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Public Provident Fund 1968 Scheme

Bank of Baroda operates PPF Scheme across its network of select -911- branches all over India. To see a detailed list of these branches, CLICK HERE.

Eligibility

Any adult in his / her name or in minor's name in the capacity of guardian of the minor. HUF and NRIs cannot open PPF account.

Minimum amount

Rs. 500/- per annum is required to be deposited. The accounts in which deposits are not made for any reason are treated as discontinued accounts and such accounts cannot be closed before maturity. The discontinued account can be activated by payment of the minimum deposit of Rs.500/- with default fee of Rs.50/- for each defaulted year.

Maximum amount

Rs. 1.5 Lacs per annum (FY 2014-15). The depositor has flexibility and freedom for depositing any amount in a maximum of 12 installments in a financial year.

Maturity period

15 years. An Account, on the expiry of fifteen years, can be extended for a further period of five years at a time.

Interest Rate

The interest is paid as per the rates declared by the Government from time to time.
The interest has revised to 8.70% w.e.f. 01.04.2013.
The interest is compounded annually.
The interest for the month is calculated on the minimum balance available in the account from 5th of a month to the last date of the month.
In case of cheques drawn on other Banks date of realisation of the cheque shall be the date of deposit.

Nomination facility

Available

Transferability

A PPF account can be transferred from a branch of an authorised bank to Post Office and vice versa and also from a branch of the bank to another branch.
A PPF account cannot be transferred from one person to another. Even in the case of death of a depositor, the nominee cannot continue the account.

Loan facility

A depositor can avail of loan facility in the third financial year from the financial year in which the account was opened.
Application in prescribed form is to be made for loan along with the pass book of the account.
In case, the loan is sought from minor's Account, the guardian has to make a declaration that the money is required for the use/benefit of the minor. The loan can be taken up to 25% of the amount in the account at the end of the second year immediately preceding the year in which the loan is applied for.
The loan is repayable in lump sum or convenient instalments. Where loan is repaid within 36 months, interest is charged at 2% over PPF interest rate. The interest is to be paid in not more than two instalments after the loan amount is fully repaid.
Once the first loan is repaid, second loan can be obtained on same terms. This facility is available till the end of 5th financial year from the end of the financial year in which initial subscription was made. Such loan can be taken only once a year.

Withdrawal facility

A depositor can make partial withdrawals, once every year from his PPF account after expiry of five years, from the end of Financial Year, in which the initial deposit was made. The amount of withdrawal is restricted to 50% of the credit balance at the end of the fourth year immediately preceding the year of withdrawal or the year immediately preceding the year of withdrawal, whichever is lower.
In case, the withdrawal is sought from minor's Account, the guardian has to make a declaration that the money is required for the use/benefit of the minor.
In case of accounts extended beyond Maturity period partial withdrawals are allowed once in a year with the condition that the amount of withdrawal during a five year block period should not exceed 60% of the balance in the account at the commencement of the block period.

Premature Encashment

Premature closure of a PPF Account is not permissible except in the case of death of the depositor.

Tax benefits

Interest income is totally tax free.

Other features

The benefits of exemption of interest from Income Tax is not available on deposits made in a PPF account after expiry of fifteen years without exercising option in writing for continuance of the account within one year.
The deposit in a minor account is clubbed with the deposit of the account of the guardian for the limit of Rs. 1,50,000/- per annum .
On death of the account holder his nominee(s)/legal heir(s) cannot continue the account. The account has to be closed in such case.
Deposits in excess of Rs. 1,50,000/- per annum in a financial year in a PPF account are refunded without interest and the excess amount is not considered for income tax rebate.

Deposit at any Branch of Bank

The PPF account holders can deposit subscription at any branch of the Bank.

Senior Citizens Savings Scheme 2004

Tenure of the scheme

5 years which can be extended by 3 more years

Rate of interest

9.2 per cent per annum. The rate of interest for every financial year will be notified by RBI before 1st April of that year. Rate of interest remains unchanged for the entire duration of the investment till maturity irrespective of the revision in subsequent years.

Frequency of computing interest

Quarterly

Taxability

Interest is fully taxable.

Whether TDS is applicable

Yes, Tax will be deducted at source.

Investment to be in multiples of

Rs. 1000/-

Maximum investment limit

Rs. 15 lakh

Minimum eligible age for investment

60 years (55 years for those who have retired on superannuation or under a voluntary or special voluntary scheme). The retired personnel of Defence Services (excluding Civilian Defence Employees) shall be eligible to invest irrespective of the age limits subject to the fulfilment of other specified conditions

Premature withdrawal facility

Available after one year of holding but with penalty

Transferability feature

Not transferable to others

Tradability

Not tradable

Nomination facility

Nomination facility is available

Modes of holding

Accounts can be held both in single and joint holding modes. Joint holding is allowed but only with spouse.

Application forms available with

At any of the -913- designated branches

Applicability to NRI, PIO and HUFs

Non resident Indians, Persons of Indian Origin and Hindu Undivided Family are not eligible to open an account under the scheme.

