PNB PPF account: The Punjab National Bank (PNB) urges its clients to make little investment in the Public Contingency Fund (PPF) program in order to profit from the future. PNB recently tweeted that one can open a PPF account with PNB through Internet retail banking. In case of doubt and question, PNB customers can connect to the official PNB website at pnbindia.in.
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Recently, PNB tweeted from its official Twitter account about the PPF program. The tweet read: “Make sure your tomorrow is today #PPF Invest and Enjoy. Click for more info: tinyurl.com/4pan9pf4.”
सुनिश्चित करें अपना कल। ही #PPF निवेश करें और आनंद उठाएँ।
– National Bank of Punjab (@pnbindia) 20 October 2021
The PPF was introduced by the government and offers the depositor the double advantage of an attractive yield and a tax advantage. The system is operational in all branches of the PNB.
It should be noted that the PPF account can be opened at any PNB agency. The PPF account can also be opened by the IBS Retail user using Internet banking services.
The account can be opened with a minimum initial deposit of Rs 500 and thereafter a deposit of any sum in multiple of Rs 50 and may be subject to a maximum of Rs 1.5 lakh in an account during a fiscal year.
The account has a term of 15 years and the account can be extended by one or more blocks of five years without loss of interest upon written request within one year from the due date.
PNB clients should note that depositors are eligible for PPF loans. The first loan can be contracted during the third financial year from the financial year during which the account was opened up to a limit of 25% of the amount of the loan at the end of the first financial year. The principal of the loan is reimbursed by the account holder before the expiration of a period of 36 months from the first day of the month following that in which the loan is sanctioned. The repayment of the loan can be done either in one go or in several installments.
PNB customers should note that at present, account subscriptions are deductible under Article 80 C of the IT Act. Interest credited to the account is totally exempt from income tax. The amount credited to the account is fully exempt from wealth tax.
The documents required to open a PPF account are an identity document, proof of address and two recent photographs.
For any further questions and more details, interested customers can log onto the official PNB website at pnbindia.in.