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Public Provident Fund
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Q. How can a Discontinued Account be
revived?
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A:A subscriber to
a discontinued account may approach the Account Office for revival of the
discontinued account by payment of ` 50/- for each year of default along with
arrear subscription of ` 500/- for each year.
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Q. What is the Rate of Interest under
PPF?
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A:Interest rate
is notified by the Central Government in official gazette from time to time .
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Q. Is nominations facility available under
the scheme ?
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A:The PPF Scheme
facilitates nominations of one or more persons to receive the amount standing
to the subscriber’s credit in case of death. However no nomination(s) is
possible in case of minor account.
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Q. Can there be a change in nominations?
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A:Yes, changes to
previous nomination(s) are possible by applying a fresh nomination(s) in Form
F.
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Q.Can a PPF account be transferred?
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A:Yes, a PPF
account can be transferred from one account office to another.
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Q.When does a PPF account mature?
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A:A subscriber
can withdraw the entire balance standing to his / her credit after the expiry
of fifteen years from the end of the financial year in which the initial
subscription is made.
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Q.Is Partial Withdrawal account from the
PPF account?
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A:Anytime after
the expiry of five years from the end of the financial year in which the
initial subscription is made, the subscriber can partially withdraw but not
more than fifty percent (50%) from the balance that stood to his / her credit
at the end of the fourth financial year immediately preceding the year of
withdrawal or at the end of the preceding financial year whichever is lower,
less the loan amount (if any). Only one withdrawal is allowed per financial
year.
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For example, an
account opened in January 2010 will be eligible for partial withdrawal from
April 1, 2015. For a partial withdrawal requested in April 2015, the amount
of withdrawal will be limited to 50% of the lower of the balances standing to
his / her credit as on March 31, 2012 or on March 31, 2015.
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Q.Is Partial Withdrawal allowed from a
Minor's Account?
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A:Withdrawals
from a minor's account requires the guardian to furnish a certificate in the
following form:
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"Certified
that the amount sought to be withdrawn is required for the use
of_____________ who is alive and is still a minor."
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Q.Can a PPF account continue with
Deposits after Maturity?
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A:A subscriber
may, after maturity of his / her PPF Account, exercise an option to subscribe
for a further block periods of 5 years, subject to the prescribed limits of
subscription. This option has to be exercised by the subscriber before the
end of thefirst financial year after maturity.
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Partial
withdrawals in the block periods shall be limited to one per each financial
year and are not to exceed 60% of the balance outstanding at the commencement
of the block period.
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On completion of
the first block period, a subscriber may continue to subscribe for further
block periods, subject to the limits of subscription and exercise of such option
should be done in the first financial year of every extended block period.
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Q.Can a PPF account Continue without
Deposits after Maturity?
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A:A subscriber
can retain his / her PPF account after maturity without making any further
deposits. The balance will continue to earn interest. The subscriber can make
one withdrawal of any amount in each financial year.
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Q.When and what is the loan amount that
can be availed?
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A: A subscriber
can avail a loan on his / her PPF deposit any time after the expiry of one year
from the end of the financial year in which the initial subscription was made
but before the expiry of five years from the end of the financial year in
which the initial subscription was made.
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For example, a
subscriber opening an account in January 2010 will be eligible for a loan
from April 2011 to March 2015.
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The loan amount
will be limited to 25% of the balance outstanding to the subscriber's credit
at the end of the second year immediately preceding the financial year in
which the loan is requested. For example, a subscriber requesting a loan in
April 2011 will be eligible for 25% of the amount (including interest) that
stood to hiscredit as on March 31, 2010.
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Q.How is the repayment of loan done?
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A:The principal
amount of the loan is to be repaid by the subscriber before the expiry of
thirty-six months from the first day of the month following the month in
which the loan is sanctioned.
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The loan
repayment is to be made in one lump sum or in two or more monthly
installments within the thirty-six month period.
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After the
principal amount of the loan is fully repaid, the subscriber shall pay the
interest amount in not more than two monthly installments. Interest is
calculated at 2% above on the principal amount for the period commencing from
the first day ofthe month following the month in which the loan is availed up
to the last day of the month in which the last installment of the loan is
repaid.
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Q.Can a change in name of female
subscriber on account of marriage possible?
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A: In the event
of her marriage, a female subscriber may request for change in surname by
submitting documentary evidence of the same.
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Q. How is the repayment done after the
death of the subscriber?
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A: If a
subscriber to an account in respect of which nomination is in force dies, the
nominee or nominees may make an application in Form G, or as near thereto as
possible, to the Bank together with the proof of death of the subscriber and
on receipt of such application all amounts standing to the credit of the subscriber
aftermaking adjustment, if any in respect of interest on loans taken by the
subscriber shall be repaid by the Bank itself to the nominee or nominees.
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If the nominee is
dead, the surviving nominee or nominees shall, in addition to the proof of death
of the subscriber, also furnish proof of the death of the deceasednominee.
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Where there is NO
nomination in force at the time of death of the subscriber, the amount
standing to the credit of the deceased after making adjustment, if any, in
respect of interest on loans taken by the subscriber, shall be repaid by the
Bank to the legal heirs of the deceased on receipt of application in Form G
in this behalf fromthem.
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If the credit
balance standing in the account is upto Rs.1 lakh, the same may be paid to
his/her legal heirs on production of :
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a). A letter of
indemnity.
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b). An affidavit
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c). A letter of
disclaimer on affidavit, and
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d). A certificate
of death of subscriber, on stamped paper.
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Q.Does the PPF account earn interest
after the death of the subscriber?
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A: On the death
of the subscriber, the balance in PPF a/c. does not cease to earn interest.
The interest is admissible till the end of the month preceding the month in
which payment of the deposits is made to the nominee / legal heirs.
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Q.Can a PPF account be transferred from
one individual to another?
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A:A PPF a/c. is
not transferable from one individual to another, as such the nominee cannot
continue the account of a deceased subscriber in his own name.
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Q:What is APB?
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A:Aadhaar
Payments Bridge (APB) is a Payments system, where payments can be made to
targeted Residents using Aadhaar as the Financial Address instead of Bank
Account number.
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Q:What is the pre-requisite to initiate
payment through APB?
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A:There are three
primary requirements before a payment can be made successfully using APB:
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The Resident’s
Aadhaar to be linked with the Bank Account;
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Aadhaar to be
linked in the database of the paying agency, such as a Government Welfare
Scheme;
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The Paying agency
to be registered on APB and get an APB Registration ID.
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Q:What is AePS?
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A:AePS (Aadhaar
Enabled Payments System) is a payment service offered by the National
Payments Corporation of India (NPCI) to banks, financial institutions using
‘Aadhaar’ number and online UIDAI authentication through their respective
Business correspondent service Centers / Bank Mitras.
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Q:Does the Resident need to have a bank
account for availing AEPS?
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A:Yes, the
customer needs to have a bank account linked to his/ her Aadhaar with the
bank offering the AEPS service.
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