Public provident fund scheme has come into action on 1st July, 1968 in India which also called PPF or Provident Fund 1968.
In this scheme the following requires (unless the context)
- There should be an account under this scheme.
- There should be an accounts office in S.B.I or subsidiary bank or any bank authorized by Government of India.
- Act is public provident fund 1968.
- The financial year for this scheme is 1st April to 31st march.
The details for this scheme are as under.
- Any individual can subscribe for the provident fund scheme as his behalf or behalf of a minor of him he’s guardian
- Any individual can also subscribe on behalf of Hindu Undivided Family.
Association of person or body of individual consisting only husband and wife in either case in Goa and union territory of Daman & Diu and Dadra and nagar haveli by whom or who’s behalf moneyis deposited in an account and the deposit means money is deposited, but the limit of PPF is same as more than 500 and not more than 70000 per annum.
- Non resident of India can not subscribe for the Public Provident Scheme in India. However, if a resident who subsequently becomes Non Resident Indian during the currency of the maturity period prescribed under Public Provident Fund Scheme, may continue to subscribe to the Fund till its maturity on a Non Repatriation Basis.
2-How to Subscribe:-
- Every person who wants to subscribe for the PPF scheme either individually or as the options above needs to subscribe in the accounts office in Form A with the initial subscription which should be in multiple of 5.
- After receiving the receipt of the amount, the Accounts Officer will open an account and issue a pass book on which every entry will submitted like deposit, withdrawl or loan with signature of Account Officer with duly stamped.
- The subscriber can deposit his subscription with Challan B, to the Account Officer and he will return the counterfoil with sign and stamp.
- Every subscription can be made either by cash or cheque & Demand Draft to the accounts officer.
3-Number of Subscription: - Subscription should be in multiple of 5, can be paid either by lump sum or with installment which should not be more than 12 a year.
4-Transfer: - A subscriber can transfer his account to one accounts officer to another accounts officer.
5-Loss of Pass Book: - If the subscriber lost his pass book he can approach to the accounts officer for issuing a duplicate pass book with an application and the fee of issuing a duplicate pass book is Rs. 1.