What is Public Provident Fund (PPF), the savings tool that has empowered millions in India
Mar 06, 2018, 02:05 PM IST
Public Provident Fund (PPF) was launched to encourage the thrifty Indian public to create a retirement corpus. Notably, PPF deposits are liable for tax deductions and interest earned is not taxable.
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A PPF account can be opened at any nationalised, authorised, private bank and authorised branches/post offices
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Deposits must be made every year for a period of 15 years
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One can open a PPF account with just Rs 100, and can make annual deposits between Rs 500 and Rs 1.5 lakh per year
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A PPF investor can make partial premature withdrawals every year from year 7
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Complete withdrawal of funds can be made only at maturity
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.Interest rates on PPF is 7.6%
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Unlike bank FDs, PPF rates are not fixed for the entire tenure of the holding