PUBLIC PROVIDENT FUND SCHEME
15 Year Public Provident Fund
8.7 % p.a. (compounded yearly)
Minimum Rs. 500, maximum Rs. 1.5
lakh in a financial year. Deposits
can be made in one lumpsum or in 12 installments
Deposits qualify for deduction
from income tax under Section 80 C of IT Act.
Interest is completely tax free.
Withdrawal is permissible every year from 7th financial
year. Loan facility is available from
3rd financial year. No
attachment under any court decree or the other order. Account matures on completion of 15
complete financial years from the end of the year in which the account was
opened. Account can be extended, after
maturity, for any number of block period of 5 years with further deposits. The account can be retained indefinitely
without further deposit after maturity with prevailing rate of interest. Account can be opened in post offices as
well as designated branches of nationalized and private banks authorized to
operate PPF account.
Annexure- I ,
Committee for unclaimed amount remained in PPF Post Office Savings Schemes etc