How to become rich: This tax season open a PPF account, this is what ICICI Bank offers you
PPF scheme is a popular long term investment option backed by Government of India which offers safety with attractive interest rate and returns that are fully exempted from Tax .
How to become rich: There are always ways to make money to fulfill dreams like buying a house or your favorite vehicle. These desires can be fulfilled by investing in equities. There is no doubt, that stock markets are money making machines. However, stock markets may have their glory, but they also have their own dangers as they come without any guarantee of generating profits for you. If you are not among the risk takers and want a safe and secure future investment, there are plenty of other options. The Indian economy is vast, and there are a bundle investment tools that can help you generate better earnings. One of which is planning for retirement. If you are planning to go for a retirement scheme, then Public Provident Fund (PPF) is the answer to all your prayers.
Private lender ICICI Bank through its twitter account encourages customers to open an PPF account in order to save big on taxes.
The bank says, "#ThisTaxSeason, invest your hard earned money by opening a PPF account with #ICICIBank and strengthen yourself financially."
#ThisTaxSeason, invest your hard earned money by opening a PPF account with #ICICIBank and strengthen yourself financially. Know more and open your account now: https://t.co/MjblsXCVn5 pic.twitter.com/XZ64gf00ki
— ICICI Bank (@ICICIBank) February 13, 2019
PPF scheme is a popular long term investment option backed by Government of India which offers safety with attractive interest rate and returns that are fully exempted from Tax. Investors can invest minimum Rs. 500 to maximum Rs. 1,50,000 in one financial year and can get the facilities such as loan, withdrawal and extension of account.
Here's what ICICI Bank offers you:
PPF account can be opened by resident Indian Individuals and individuals on behalf of minors.
If you hold a joint account or wish to open a PPF account for a minor, you need to fill the requisite form and submit it along with the KYC documents to the nearest ICICI Bank branch.
Features:
- Attractive interest rate of 8.0% that is fully exempted from Income Tax under section 80 C
- Good long term investments of 15 years
- Deposit Amount as low as Rs.500 and maximum Rs.1,50,000 in one financial year
- Deposits can be done maximum in 12 transactions
- Loan can be availed between 3rd to 6th financial year
- Partial withdrawal facility can be availed from 7th financial year onwards
- Account can be extended in a block period of 5 years after maturity
- Deposits to Public Provident Fund (PPF) Accounts can be made in the form of cash, cheque , online funds transfer from ICICI Bank Savings Account and Fund transfer from other bank accounts through NEFT.
Benefits:
- Transfer funds online option from linked Savings Bank Account
- Standing Instruction facility to ensure regular investment
- Viewing your PPF Account statement online
Almost all taxpayers are aware that under Section 80C, one can save tax on only up to Rs 1.5 lakh. The similar exemption is offered for having a PPF account. Such amount can be claimed in a taxpayers Income Tax Return (ITR) filing.
Hence, why wait for tomorrow, make an effort and invest today in PPF account for your retirement. Retire a crorepati!
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
10:21 AM IST