To know more about PPF, click on the following link:
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The Public Provident Fund (PPF) is one of the most popular long-term investment in India because of many reasons that include guaranteed returns, higher interest and tax benefit. For decades, PPF has been used by Indians to save for their retirement, children's education and other long-term goals.
The interest rate offered on PPF is comparatively higher than what is offered by other fixed investment products of similar tenure. Currently, PPF fetches an interest of 7.1%. The interest earned on PPF, annual investment and the maturity amount are exempt from income tax (In new tax regime annual investment in PPF is not deducted from taxable income).
Besides high returns, the safety of investments is what makes a scheme attractive to investors. In both aspects, PPF remains an efficacious long-term investment scheme. As it is a government-backed scheme, PPF offers safety along with appealing returns. Being a savings scheme exempt from taxes, PPF is especially suitable for self-employed professionals and small businesses which are not covered by the Employees’ Provident Fund (EPF). However, investors need to examine the particulars of the scheme before investing.
What is a PPF account?
Public Provident Fund (PPF) scheme is a long term investment option which offers an attractive rate of interest and returns on the amount invested. The interest earned and the returns are not taxable under income Tax. One has to open an PPF account under this scheme and the amount deposited during a year will be claimed under section 80C deductions.
How to open a PPF account?
A PPF account can be opened with either a Post Office or with any nationalized bank like the State Bank of India or Punjab National Bank, etc. These days, even certain private banks like ICICI, HDFC and Axis Bank among others are authorized to provide this facility. You need to submit the duly filled application form along with the required documents i.e. the KYC documents like identity proof, address proof, and signature proof. Post submitting these documents you can deposit a prescribed amount towards the opening of the account.
Subscribers of the Public Provident Fund (PPF) have the convenience of extending their account after 15 years. This means that after completing a maturity period of 15 years a PPF account can be extended to a block of 5 years. That being said, if the account holder wants to extend the account by making new deposits, the depositor must notify the post office or bank where the account is maintained. For the same, one must fill out a relevant application form and submit it within one year of reaching maturity. After 15 years, one can either extend the PPF account with new contributions or extend the PPF account without new contributions.
The Public Provident Fund (PPF) is one of the most popular schemes in the country. Many salaried individuals tend to invest in the Public Provident Fund (PPF).
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