Public Provident Fund Account: Before opening a PPF account, know everything about it, there will be profit or loss

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Public Provident Fund Account: On investing in this scheme, you get the benefit of income tax exemption under 80C in income tax.




At the same time, income from its interest is completely outside the purview of income tax.

In the current era of corona virus epidemic crisis, everyone wants to invest in fixed income funds. Talking about a fund with guaranteed returns, Public Provident Fund (PPF) is included in such a scheme, which gets higher interest than many other funds. Due to this PPF is one of the most popular saving funds in the country. Public Provident Fund is a 15-year investment plan. Also, the scheme comes under the category of Triple E (Expect, Expect, Exempt). This means that you get the benefit of tax rebate on investment, interest income and maturity benefits in this scheme.

You can open a PPF account in your name or as the guardian of a minor . Currently, a minimum investment of Rs 500 and a maximum of Rs 1.5 lakh can be invested annually in a PPF account. You can invest through a maximum of 12 transactions. However, it should be kept in mind that if you invest Rs 1.5 lakhs annually in PPF account, then you do not get any interest on the additional amount nor is there an income tax exemption on this amount.

Also Read: Public Provident Fund Rules: New Rules Of Public Provident Fund – Deposit Amount Will Not Be Attached Now

The maturity period of a public provident fund account is 15 years. However, after maturity you can extend the maturity period on one or more occasions by applying. Once applied, the maturity period increases to five years.

The government fixes the interest rate on PPF at the beginning of every quarter. Currently, this rate is at 7.1 percent. Interest is paid on 31 March of every year. You can open PPF account in post office or banks.

On investing in this scheme, you get the benefit of income tax exemption under 80C in income tax. At the same time, income from its interest is completely outside the purview of income tax.

Loans and withdrawals depends on how old your PPF account is and how much money is deposited in it. You can take a loan during the third to sixth year of investment. At the same time, partial withdrawal facility can be availed from the seventh fiscal year.



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