Public Provident Fund - PPF Tax Benefits | PPF in Tamil | Investment Works

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Public Provident Fund (PPF) | Investment Works | TAMIL
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PPF – Key Information
Interest Rate 7.1% per annum.
Minimum Investment Amount Rs.500
Maximum Investment Amount Rs 1.5 lakh per annum.
Tenure 15 years
Risk Profile Offers guaranteed, risk-free returns
Tax Benefit
Up to Rs.1.5 lakh under Section 80C

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👉 TAXATION

PPF comes with a EEE or the exempt-exempt-exempt tax status. This means: a) one is entitled to receive tax benefits under Section 80C of the Income Tax Act, b) all interest earned in this account is tax-free and c) all maturity proceeds are exempt from any capital gain or wealth tax

👉 MATURITY PERIOD

PPF has a maturity of 15 years. However, this maturity date is not calculated from the date of opening the account but from the end of the financial year in which the first deposit was made

👉 EXTENSION OF PPF ACCOUNT

Once the PPF account matures at the end of 15 years, the account holder has an option of extending the maturity in blocks of 5 years. These extensions can be done any number of times. During this extension period, the PPF account will continue to earn the prevailing interest rate

👉 CONTRIBUTION AMOUNT

PPF rules require a minimum contribution of 500 rupees per year and allows a maximum contribution of 1,50,000 rupees in a financial year. The government generally changes the maximum contribution limit every few years

👉 ELIGIBILITY

Any Indian citizen can open a Public Provident Fund account in one’s own name. Further, an individual can also open an account on behalf of a minor or a person of unsound mind of whom he or she is a guardian. However, the rules do not allow a joint account or an HUF or an NRI to open a new PPF account

👉 INTEREST RATE & CALCULATION

The Public Provident Fund is a fixed income asset class and account holders receive an interest at a rate that is set by the Government of India. The current rate is 7.1%. The PPF interest is calculated every month on basis, the lowest balance of the month from the 5th of the month until the end of the month

👉 CLOSURE OF PPF ACCOUNT

One can close a PPF account after maturity or post the extension period by submitting an application to the bank or the post office in which the account is held. However, if you want to prematurely close your PPF account, then some conditions need to be complied with and a deduction of 1% is made on the interest calculation

👉 OPENING A PPF ACCOUNT

One person can open only one PPF account. In case, a subscriber mistakenly opens more than one account, then the additional account will be treated as irregular and will not carry any interest or tax benefit. Opening a PPF account is very easy and a number of banks are doing this online with a minimum contribution of just 500 rupees

Disclaimer:-
This is not investment advice or recommendation. We are not SEBI registered Advisor. Please do your own studies or contact SEBI registered advisor before doing any investment.