaid in lump sum or in installments.