Transfer from one deposit office to another

Transfer of account from one deposit office to another in case of change of residence is permitted



Government of India 8% Savings Bonds 2003 (Taxable)

Bank of Baroda offer facility of issuance of GOI 8% Savings Bonds 2003 (Taxable) through its network of select -139- branches all over India.

Key Benefits

  • Bonds can be issued to resident Indian, in individual or joint names/on behalf of a minor as father/mother/legal guardian.
  • Bonds can also be issued to Hindu Undivided Family, Charitable Institution and University.
  • Bonds bear interest @ 8% p.a. No interest would accrue after the maturity of Bonds.
  • Bonds (Non-Cummulative) -Interest will be payable at half yearly intervals upto 31st July and 31st January by crediting holder's a/cs or issuing cheque.
  • Bonds (Cummulative) -Interest will be compounded with half yearly rests and payable on maturity along with the principal amount.
  • The interest earned under this scheme is taxable under the Income Tax Act, 1961, according to the relevant tax status of the Bondholder.
  • The Bonds shall not be tradable in secondary markets and will not be available as collateral for loans.
  • The bond shall be repayable on the expiry of -6- years from the date of the issue.
  • The maturity value of the bond shall be Rs.1601/- for every Rs.1000/-.
  • These Bonds are non-transferable.
  • Investment can be made with minimum Rs.1000/- and in multiple thereof with no maximum limit.
  • Nomination facility is available.
  • The Government of India has now vide Notifications dated July 29, 2013 and August 16, 2013, decided to provide the facility of premature encashment of these bonds to individual investors in the age group of sixty years and above, after a minimum lock-in period of three years from the date of issue as indicated below:-
    1. Lock-in period for investors in the age bracket of 60 to 70 years shall be 5 years from the date of issue.
    2. Lock-in period for investors in the age bracket of 70 to 80 years shall be 4 years from the date of issue.
    3. Lock-in period for investors of the age of 80 years and above shall be 3 years from the date of issue.


National Pension System (NPS)

Bank of Baroda is registered with PFRDA as POP (Point of Presence) for NPS under All Citizen Scheme and as Aggregator for the purpose of processing NPS-Lite accounts and acceptance of contributions. Under NPS-Lite, a government sponsored co-contribution scheme “Swavalamban” is also available at Branches all over India.

Individuals can visit our Branch with ID proof, Address Proof and age proof to fill the form for registration under the schemes above.

Key Benefits of NPS

The New Pension Scheme (NPS) is a social security scheme introduced by the government, aimed at encouraging savings during the work life so that copus created can provide a steady stream of income post retirement.

There are two types of NPS accounts, Tier I & Tier II. The Tier I account is mandatory, whereas Tier II account is optional. The Tier I account is eligible for tax benefits.

The Section 80 CCD allows for deduction for contributions made by employer towards NPS account. This is for total contribution made under tier-I account or 10% of salary (Basic+DA) whichever is minimum. For self-employed total contribution made under tier-I account or 10% of gross income whichever is minimum.

Accounts transferable between different bank's branches.

Account details can be viewed online. I-Pin and T-Pin will be provided by NSDL e-Governance Infrastructure Limited for on-line login and telephonic enquiry respectively.

Permanent Retirement Account Number Card (PRAN-Card) will be provided by NSDL e-Governance Infrastructure Limited

Any Individual/employee can open a NPS A/c. But a person can have only one NPS A/c and their age should be between 18 yr to 60 yr.

Nomination facility is available to more than one individual under NPS A/c..

Contribution to NPS account may be made any time during the year; this may be made regularly as monthly or instantly. Total contribution per year should be minimum 6000/= in tier-I A/c under the All Citizen Scheme.

Withdrawal from tier-I account is not allowed. But amount can be withdrawn at any time from tier-II account.

The NPS account matures at the age of 60 years of subscriber; the corpus amount will be converted in to Annuity and regular Pension will be paid. Loan facility is not allowed against NPS Contributions.

Click here to download

Key Benefits of NPS-Lite

To extend the coverage of NPS to the weaker and economically disadvantaged sections of the society with their limited investment potential, PFRDA has launched NPS-Lite which specifically targets the marginal investors and promotes small savings during their productive life. It aims at building up a corpus sufficient enough to buy an annuity for their old age.

Under NPS-Lite, “Swavalamban Scheme” of Govt of India, grants an incentive of Rs 1000 to for those subscriber whose contribution is between Rs1000/- to 12000/= per year.

Any Individual who are not covered under any of the retirement benefit / Provident Fund benefit are eligible under Swavalamban Scheme. Subscriber’s age should be between 18 yr to 60 yr.

Permanent Retirement Account Number Card (PRAN-Card) will be provided by NSDL e-Governance Infrastructure Limited

Nomination facility is available to more than one individual under NPS-Lite A/c.

Contribution to NPS-Lite account may be made any time during the year; this may be made regularly as monthly or instantly.

Withdrawal from NPS-Lite account is not allowed.

The NPS-Lite account matures at the age of 60 years of subscriber; the corpus amount will be converted in to Annuity and regular Pension will be paid.

Loan facility is not allowed against NPS-Lite Contributions.

Click here to download




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