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Do you want to know who can open PPF account? Let me tell you that, the Public Provident Fund (PPF), a savings and investment scheme run by the Indian government, provides investors with a wonderful option to develop a long-term corpus by depositing small amounts monthly.
A PPF account offers a solid balance of security, returns, and tax advantages.
PPF account who can open:- Eligibility:
A PPF account can be opened by any Indian citizen in his or her name or on behalf of a minor. However, a joint account or one for a Hindu Undivided Family cannot be opened (HUF). In addition, a person can only have one account in his name.
PPF accounts can be opened at a post office or a bank, and they can be done online or offline. While a joint account is not possible, you can nominate someone by filling out the 'Form E'.
- Investment Limit:
A PPF account can be opened with as low as Rs. 100. You must, however, deposit a minimum of Rs. 500 and a maximum of Rs. 1,50,000 in each financial year.
Section 80C of the Income Tax Act allows you to deduct up to Rs. 1,50,000 in investments (ITA). Your account's earnings are also tax-free, making it one of the most tax-efficient investments available.
The interest rate is determined by the Indian government every quarter. The interest rate is 7.6 percent at the time of writing.
PPF accounts have a 15-year maturity period and can be extended in 5-year increments. Within one year of maturity, you must extend the term
You can transfer your account for no additional fee from one branch to another, from one bank to another, and from a post office to a bank, and vice versa.
I hope these above-mentioned criteria would help you in knowing who can open PPF account.
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Who Can Open PPF Account?
ruchi
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3 Year
2022-04-12T17:58:14+00:00 2022-04-12T17:58:16+00:00Comment
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