Public Provident Fund Account To Be Closed If Holder Becomes NRI News
Public Provident Fund Account To Be Closed If Holder Becomes NRI News
PPF – Public Provident Fund is the most favorable Saving Cum Tax Saving Scheme.Overview of PPF have taken on this page.
Where One Can Open PPF Account : PPF account can be opened at any branch of Post-Office as well designated branch of State Bank Of India (SBI) & other selected nationalized banks.Account can be opened through private bank like ICICI.
What is Max limit of investment in PPF: Its Rs.1.5 Lakh per individual including minor kids account.
What is minimum amount of investment required in PPF: Its Rs.500/- per year
Who Can Open PPF Account: Any individual can open the PPF account..its volunteer account .Account can be opened in name of Minor..but subject to overall limit of investment.
What if I miss investment in any year: If investment in PPF is missed in any financial year,then partial withdrawals and loans are not permitted.As well subscriber need to pay fine of Rs.50/- per annum alongwith min investment amount of Rs.500/- to revive the account.
Can NRI open PPF acount: No.But if PPF subscriber turned into NRI can continue to invest in PPF until its maturity & on non-repatriation basis.
PPF Tax concessions : Investment made in PPF is eligible u/s 80C & maturity amount is tax free as well.Investment made in the account of minor kids & spouse as well attracts 80C benefit.
Loan facility on PPF: Loan facility is available from 03rd year of subscription.
What happens after PPF account maturity: Maturity period is 15 years but same can be extended within one year of maturity for further five years.It can be extended multiple times in future.Maturity value can be as well retained without extension & further deposits as well.
Premature Account closure : Premature PPF account closure is permitted under certain conditions like serious ailments or higher education of children.Further said PPF account should have completed 05 years & it will be permitted with a penalty of 1% reduction in interest payable on the whole deposit.
How can I pay for PPF: One can pay through cash/Cheque/internet banking transfer.
