To know more about PPF, click on the following link:
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Public Provident Fund (PPF) Account I Tax Benefits I How to Apply I Interest I Features I Withdrawal
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How to Use ClearTax's PPF Calculator?
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Inactive PPF aacount ? I Follow this process to re-activate your PPF account
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ELSS or PPF: Which Is The Better Tax-Saving Investment Option?
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Public Provident Fund (PPF) Account I PPF Extension I How To Extend Your PPF Account Upon Maturity?
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What is a PPF account?
Public Provident Fund (PPF) scheme is a long term investment option that offers an attractive rate of interest and returns on the amount invested. The interest earned and the returns are not taxable under Income Tax. One has to open a PPF account under this scheme and the amount deposited during a year will be claimed under section 80C deductions.
How to open a PPF account?
A PPF account can be opened with either a Post Office or with any nationalised bank like the State Bank of India or Punjab National Bank, etc. These days, even certain private banks like ICICI, HDFC and Axis Bank among others are authorized to provide this facility. You need to submit the duly filled application form along with the required documents i.e. the KYC documents like identity proof, address proof, and signature proof. Post submitting these documents you can deposit a prescribed amount towards the opening of the account.
Loan against PPF
You can take a loan against your PPF account between the 3rd and 5th year. The loan amount can be a maximum of 25% of the 2nd year immediately preceding the loan application year.
A second loan can be taken before the 6th year if the first loan is repaid fully.
Because of its sovereign guarantee and tax advantages, the Public Provident Fund (PPF) is a prominent debt investment option. The guidelines covering PPF accounts, on the other hand, are rigid, and one must be conscious of them to reap the full benefits of PPF. If these regulations are not followed, the government may mark the account as irregular. The account may be closed, the contributions may be halted or returned, and interest payouts may be halted if a PPF account becomes irregular. After that, it will take a long time to get your PPF account in force.
A PPF account can become abnormal in several ways, watch the entire video to know more about the same.
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