PSB Bank Public Provident Fund Scheme (PPF) Forms
PSB Bank Public Provident Fund Scheme (PPF) Forms Download
The provided application form (Form A) is used to open a Public Provident Fund (PPF) Account under the Public Provident Fund Scheme at Punjab & Sind Bank (p. 1).
Here are the key points and essential rules concerning this application form and the associated PPF scheme:
Core Form Requirements & Rules
- Account Ownership: The application allows an individual to open a PPF account for themselves, or on behalf of a minor as a guardian (p. 1). Joint accounts are strictly prohibited. [1]
- Single Account Declaration: The applicant must explicitly declare that they do not maintain any other PPF account, except if it is opened on behalf of a minor, a Hindu Undivided Family (HUF), or an association (p. 1). Holding multiple personal accounts can result in a loss of all interest. [2]
- Identification Details: A recent passport-size photograph and PAN number must be provided (p. 1). Applicants not assessed for income tax can instead submit an attested copy of their Ration Card, Voter ID, or Passport (p. 2).
- Deposit Limits Warning: The form contains a strict declaration warning that if total deposits cross the Central Government’s prescribed limits in a financial year, no interest will be paid on the excess deposit amount (p. 2).
- Investment Mode: The applicant must explicitly declare whether they are investing directly or utilizing the services of an authorized PPF Agency (p. 2).
Operational Rules of the PPF Scheme
- Current Interest Rate: As of June 2026, the PPF interest rate is 7.1% per annum, compounded annually and credited at the end of the financial year. The government reviews this rate quarterly. [3, 4, 5]
- Investment Caps: To keep the account active, the user must invest a minimum of ₹500 and a maximum of ₹1.5 lakh per financial year. [6]
- Tenure: The standard maturity period is 15 full financial years. After this, the account can be closed or extended indefinitely in multi-year blocks of 5 years. [6, 7]
- Tax Status: PPF enjoys an Exempt-Exempt-Exempt (EEE) tax status. Contributions qualify for a tax deduction up to ₹1.5 lakh under Section 80C (old tax regime), while the accumulated interest and the final maturity amount are completely tax-free. [6, 8]
- Liquidity & Loans: Account holders can apply for an emergency loan against their balance from the 3rd to the 6th financial year. Partial premature withdrawals are permitted after completing 5 years. [6, 7]
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