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image PUBLIC PROVIDENT FUND

ELIGIBLITY FOR OPENING ACCOUNT
The scheme is open to individual and account can also be opened on behalf of minor child as a natural / legal guardian.

SUBSCRIPTION
Minimum amount Rs.500/- and maximum Rs.1,50,000/- in a financial year

PERIOD
Minimum period is 15 years and can be extended in a block of 5 years.

RATE OF INTEREST
As per Govt. Notification from time to time (on Quarterly basis).
http://www.unionbankofindia.co.in/government-saving-scheme.aspx

WITHDRAWAL FROM THE FUND
Partial withdrawals are allowed after the expiry of 7 financial years.
In case of medical emergency or child education, account can be closed after 5 years.

LOANS
After the expiry of one year but before the expiry of 6 financial years from the end of the year in which initial subscription was made, a loan of 25% of the credit balance at the end of the second year immediately preceding the year in which the loan is applied may be availed of by the subscriber.

NOMINATION
Nominations of one or more persons are allowed except in the account opened on behalf of the minors.

TAX CONCESSIONS
Deposits in the account are exempted under section 80-C of Income Tax Act


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