Here is the completed details & rules about PPF Account, Benefits, Interest rate, how to withdraw Public Provident Fund, when we got loan, how much investment amount can we claim as part withdrawal payment, Can minor has to open PPF account, how to open account online and the disadvantages of scheme…
Under this PPF Account scheme, every Indian bank allows you to invest money in their services for annum deposit and you will receive a percentage of interest on them, and It is valid all across India and every bank has the investment scheme active as well, If you want to invest in the Public Provident Fund scheme then you need to know all the following
Minimum & Maximum Deposit
- ₹500 is the minimum deposit amount for PPF payment
- The maximum amount to be deposited in Public Provident Fund account per year is ₹1,50,000, which is exempted from Income Tax too.
Benefits of PPF Account
Public Provident Fund have got many benefits which are listed here below. Hope everyone has got much knowledge about PPF, as to remind we have a list of benefits PPF what PPF account provides an individual.
- Low Risk : Public Provident Fund account is safe and secure with lowest risk being supported by government
- Nationalised Scheme : Account can be opened in any Nationalized Bank, Private Banks, and Public Banks along with Post offices
- Easy Loan : More effective plans then banks FDs, easy loan process after 7 years of tenure.
- Grace and Lock Period : PPF account has a lock period of 15 years and exception period of 7 years
- Tax Exemption : EEE category benefits makes your PPF money tax exempted for any interest earned or principal invested
- Family Benefits : Also, tax exemption of PPF will cover child’s and Spouse’s PPF scheme benefit
- Guaranteed Returns : So once deposit is completed you can rest assured because the returns will be guaranteed.
Public Provident Fund Eligibility
Well this PPF Scheme is widely spread across India and people are investing it in using different banks, but if you want to start investing then you should know about the basic eligibility for the scheme.
- Indian Citizen : You should be a valid citizen of India with all necessary government proofs and details
- Age Limit : You should be above the age of 18 years if you want to invest in this scheme or take part in it
- No Upper Age Limit : You only have to meet the basic age limit of 18 years and there is no upper age limit.
- PPF for Minor : If you have a child then you can open the PPF Scheme for minor or children but it should be noted that the investment deposit should not exceed 1.5lakhs per annum.
- Limitations : Please note that grandparents cannot open PPF account for their grandchildren whether offline or online as well, this is a mandatory rule and should be followed, most of the banks and online platforms will not allow any grandparent to deposit and make their grandchildren PPF account.