A PPF account can be opened by a grown-up for self or in the interest of a minor. The record residency is 15 years and the lock-in period for the record is 15 years. You can put aside an installment to a PPF account going from Rs.500 up to Rs.1.5 lakh each monetary year.
The store can be made in a single amount or in installments. There is no limitation on the quantity of installments each monetary year. The stores should be made each monetary year during the residency and such stores are absolved from annual assessment u/s 80C.
You are expected to put aside a base installment of Rs.500 each monetary year to keep the record dynamic. Assuming that you neglect to set aside this installment, the record will be ended. You should suffer a consequence of Rs.50 alongside a base store of Rs.500 to reactivate the record.
A loan fee of 7.1% p.a. (Q4 FY2022-23) is applied to the store and is compounded yearly. A credit office is accessible on the PPF balance. Additionally, you can make halfway and untimely withdrawals on the PPF account subject to specific circumstances. After finishing the residency, you can decide to broaden the record regardless of making extra commitments. You likewise have the choice to close the record.
• PPF investments are open to all Indian citizens.
• Unless the second account is in the name of a minor, a citizen can only have one PPF account.
• A PPF account cannot be opened by NRIs or HUFs. Be that as it may, on the off chance that they have a current PPF account in their name, it will stay dynamic till its fulfillment date. However, unlike Indian citizens, these accounts cannot be extended for five years.
How can a PPF account be opened?
A PPF account can be opened with either a Post Office or with any nationalized bank like the State Bank of India or Punjab National Bank, and so on. Nowadays, even specific confidential banks like ICICI, HDFC and Axis Bank among others are approved to give this office.
• Appropriately filled account opening application form.
• KYC Documents like Aadhaar, Epic card, Driving License, and so on.
• Residential Proof.
• Nominee filled form.
• Passport size photograph.
How to open PPF Account online?Step 1: Open a Bank Account using online platform of Bank.
Step 2: Select PPF Account option.
Step 3: If account is yourself then click ‘Self’ option. Otherwise if Account created behalf of Minor then select ‘Minor Account’ option.
Step 4: Fill all the necessary documents.
Step 5: Fill which amount you want to be deposited per financial year.
Step 6: Then OTP verification needed as per requirement.
Step 7: PPF account now created.
Step 1: Get an application form from nearest Post Office.
Step 2: Fill with proper way.
Step 3: Make deposit which amount you want to be deposited from minimum Rs. 500 to Rs 150000.
Step 4: After opening your account a Passbook will be given to you from Post Office.
To download PPF Form of Post Office click here.
1. Minimum deposited amount from Rs. 500 to maximum Rs. 150000.
2. From 3rd financial year to 6th financial year loan facility are available.
3. After 7th year withdrawal facility are available.
4. After covering 15th Year account will be fully matured.
5. Deposit amount qualifies deduction under Sec. 80C.
6. Interest earned in this account free from Tax under IT Act. Sec 10.
To calculate your PPF balance please click here.
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