PNB urges its customers to open PPF account with retail internet banking - Check details here

PNB PPF Account: The Punjab National Bank (PNB) is urging its customers to make little investment in Public Provident Fund (PPF) scheme in order to enjoy the future. The PNB has recently tweeted that one can open a PPF account with PNB by means of the retail internet banking. In case of any doubt and query, the PNB customers can login to the official website of PNB at pnbindia.in.

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Recently, the PNB has tweeted from its official Twitter handle about the PPF scheme. The tweet said, "Make sure your tomorrow today itself #PPF Invest in and enjoy. Click for further information: tinyurl.com/4pan9pf4."

सुनिश्चित करें अपना कल। आज ही #PPF में निवेश करें और आनंद उठाएँ।

अधिक जानकारी के लिए क्लिक करें: https://t.co/Ufq1jkqhmr#PPF #savings #BankYahanHai pic.twitter.com/5JvdrUpmR3

— Punjab National Bank (@pnbindia) October 20, 2021

The PPF was introduced by the government, and it provides the depositor the twin benefits of attractive return and tax benefit. The scheme is operational in all branches of PNB.

It must be noted that PPF account can be opened in any branch of PNB. The PPF account cab also be opened by IBS Retail user by using Internet banking services.

The account can be opened with a minimum initial deposit of Rs 500 and thereafter deposit of any sum in multiple of Rs 50 and can be made subject to not more than Rs 1.5 lakh in an account during a financial year.

The account is of 15 years duration and the account can be extended for one or more blocks of five years without loss of interest on written request within one year from the date of maturity.

The PNB customers must note that the depositors are eligible for loans from PPF. The first loan can be taken in the third financial year from the financial year in which the account was opened up to 25 per cent of the amount at the credit at the end of first financial year. The principal amount of loan shall be repaid by the account holder before the expiry of 36 months from the first day of the month following the month in which the loan is sanctioned. The repayment of the loan can be made either in lump sum or in installments.

The PNB customers must note that at present, the subscriptions to the account qualify for deduction under Section 80 C of IT Act. The interest credited to the account is totally exempted from Income Tax. The amount standing to the credit of the account is fully exempted from Wealth Tax.

The documents required to open a PPF account are ID proof, address proof and two recent photographs.

In case of any other query and further details, the interested customers can login to the official website of PNB at pnbindia.in.