Limit of Subscription
i. 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.100 and not more than Rs.60,000 in a year.
ii.An individual may also subscribe to the Fund on behalf of-
iii.A Hindu Undivided Family, or
iv.An association of persons or a body of individuals as referred to in clause (g) of sub-section(2) of Section 80C of the Income Tax Act, 1961(4) of 1961.
Out of the income of the Hindu Undivided Family associations of persons or body of individuals, as the case may be, any amount not less than Rs.100/- or not more than Rs.60,000 in a year.

Manner of making the subscription
Every individual desirous of subscribing to Fund under the Scheme for the first time either in is own behalf or on behalf of a minor of whom he is the guardian or on behalf of a Hindu Undivided Family of which he is a member or on behalf of an association of persons or a body of individuals as referred to in clause(g) of sub-section(2) of section 80C of the Income Tax Act, 1961 shall apply to the Accounts officer in form A or as near thereto as possible together with the amount of initial subscription which shall be in integral multiples of Rs.5.

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

Transfer of accounts
A subscriber may apply for transfer of his account from one "Accounts Office" to another "Accounts Office".

Condo nation of default
A subscriber who fails to subscribe in any year according to the limits specified in paragraph 3, may approach the Accounts Office for condo nation of the default, on payment, for each year of default, a fee of Rs.10 along with arrear subscription of Rs.100 for each year.

Interest
Interest at the rate, notified by the Central government in the official gazette from time to time, shall be allowed for calendar month on the lowest balance at credit of an account between the close of the fifth day and the end of the month and shall be credited to the account at the end of each year.

Withdrawals from the Fund
Any time after the expiry of five years from the end of the year in which the initial subscription was made, a subscriber may, if he so desire, apply in Form C or as near thereto as possible, together with the pass book to the Accounts Officer withdrawing from the balance to his credit, an amount not exceeding fifty per cent of the amount that stood to his credit at the end of the fourth year immediately preceding the year of withdrawal or at the end of the preceding year, whichever is lower, less the amount of loan, if any, drawn by him under paragraph 10 and which remains to be repaid.

Provided that not more than one withdrawal shall be permissible during any one year.

Closure of account or continuation of account without deposits after maturity
Notwithstanding the provisions of sub-paragraph(1), any time after the expiry of 15 years from the end of the year in which the initial subscription was made by him, a subscriber may, if he so desires, apply in form C or as near thereto as possible together with his pass book to the Accounts Office for the withdrawal of the entire balance standing to his credit and the Accounts Office, on receipt of such an application from the subscriber, shall subject to the provisions of sub-paragraph(4) allow the withdrawal of the entire balance (together with interest upto the last day of the month preceding the month in which the application for withdrawal is made) after making adjustments, if any, in respect of any interest due from the subscriber on loans taken by him and close his account.
Provided that a subscriber may, if he so desires, make withdrawal of the amount standing to his credit, from time to time, in installment not exceeding one in a year.

Loan
Notwithstanding the provisions of withdrawal, any time after the expiry of one year from the end of the year in which the initial subscription was made but before expiry of five years from the end of the year in which the initial subscription was made, a subscriber may, if he so desires, apply the Accounts Office for obtaining a loan consisting of a sum of whole rupees not exceeding twenty five per cent of amount that stood to his credit at the end of the second year immediately preceding the year in which the loan is applied for.

Repayment of loan and interest
The principal amount of a loan under this Scheme shall be repaid by the subscriber before the expiry of thirty six months from the first day of the month following the month in which the loan is sanctioned. The repayment may be made either in one lump sum or in two or more monthly installments within the prescribed period of thirty six months. The repayment will be credited to the subscriber's account.

Nomination and repayment after death of subscriber
A subscriber to the Fund may nominee in Form E, or, as near thereto as possible, one or more persons to receive the amount standing to his credit or the event of his death before the amount has become payable, or having become payable, has not been paid.

Premature closure of P.P.F. Account
If requests for premature closure of P.P.F. accounts and refund of deposits from the subscribers on grounds of genuine hardship are received, such cases can be dealt with under Rule 13 of the scheme. Since no withdrawal is permissible before the expiry of five years from the end of the year in which the account was opened vide para 9(withdrawal) of the scheme, the request for premature closure of accounts can be considered only after the expiry of the said period. For example, the request for premature closure of accounts opened in 1988-89 can be considered only after 1.4.1994. Such requests may, therefore, be forwarded to the Ministry of Finance (DEA) alongwith the following information:-
i. Name and address of the accountholder;
ii. Account number and the date on which opened;
iii. Loans availed of from the account with dates and position regarding repayment.
iv. Reasons given for the request and evidence in support thereof.
v. Designation and address of the income tax authority under whose jurisdiction the subscriber falls.
vi. Any other information relevant to the request.

Tax Concessions
I. Contributions paid out of the assessee's taxable income into the PPF account(s) standing in the name of the assessee, his children (minor or major) and the spouse qualify for rebate under Section 88 of the Income Tax Act.
ii. In the case of a Hindu Undivided Family, any member of the family will qualify for rebate.
iii. The interest credited to the fund and withdrawals from the fund are exempt from income tax.
iv. The interest credited in the P.P.F. account is not treated as reinvestment for the purpose of Section 88 of Income Tax Act as it is totally tax free and does not form part of the taxable income.
v. The balance held in the P.P.F. Account is completely free from Wealth Tax. The condition that the assets must be held for a period of at least six months before valuation date, does not apply to the P.P.Fund.
vi.The contribution paid into the fund in repayment of loans will not be eligible for rebate under Section 88 of the Income Tax Act.

Freedom from Court attachment
The balance to the credit of a subscriber in his account is not subject to attachment under any order or decree of a court in respect of any debt or other liability incurred by him.

Opening of Accounts by Non-Resident Indians
There is no objection to non-residents Indian National residing abroad) opening PPF account out of moneys held in the applicant's non-resident account in India in banks subject to the following conditions:-
i. The account is marked as non-resident account.
ii. All credits therein or debts thereto are made subject to the same regulations as are applicable to non-resident account.