new Delhi. Currently, small investment schemes have seen a decline in interest rates. Because of which people are investing in Modern Investment ie Mutual Fund and SIP. However, an investment plan is such that you will get more interest than FD. Yes, this is a PPF account. In which you can deposit from 500 rupees to 1.5 lakh rupees in a year. Currently, you are getting 7.1 percent interest in it.
Can open account in both post office and bank
– Account can be opened in PPF account in both post office and bank.
– You can open parents in the name of yourself and your children.
According to the rules, a PPF account cannot be opened in the name of a Hindu undivided family.
– The minimum amount for opening a PPF account is 500 rupees.
– Say a year, maximum investment of Rs 1.5 lakh per year can be done in a financial year.
– According to the new rules, the limit for submission of rupees 12 times has been abolished.
Will get extension of 5 years
– PPF account matures in 15 years, within a year of maturity, it can be extended for 5-5 years.
– Money cannot be withdrawn from this account for 5 years after the year of opening the account.
After the completion of the period, money can be withdrawn by filling Form 2.
– PPF account will not be able to withdraw more than 50 percent of the money deposited.
– Joint account cannot be opened in PPF.
– Any person can open an account by applying through Form-1.
– PPF account can be opened in the name of minor or mentally challenged person.
Account can be transferred
– A PPF account can be transferred at the request of the account holder.
– You will not be charged for this.
– You can also take a loan against a deposit on a PPF account.
– are entitled to take loan from PPF for five years from one year after account opening.
– If you have opened PPF account in January 2020, then you can take loan from 1 April 2021 to 31 March 2025.
– You can take a maximum loan of 25% on the deposit.
– You get the benefit of tax rebate on PPF investment.
Interest on PPF investment is revised quarterly.