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Name: Joydeep Saha
Camera : Nikkon D50
Location : Kumortuli
Date : 12-9-2009
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Public Provident Fund


Who can open a Public Provident Funds account:
  • An individual :
    • in his own name,
    • on behalf of a minor of whom he is a guardian,
    • a Hindu Undivided Family.
Where to open a PPF account
  • at designated post offices throughout the country and
  • at designated branches of Public Sector Banks throughout the country.
Maturity period
  • The account matures for closure after 15 years.
  • Account can be continued with or without subscriptions after maturity for block periods
    of five years.
Nomination

Nomination facility is available under Public Provident Funds accounts.

Deposit limits

  • Minimum deposit required is Rs. 500 in a financial year.
  • Maximum deposit limit is Rs. 70,000 in a financial year.
  • Maximum number of deposits is twelve in a financial year.

Loans against Public Provident Fund Account

Loans from the amount at credit in PPF account can be taken after completion of one
year from the end of the financial year of opening of the account and before completion of the 5th year. The amount of withdrawal cannot exceed 40% of the amount that stood to credit at the end of fourth year preceding the year of withdrawal or at the end of preceding year whichever is lower.

Withdrawal

Premature withdrawal is permissible every year after completion of 5 years from the
end of the year of opening the account.

Transferability
  • Account can be transferred from one post office to another post office,
  • from a bank to another bank; and
  • from a bank to post office and vice-versa.
PPF Pass Book

Depositor is provided with a pass book with entries of the deposited amounts, interest
credited every year and other particulars duly stamped by the post Office.

Interest
    · Interest at the rate, notified by the Central Government from time to time, is
    calculated and credited to the accounts at the end of each financial year.
    · Present rate of interest is eight per cent / per year since: 1st March, 2003.
Income Tax relief for Public Provident Fund account holders
  • Income Tax rebate is available ‘on the deposits made’, under Section 88 of Income
    tax Act, as amended from time to time.
  • Interest credited every year is tax-free.
National Savings Certificate (NSC) Public Provident Fund (PPF)
Interest Paid: 8%, compounded half-yearly Interest Paid: 8%, compounded annually
No monthly/yearly payments No monthly/yearly payments
Minimum investment: Rs 100
Maximum investment: No Limit
Minimum investment: Rs 500 (required annually)
Maximum investment: Rs 70,000
Tenure: 6 years Tenure: 15 years
Tax benefit under Income tax available.
Amount invested or Rs 1,00,000 which ever is lower
Tax benefit under Income tax available.
Amount invested or Rs 70,000 which ever is lower
Good investment for medium-term option Good investment for medium-term option
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