To know more about PPF, click on the following link:
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Public Provident Fund (PPF) Account I Tax Benefits I How to Apply I Interest I Features I Withdrawal
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How to Use ClearTax's PPF Calculator?
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How to Open a Post Office PPF Account?
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How to deposit money in Post Office PPF Account in 5 steps?
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Inactive PPF aacount ? I Follow this process to re-activate your PPF account
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ELSS or PPF: Which Is The Better Tax-Saving Investment Option?
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Despite the fact that there are several instruments such as Debt Fund, Life Insurance, ULIP(Unit-Linked Insurance) Plan, even Equity Mutual Funds, etc on the market that can support parents in saving for their child's future. But these investments are well known for risk in nature. One of the most significant high-value expenditures that parents must budget for is their children's education. And as a result, parents should and should invest in guaranteed return products.
That being said, the Public Provident Fund (PPF) is one debt instrument that provides tax benefits, guaranteed returns, and a variety of additional advantages. Minor PPF accounts can be opened at a post office or a recognised bank branch, such as SBI, that is approved to open PPF accounts.
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).
Watch the entire video to know more about why PPF is a smart and secure bet to invest on behalf of a minor child.
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