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About PPF (Public Provident Fund)

(What is PPF?) Public Provident Fund is a tax-cum-saving avenue, introduced by the national saving institute of the Ministry of Finance (MoF) in India in the year of 1968. Interest gain from the PPF account is non-taxable and amount invest in PPF can be claimed for tax benefit U/s 80C up to 150000/- pa.

(Features of PPF)

  • Indian Citizen who is a Resident Indian can open PPF account self and in the name of Minor child. The individual might be self or salaried employees.
  • PPF account can be opened in SBI and it’s sub branches and some private banks and in Post-office.  Bank details are given in the below section of the article.
  • Central Government announced the interest rate for PPF, generally annually. The current ROI on a PPF account is fixed at 8.1% pa.
  • In a finance year, investor can invest from Rs. 500/- to Rs. 150000/- as per government directive.
  • PPF account is opened for a minimum period of 15 years and can be extend 5 years more after that.
  • Partial amount of money can be withdrawn after 7 years of the account creation, but full money can be withdrawn after the maturity periods.
  • Loan against the balance of PPF account can be availed after three years of account opening.
  • It supports various mode of transaction for money deposit like cash, cheque, DD, online transfer as one time deposit or up-to 12 installments.

(List of banks to open PPF account)

  1. State Bank of India or SBI
  2. State Bank of Hyderabad
  3. State Bank of Patiala
  4. State Bank of Bikaner
  5. State Bank of Jaipur
  6. State Bank of Travancore
  7. State Bank of Mysore
  8. ICICI Bank [Private Bank]
  9. Central Bank of India
  10. BOI – Bank of India
  11. Union Bank of India
  12. Bank of Maharasntra
  13. IDBI
  14. BOB – Bank of Baroda
  15. Vijaya Bank
  16. Allahadbad Bank
  17. Oriental Bank of Commerce
  18. Canara Bank
  19. Corporation Bank
  20. Dena Bank
  21. Indian Bank
  22. Axis Bank [Private Bank]
  23. IOB – Indian Overseas Bank
  24. PNB – Punjab National Bank
  25. United Bank of India

(Image Courtesy : pixabay.com/en/dollar-list-note-office-business-2584694/)

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