PPF- Public Provident Fund Account - No attachment under court decree order..!
1. From 1.4.2016, interest rates are as follows:-
8.10% per annum (compounded yearly).
2. Minimum Rs. 500. Maximum Rs. 1,50,000/- in a
financial year.
3. Deposits can be made in lump-sum or in 12
installments.
4. An individual can open account with Rs. 100 but has to deposit minimum of INR 500/- in a
financial year and maximum Rs. 1,50,000
5. Joint account cannot be opened.
6. Account can be opened by cash/cheque and In
case of cheque, the date of realization of cheque in Govt. account shall be
date of opening of account.
7. Nomination facility is available at the time
of opening and also after opening of account. Account can be transferred from
one post office to another.
8. The subscriber can open another account in the
name of minors but subject to maximum investment limit by adding balance in all
accounts.
9. Maturity period is 15 years but the same can
be extended within one year of maturity for further 5 years and so on.
10. Maturity value can be retained without
extension and without further deposits also.
11. Premature closure is not allowed before 5
years. After 5 years now completely withdraw with 1% penalty.
12. Deposits qualify for deduction from income
under Section 80C of Indian IT Act.
13. Interest
is completely tax-free.
14. Loan facility available from 3rd financial
year.
15. No attachment under court decree order.
16. The PPF account can be opened in a Post
Office which is Double handed and above.
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