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Post office 15 year Public Provident Fund Account (PPF ) schemes


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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