INSUBCONTINENT EXCLUSIVE:
The maturity period of PPF accounts is 15 years.The government recently hiked interest rates on small savings schemes by up to 0.4 per cent
for the October-December quarter, the Ministry of Finance said in a statement on Thursday
Under this revision, the interest rates on National Savings Certificate (NSC) and Public Provident Fund (PPF) have been revised to 8 per
cent, from 7.6 per cent at present
After a gap of several years, the government increased interest on small savings, in line with rising deposit rates in the banks
The revised rates would be applicable from October 1, 2018 to December 31, 2018.PPF accounts are an investment avenue with decent returns
coupled with income tax benefits
subject to a maximum of Rs.1,50,000 per annum can be deposited
The subscriber should not deposit more than Rs 1,50,000 per annum as the excess amount neither earns any interest nor is eligible for rebate
The amount can be deposited in lump sum or in a maximum of 12 installments per year
Partial withdrawal is allowed every year from the seventh financial year from the year of opening a PPF account.In National Savings
Certificate, investment can be made with a minimum of Rs
100 and and in multiples of Rs
There is no maximum limit for investment in NSC.The maturity period of PPF accounts is 15 years but the same can be extended within one year
