Post office 15 year Public Provident Fund Account (PPF ) schemes
15 year Public Provident Fund Account (PPF ): Interest
payable, Rates, Periodicity etc. Minimum Amount for opening of account and
maximum balance that can be retained From 01.07.2019, interest rates are as
follows: 7.9 % per annum (compounded yearly).
An individual can open an account with INR 500/- and a deposit minimum of INR 500/- in a financial year and maximum INR 1,50,000/- (including amount deposited in a minor account opened on behalf of guardian).
National Savings Certificates, popularly known as NSC, is an
Indian Government Savings Bond, primarily used for small savings and income tax
saving investments in India. It is part of the postal savings system of Indian
Postal Service India Post .Bhartiya Daak These can be purchased from any Post
Office in India by an adult (either in his/her own name or on behalf of a
minor), a minor, a trust, and two adults jointly. These are issued for five and
ten year maturity and can be pledged to banks as collateral for availing loans.
The holder gets the tax benefit under Section 80C of Income Tax Act, 1961.
Other similar government savings schemes in India include:
Public Provident Fund (PPF), Post Office Fixed Deposit, Post Office Recurring
Deposit, etc.
The certificates were heavily promoted by the Indian
government in the 1950s after India's independence, to collect funds for
nation-building.
Minimum INR. 500/- Maximum INR. 1,50,000/- in a financial
year.
Deposits can be made in lump-sum or in 12 instalments.
Salient features including Tax Rebate
Any account in which the account holder, having deposited
five hundred rupees in the initial year, fails to deposit the minimum amount in
the following years, shall be treated as discontinued and that account may be
revived during its maturity period on payment of a fee of fifty rupees along
with arrears of minimum deposit of five hundred rupees for each year of
default.
Joint account cannot be opened and only one account can be
opened by a citizen in India Account can be opened by cash / Cheque and In case
of Cheque, the date of realization of Cheque in Govt. account shall be date of
opening of account Nomination facility is available at the time of opening and
also after opening of account.
Account can be transferred from one post office
to another The subscriber can open another account in the name of minors but
subject to maximum investment limit by adding balance in all accounts Maturity
period is 15 years but the same can be extended within one year of maturity for
further 5 years and so on Maturity value can be retained without extension and
without further deposits also Premature closure is can be allowed after 5 years
from the end of the year in which the account was opened subject to the
following conditions. 1% interest will be deducted from the date of account
opening.
(i) In case of life-threatening disease of the account
holder, spouse or dependent children.
(ii) In case of higher education of account holder or
dependent children.
(iii) In case of change of resident status of the account
holder
Deposits qualify for deduction from income under Sec. 80C of
IT Act
Interest is completely tax-free
Online Deposit facility is available through Intra Operable
Netbanking/Mobile Banking.
Online Deposit facility is available through the IPPB Saving
Account.
No attachment under court decree order
The PPF account can be opened in a Post Office which is
Double handed and above
The loan can be taken after the expiry of one year from the
end of the year in which the initial subscription was made but before the
expiry of five years from the end of the year in which the initial subscription
was made
Withdrawal can be taken after the expiry of five years from
the end of the year in which the account was opened.
Important Link:
Read In Gujarati Indian Post Office Scheme: 15 years Public
Provident Fund Account (PPF ): Click Here
Post office official Website: Click Here
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