I recently opened an account in the IDBI Bank and want to apply for the PPF account searching for some details related to this account. CAN you provide silent features of PPF Account In IDBI so I can plan to open this account also provide bank address and contacts for doing enquiry?

[prince karak]

IDBI Bank was established in 1964 by an Act of Parliament to provide credit and other financial facilities for the development of the fledgling Indian industry

PPF Account In IDBI

Salient Features of the Scheme:

1) ELIGIBILTY : Individuals in their own name as well as on behalf of a minors can open the account at any designated Branch.
As per extant rules, opening of PPF accounts in the name of NRIs & Hindu Undivided Family is not permitted.

2) TRANSFER OF ACCOUNT: The account can be transferred from other banks or Post Offices and vice versa upon request by the subscriber, free of charges.

3) SUBSCRIPTION LIMITS: Minimum of Rs.500/- and a maximum of Rs.1,50,000/- per financial year may be deposited. Any amount in excess of Rs.1,50,000/- in a financial year shall neither earn any interest nor will be eligible for rebate under the Income Tax Act. The amount can be deposited in lump sum or in a maximum of 12 instalments per year.

4) Maturity Period : 15 years. Extendable for 1 or more blocks of 5 years each after maturity.

5) RATE OF INTEREST: As declared by Government of India time to time.

6) TAX BENEFITS: Income Tax benefits are available under Sec 80C of the IT Act. Interest income is also totally exempt from Income Tax. Amount outstanding to the credit is fully exempt from Wealth Tax.

7) NOMINATION: Nomination facility is available in the name of one or more persons.

8) LOANS : A depositor can avail loan against balance in the PPF account in the third financial year. Rate of Interest for Loan will be 2% above the rate of interest on PPF.

9) Partial Withdrawal: Partial withdrawal is allowed once every year but after the expiry of 5 years from the end of financial year of the initial deposit in the PPF account.

10) Premature Closure: Premature Closure is allowed only after the account or the account of the minor account holder of whom he/she is the guardian has completed five financial years

Contact:

Registered Office:
IDBI Bank Ltd.
IDBI Tower, WTC Complex,
Cuffe Parade, Colaba, Mumbai 400005.

Swift: IBKLINBB