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THE PUBLIC PROVIDENT FUND SCHEME 1968

THE PUBLIC PROVIDENT FUND SCHEME 1968

In exercise of the power conferred by Section 3 of the Public Provident Fund Act, 1968 (23 of 1968), the Central Government hereby makes the following scheme, namely:-

1. Short title and commencement:-

  • (1) This scheme may be called the Public Provident Fund Scheme, 1968.
  • (2) It shall come into force on Ist July, 1968.

2. Definitions:-

  • In this scheme, unless the context otherwise requires :-
    • (a) ‘Account’ means a Public Provident Fund Account under this scheme.
    • (b) ‘Accounts Office’ means an office or branch of the State Bank of India, may subsidiary bank of the State Bank of India (excluding a pay office, a sub pay office or any other office managed by single officer or clerk) and any other office authorized by the Central Government to receive subscriptions under the scheme;
    • ( c) ‘Accounts Officer’ means the person who for the time being is in charge of an Accounts Office.
    • (d) ‘Act’ means the Public Provident Fund Act, 1968 (23 of 1968)
    • (e) ‘Form’ means a form appended to this scheme; (ee) ‘Guardian’ in relation to a minor, means:-‘
      • (i) Father or mother and
      • (ii) Where neither parent is alive, or where the only living parent is incapable of acting, a person entitled under the law for the time being in force to have care of the property of minor;
    • (f) ‘Year’ means the financial year (Ist April to 31st March)

3. Limit of subscription:-

  • (1) Any individual may, on his own behalf or on behalf of a minor of whom he is the guardian, subscribe to the Public Provident Fund (thereafter referred to as the fund) any amount not less than Rs. 500 and not more than Rs. 70,000 in a year. (Rs. 1,00,000/- w.e.f. 1st december 2011).
  • (2) Notwithstanding anything contained in sub-paragraph (1), an individual may also subscribe to the fund on behalf of:-
    • (a) a Hindu Undivided Family, or
    • (b) an association of persons or a body of individuals consisting in either case, only of husband and wife governed by the system of community of property in force in the State of Goa and the Union territories of Dadra and Nagar Haveli and daman and Diu, by whom or on whose behalf money is deposited in an account and the deposit means money is deposited.
      Out of the income of the Hindu Undivided Family or an association of persons or body of individuals, as the case may be, any amount not less than Rs. 500 and not more than Rs. 70,000 in a year. Non Resident Indians are not eligible to open an account under the Public Provident Fund Scheme:- Provided that 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.
      [MOF (DEA) Notification No GSR 585 (E) dated 25.7.2003]

4. Manner of making the subscription:-

  • (1) Every individual desirous of subscribing to Fund under the Scheme for the first time either on his own behalf or on behalf of a minor of whom he is the guardian shall apply to the Accounts Office in Form A, or as near thereto as possible together with the amount of initial subscription which shall be minimum of Rs. 100/-.
  • (2) On receipt of an application under sub-paragraph(1), the Accounts Office shall open an account in the name of the subscriber and issue a pass book to him, wherein all amount of deposits, withdrawals, loans and repayment thereof together with interest due shall be entered over the signature of the Accounts Officer with the date stamp.Provided that in case of Post Office working as Core Banking solution platform, a statement of account shall be inssued in place of passbook at the discretion of account holder.
  • (3) The subscriber shall deposit his subscription with the Account Office with challan in Form B, or as near thereto as possible. The counterfoil of the challan shall be returned to the depositor by the Account Office, duly evidenced by receipt. And in the case of deposits made by cheques or draft or pay order, the Accounts Office, may issue a paper token to the depositor pending realization of the proceeds.
  • (4) Every subscription shall be made in cash or by crossed cheques or draft or pay order in favour of the Accounts Office at the place at which that office is situated.”Provided that where the Account Office is working on Core Banking solution platform, every subscription shall be made either by cash, cheque, draft, pay order or any electronic mode in any Account Office workin on Core Banking solution platform.”
    (F. No. /2/7/2012-NS-II)

5. Number of subscription:

  • The subscription, which shall be in multiples of Rs. 5 may, for any year, be paid into the account in one lump sum or installments not exceeding twelve in a year.

THE PUBLIC PROVIDENT FUND SCHEME 1968

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