Public Provident Fund (PPF)

  Public Provident Fund :-


                       

                               
           The Public Provident Fund is India's savings and tax savings scheme. The scheme was introduced in 1968 by the National Savings Organization of the Ministry of Finance to mobilize small savings. The purpose of the scheme is to provide investment returns with decent returns through income tax benefits.

Key features of the project Eligibility - 

Individuals in their own name and on behalf of a minor, can open an 

account at any branch office. PPF accounts are not allowed to be opened in the name of a Hindu family.

Investment Limits - From August 2014, the minimum is Rs.500.00 and the maximum is Rs.1.50 lakh. Because they do not earn any interest under the Income Tax Act or are eligible for a deduction.

Subscribers should not pay more than Rs.50 per year. The amount can be saved in bulk or in 12 installments a year.

Duration of the project - The original duration is 15 years. Thereafter, on application by the subscriber, it may be extended for five years for one or more splits.

Interest rate - 8.70% per annum with effect from 01.04.2013. Interest will be paid on March 31 of each year. Interest is calculated on the minimum balance between the 5th day of the calculated month.

Loans and Loans - Loans and withdrawals are allowed within a specified period depending on the age of the account.

Tax Benefits - Income Tax Benefits Are available under Section 88 of the Act.

Interest income is completely tax deductible. Credit card payments are fully tax deductible.

Naming - The appointment is in the name of one or more persons. Subscribers Shareholders can be defined by subscribers.

Account Transfer - The account can be transferred to other banks / other banks or post offices and subscribers at the request of the applicant. Service charges are free.