The government of India offers a retirement savings plan called Public Provident Fund (PPF). It design to offer a secure life after retirement.
The government of India offers a retirement savings plan called Public Provident Fund (PPF). It design to offer a secure life after retirement.
Each year, the Finance Ministry sets the interest rate. It is paid on 31 March.
Each year, the Finance Ministry sets the interest rate. It is paid on 31 March.
The current interest rate for PPF is 7.10 %
An account can be opened for as low as Rs 500. Annual investments exceeding Rs 1.5 lakh won’t earn interest and are not eligible for tax savings.–
–
An account can be opened for as low as Rs 500. Annual investments exceeding Rs 1.5 lakh won’t earn interest and are not eligible for tax savings.––
Advances and loans against PPF balance.
Advances and loans against PPF balance.
PPF allow Partially withdrawn facility available from 7th year onward
PPF allow Partially withdrawn facility available from 7th year onward
The minimum tenure for the PPF is 15 years. However, you can extend your tenure in blocks of 5 years per your wishes.
The minimum tenure for the PPF is 15 years. However, you can extend your tenure in blocks of 5 years per your wishes.
interest earned and the accrued amount are exempt from taxes at withdrawal.
All deposits in the PPF account can be deducted under Section 80C
interest earned and the accrued amount are exempt from taxes at withdrawal.All deposits in the PPF account can be deducted under Section 80C
One or more people can be nominated. If more than one person is nominated, the percentage share must be stated.
One or more people can be nominated. If more than one person is nominated, the percentage share must be stated.
Nomination Facility
Safety
PPF is guaranteed, safe, and risk-free. It also offers capital protection. There is minimal risk in having a PPF account
PPF is guaranteed, safe, and risk-free. It also offers capital protection. There is minimal risk in having a PPF account
Account Opening
A PPF account can be opened by any Indian adult who is a resident. A legal guardian may open the account for a minor or someone with a mentally impaired person.
A PPF account can be opened by any Indian adult who is a resident. A legal guardian may open the account for a minor or someone with a mentally impaired person.
The PPF account can be a great retirement option for individuals who don’t work in the corporate sector. The income tax does not apply to the interest earned or the returns.
The PPF account can be a great retirement option for individuals who don’t work in the corporate sector. The income tax does not apply to the interest earned or the returns.