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21 March 2019

Full information on PPF account What is PPF?

Full information on PPF account What is PPF?

You must have heard the name of the PPF account in the tax saving exercise. Perhaps you guys have said that this is a good saving scheme. But due to less information and hassles of the PPF account, you may have taken any unnecessary insurance policy. Never mind, you can invest any money in the PPF scheme.


PPF is a simple, simple and beneficial scheme. Opening a PPF account is never a penchant. Yes, its promotion is not much because the agent does not get commission in this scheme. So let us give you full details of the PPF.
What is a PPF? PPF Account Details
PPF i.e. Public Provident Fund; This is a savings scheme provided by the Indian government to its citizens, which is kept in the Triple E category (E-E-E: Exempt-Exempt-Exempt). That is, from the beginning to the end, you will never have to pay any tax on any money deposited in it anywhere.

In 1968, the Government of India had established Public Provident Fund. The objective was that for the employees of the unorganized sector, there is no facility of EPF, Pension etc. they also get the chance to save money for their future. For more and more people to adopt this scheme, the government has kept the PPF free from all taxes. Not only this, on PPF deposits, tax exemption under section 80C is also given. The plan is quite popular right now. People adopt it due to tax saving and good interest rates.

PPF account investment

Necessary qualifications and investment limit for PPF account
Eligibility And Investment Iimit
The best part about PPF is that it can open any citizen of the country. Whether you are a serviceman, a businessman or a farmer, you can open your account in it. Even there is no restriction on age limit. You can also open PPF Account for your child or under-age acquaintance.

But, keep in mind that you can only open one PPF Account on your name. If you have a PPF account in advance, you can neither open your own account nor associate a joint account with anyone.

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You can not open another account at any time in your lifetime. If ever you have ever found another PPF account on your name, then the second account will be immediately deactivated. There will be no interest on the deposit amount in that account.

NRI can not open PPF account
NRI Can not Open PPF Account
NRI, that is, NRIs do not have the facility of opening a PPF account. However, if you had opened a PPF account while having a citizen of India then you can continue it till its tenure (15 years) is fulfilled.

According to the new rule of PPF for NRI, you can immediately withdraw all the money from this account as soon as 15 years of the account is complete. But if you do not withdraw money, you will get interest at the rate of savings account.

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