PUBLIC PROVIDENT FUND (PPF) Plan Get up to Rs 2 lakh by investing Rs 100.
Public Provident Fund (PPF) scheme is a popular long term investment option backed by Government of India which offers safety with attractive interest rate and returns that are fully exempted from Tax. Investors can get the facilities such as loan, withdrawal and extension of account.
How is PPF calculated| What is PPF and how it works| How much I will get in PPF after 15 years| Which bank is best for PPF account| PPF was established by the Government of India on the 19th| | The purpose of this scheme.
Public Provident Fund (PPF) Account:
Public Provident Fund (PPF) scheme is a popular long term investment option backed by Government of India which offers safety with attractive interest rate and returns that are fully exempted from Tax. Investors can get the facilities such as loan, withdrawal and extension of account.
Eligibility for opening PPF account
- Public Provident Fund (PPF) account can be opened by resident Indian individuals and individuals on behalf of minors.
- With ICICI Bank, opening a PPF account is simple and instant.
- Online PPF Account can now be opened instantly for existing customers.
If you are an existing customer
If you hold a joint account or wish to open a PPF account for a minor, you need to fill the requisite form and submit it along with the Know Your Customer (KYC) documents to the nearest ICICI Bank branch.
PPF Product Features :
- Attractive interest rate of 7.1% that is fully exempted from Income Tax under Section 80C
- Good long term investments of 15 years
- Deposit Amount as low as Rs.500 and maximum Rs.1,50,000 in one financial year. Deposits should be in multiples of Rs.50
- Loan can be availed between 3rd to 6th financial year
- Partial withdrawal facility can be availed after completion of 5 financial years
- Account can be extended in a block period of 5 years after maturity
- Deposits to Public Provident Fund (PPF) Accounts can be made in the form of cash, cheque, online funds transfer from ICICI Bank Savings Account and fund transfer from other bank accounts through NEFT.
PPF account with ICICI Bank offers you benefits such as
- Transfer funds online option from linked Savings Bank Account
- Standing Instruction facility to ensure regular investment
- Viewing your PPF Account statement online
That is, unorganized sector employees, who do not have EPF, pension, etc., have the opportunity to save money for their future. The government exempted PPF from all taxes so that more and more people would adopt the scheme.
What is PPF scheme: PPF is a small savings Plan 2020.
It is a government-backed savings scheme.
In which you get an amount of up to Rs 2 lakh by investing Rs 100
By investing in this scheme, you can also save Rs 1.5 lakh per annum in income tax.
Under Section 80C of the Income Tax Act, tax exemption can be obtained by opting for the old tax slab.
You can apply for the benefit of this scheme at any bank near you.
If you are an existing customer : Apply Online
Plan of this scheme :
Understand this way easily if a 25 year old saves Rs 3,000 (Rs 100 daily) from his monthly salary and deposits it in a PPF account, then he will get a total of Rs 54.47 lakh according to his PPF contribution for 35 years and 7.1 per cent interest rate.
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