The Public Provident Fund Scheme was introduced in 1968 by the Ministry of Finance, and is a tax saving avenue that offers an interest rate of 7.6%. Since the Public Provident Fund was introduced to encourage savings among salaried individuals, the minimum amount of deposition in PPF account is very affordable. One of the major benefits of investing in PPF account is that it provides tax deduction, and as a government backed scheme, is easy to understand and the money put in a PPF account is safe.
High ReturnsGet Returns as high as 17%*
Zero Capital Gains taxunlike 10% in Mutual Funds
Save upto Rs 46,800in Tax under section 80 C
Thus, due to all these benefits offered by the Public Provident Fund, it has become a popular investment option for the majority of individuals in India.
An individual can open a PPF account at any authorized bank (Government and Private) and post office. In order to open an account the individual is required to fill the form completely, provide all the relevant documents and deposit the required amount in the branches that have been authorized for the same.
The government sets the interest rate for PPF accounts. The interest rate associated with a Public Provident Fund account, keep changing for the entire tenure of the holding.
Let’s provide you some insight in to the key features and benefits offered by Public Provident Fund.
Here we have discussed some of the key benefits offered by PPF account.
In order to open a PPF account it is important to keep all your documents handy. Here are the major documents that an individual should not be missing when registering for their PPF account.
Opening a PPF account is very simple and hassle free. One can open a PPF account either at authorized banks, the post office or online. In the offline process to open a PPF account, an individual just needs to visit to the respective post office or a branch of bank that has been authorized for the same and get themselves enrolled.
The online process of opening a PPF account is much simpler, as one does not need to go anywhere and can open an account with just few clicks. All they need to do is to visit the bank’s official website or through the third party providers of financial services.
To Sum Up
Public Provident Fund is a great financial tool that not only helps you save an ample sum for your life after retirement, but also works as a great tax saving investment in the long run.
*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
21 Sep 2023A Capital Gains Tax Calculator is an online financial tool that
24 May 2023Section 80EE of the Income Tax Act provides an additional
24 May 2023E-filing 2.0 for income tax returns is the latest version of the
23 May 2023The income tax slab for women in India is the same as the slab
27 Apr 2023The term assessee is defined under section 2(7) of the Income