INSUBCONTINENT EXCLUSIVE:
PPF Account: Investment made under PPF also qualifies for income tax benefits under the I-T Act.India Post, which operates a network of more
than 1.5 lakh branches across the country, offers nine savings schemes
The interest rates applicable to these post office saving schemes are revised on a quarterly basis
One such savings scheme offered by post office is 15-year Public Provident Fund (PPF) Account, according to its website, indiapost.gov.in
In case the account is opened by cheque, the date of realisation of cheque in government's account shall be date of opening of
100 to open the account but has to deposit Rs
The maximum limit in a financial year is Rs
1,50,000, according to India Post
Deposits can be made in lump-sum or in 12 installments.Interest rateThe post office public provident fund account offers an interest of 7.9
per cent per annum, which is compounded yearly, noted India Post.MaturityA PPF subscriber cannot close the account before completing the
PPF account also qualifies for income tax benefits under Section 80C of the Income Tax Act, 1961
The account also offers loan facility from the third financial year.Get Breaking news, live coverage, and Latest News from India and around
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