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PUBLIC PROVIDENT FUND SCHEME
Introductory:
A milestone ahead over other schemes in the market. PPF is not a tax savings scheme but a sound investment.
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A subscriber can deposit any amount between Rs.500/-(minimum) and Rs. 1,50,000/-(maximum) in a financial year.
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Current Rate of Interest Payable.
- Loan facility is available from 3rd financial year up to 6th financial year.
- One withdrawal is permissible every year from 7th financial year.
- Account matures on completion of fifteen complete financial years from the end of the year in which the account was opened.
- After maturity, account can be extended for any number of a block of 5 years with further deposits.
- Account can be retained indefinitely without further deposits after maturity with the prevailing rate of interest.
- Deposit may be PPF account qualified for deduction under Sec- 80 C of Income Tax Act.
- Interest earned in PPF account is completely exempted from Income Tax under Sec-10(15 of Income tax Act).
- The amount in the PPF account is not subject to attachment under any order or decree of a court of law.
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