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Public Provident Fund Scheme | Senior citizen Scheme and Offers


The Bank is opening accounts and accepting deposits in Public Provident Fund Scheme and Senior citizen Scheme saving Schemes through our fifty branches which have been authorized by Ministry of Finance to accept subscriptions under PPF Scheme 1968 and SCSS 2004.

  • Public Provident Fund Scheme - 1968
  • Senior Citizens Savings Scheme

The Scheme offers an investment avenue with decent returns coupled with income tax benefits as below -

  • Deposits upto Rs 1,50,000/- Lac qualify under Section-80C of I.T. Act
  • Interest earned is completely free   from Income Tax.
  • The interest rates are notified by Government of India from time to time.
  • Easy liquidity by provisions of loan and withdrawal.

The Salient features of the Scheme are as follows:


Individuals in their own name as well as on behalf of a minor can open the account. The Non Residents Indians are not eligible to open account under PPF Scheme. The account can be opened in any one of the authorized branches of Punjab & Sind Bank. Those having General Provident Fund or Employee's Provident Fund canalso open a Public Provident Fund.

Investment Limits

Any amount in multiple of Rs 100/- with a minimum Rs 500/- and maximum of Rs 1,50,000/-in a year in all the accounts taken together. A year for the purpose of Scheme means a financial Year. The subscriber should not deposit more than Rs.1,50,000 per annum as the excess amount will neither earn any interest nor will be eligible for rebate under Income Tax Act.

Duration of Scheme

Original duration is 15 years. Thereafter, on application by the subscriber, it can be extended for 1 or more blocks of 5 years each.

Rate of Interest

Interest will be paid on 31st March every year. Interest is calculated on the minimum balance between 5th day and end of the month. The interest rate arenotified by Government of India from time to time.

Loans and Withdrawals

Loans and withdrawals are permitted depending upon the age of the account and balances as on the specified dates.

Tax Benefits

Income Tax benefits are available under Sec 8OC of IT Act. Interest income is totally exempt from Income Tax.


Nomination facility is available in the name of one or more persons. The shares of nominees may also be defined by the subscriber.

Transfer of Account

The account can be transferred to other branches/ other banks or Post Offices and vice versa upon request by the subscriber. The service is free of charges.

Rate of Interest for Small Savings Schemes

All the 98 branches of the bank which are authorized to open the account under PPF Scheme 1968 are accepting subscription under Senior Citizen Savings Scheme 2004.

The Scheme offers-

  • Maturity Period 5 years with facility to extend for further 3 years
  • A person who has completed sixty years can open the account
  • Relaxation of age for VRS employee and retired Defence personnel
  • The interest rates are notified by Government of India from time to time and payable on every end of quarter.


  • An individual who has attained the age of 60 years and above on the date of opening of an account.
  • who has attained the age of 55 years or more but less than 60 years and who has retired on superannuation or otherwise on the date of opening an account as per the term and conditions specified under the rules.
  • The retired personnel of Defence Services (excluding civilian Defence employees) irrespective of the above age limits subject to fulfillment of other specified conditions.

Deposits and withdrawals

  • Deposits to be made in multiple of one thousand rupees with maximum investment limit of Rs 15 lacs
  • No withdrawal shall be permitted under these rules before the expiry of a period of five years from the date of opening of an account.
  • Joint Account - can be opened only with the spouse.

Interest on Deposit

  • The deposit made under these rules shall bear interest notified by Government of India from the date of deposit payable at the end of each calendar quarter e.g. 31st March / 30th June / 30th September / 31st December. The rate of interest notified by Government of India time to time.
  • TDS shall be deducted at source.


  • The depositor may nominate a person or persons, at the time of opening of the account or at any time after the opening of the account but before its closure
  • Nomination made by the depositor can be cancelled or varied.
Instrument Rate of Interest w.e.f. 01.01.2018 to 31.03.2018 Compounding Frequency
5 Year Senior Citizen Saving Scheme (SCSS) 8.30% Quarterly & paid
Public Provident Fund Scheme (PPF) 7.60% Annually
SukanyaSamriddhi Account Scheme (SSA) 8.10% Annually


List of Branches Nominated for PPF and Senior Citizen Saving Scheme


For Hot Listing (Blocking)
ATM/Rupay Cards ATM/RuPay Card
(By SMS) 9223815844
For Debit Freeze Account
(By SMS) 8828837411
For Phone Banking Services
(By Call) 1800-22-1908
For Balance Enquiry
(By Missed Call) 7039035156 (Toll Free)
All India Toll Free 1800-419-8300