PPF account: Learn about PPF account at 10 points everything

PPF account means that the public provident fund is one of nine small savings schemes being run by India Post. India Post has a network of more than 1.5 lakh post offices across the country. The public provident fund account, with a period of 15 years, is presenting 8% interest in the present time. Today we are giving you full information about PPF account at 10 points.

1-How to open account

Anyone can open a PPF account through cash or check. If you are opening the account with the check, the date of opening of the check redemption date should be the date of opening the account. No person can open a joint account.

Account can open from Rs 100

You can open a PPF account from 100 rupees. But you have to deposit a minimum of 500 rupees in a financial year.

Can deposit one year

A maximum of 1.5 lakh rupees can be deposited in a financial year in the PPF account. You can deposit this amount at one time or deposit it in 12 installments.

nominee facility

You can make a nominee even after opening a PPF account and after opening the account. Apart from this, you can transfer your PPF account from one post office to another post office.

Minor name can also open account

Anyone can open a PPF account in the name of their minor child. But if there is already an account in his name, he can join the two accounts and deposit a maximum of 1.5 lakhs in a year.

Account is 15 years
The PPF account is maturing in 15 years but it can be extended twice for 5 years. That is, after completing 15 years of PPF account, you can invest more in the next 10 years.

time can not be closed before the account

You can not close this account before 15 years of completion.

income tax rebate can take place

By depositing money in the PPF account, you can claim income tax deduction under Section 80C of the Income Tax Act. The interest you get in a PPF account is tax free.

Money can be withdrawn after 7 years

You can withdraw money from the PPF account at the completion of 7 financial years. It is called Premiere wasadral.

PPF account can take on loan

You can take a loan on PPF account. Loan facility on PPF account is available from the third financial year.