Post Office 15-Year Public Provident Fund Account PPF: Know About Returns and Tax Benefits

Any person can open this account through check or cash (cash) to the post office 15 year public provident fund account (PPF)

India Post or Department of Posts, which operates the largest postal network in the country, runs a large number of savings schemes in which different interest rates are offered to the customers. Of the 9 savings schemes run by the post office 15-year public provident fund account (PPF) is a special scheme. In this scheme interest is provided at the rate of 8 percent. It is paid annually. This information is posted on the official website of India Post (indiapost.gov.in).

post office 15 year public provident fund account (PPF)Account opening: 

Any person can open this account through check or cash (cash). However, the shared account can not be opened in it.

Minimum Deposit Account: Any person can open this account with only Rs. 100. However, in this account, minimum 500 rupees have to be invested during one year.

Maximum deposit: At the same time, the maximum amount to be deposited during this financial year should not exceed Rs. 1,50,000. It can be invested either in lump sum or in 12 installments.

post office 15-year public provident fund account (PPF) Nomination facility: 

Nomination facility is also available in this account. Nomination facility is available after opening or opening a PPF account. The account can be transferred from one post office to another post office.

Account for Minors: Any person can open an account in the name of a minor. However, the maximum investment limit in all accounts should not exceed the limit. This information is posted on the India Post's website.

Maturity Period: The maturity period of the PPF account is 15 years. But it can be extended for another five years in the last year of the maturity.

Closing Maturity Pre-Account: This account is not allowed to be closed before maturity i.e. before 15 years.

post office 15-year public provident fund account (PPF) Income Tax Benefits

The amount to be deposited under the 15-year-old PPF account is taxable under section 80C of income tax claimable under the tax rebate. The interest paid on this is also tax free.

Evacuation before maturity: After seven years of opening the account, withdrawal of deposits is permitted every year.

post office 15-year public provident fund account (PPF) Additional Benefits

After three years of opening the post office PPF account, there is also a facility to take a loan at the deposit amount.