Section 3 in The Public Provident Fund Scheme, 1968
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. 100 and not more than Rs. 60,000 in a year.(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 so 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. 100 and not more than Rs. 60,000 in a year.(3)[ Non-Resident Indians (NRIs) are not eligible to open an account under the Public Provident Fund Scheme:] [Inserted by Notification No. G.S.R. 585(E), dated 25.7.2003.][Provided that if a resident who opened an account under this scheme, subsequently becomes a non Resident during the currency of the maturity period, the account shall be deemed to be closed with effect from the day he becomes a non-resident and interest with effect from that date shall be paid at the rate applicable to the Post Office Saving Account up to the last day of the month preceding the month in which the account is actually closed.] [Substituted by Notification No. G.S.R. 1237(E), dated 3.10.2017.]
