How to Start PPF ? Everything You Need to Know about Public Provident Fund | Personal Finance
Everything You Need to Know about Public Providend Fund | Personal Finance
PPF was introduced by the National Savings Institute of the Ministry of Finance in 1968.
Updated in 2019
Eligibility - Indian Resident
Maturity - 15 years
Tax Free Returns
Non - Resident Indians - can continue to contribute to the existing PPF until maturity.
Minimum deposit ₹ 500/- & Maximum deposit ₹ 1,50,000/- in a Financial year.
Loan facility is available from 3rd financial year up-to 6th financial year.
Withdrawal is permissible every year from 7th financial year.
Account matures on completion of fifteen complete financial years from the end of the year in which the account was opened.
After maturity, the account can be extended for any number for a block of 5 years with further deposits.
Account can be retained indefinitely without further deposit after maturity with the prevailing rate of interest.
The amount in the PPF account is not subject to attachment under any order or decree of a court of law.
Deposit qualifies for deduction under Section 80-C of I.T.Act.
Interest earned in the account is free from Income Tax under Section -10 of I.T.Act.
Minimum 500 not paid then 50 per year + minimum payment to activate the account.
Only 1 account can be created
Exempt [EEE] category is tax exemptions on investment, interest/return, and maturity.
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