This Post Office Savings Scheme offers 7.1% pa interest - Know how to apply online at Indiapost.gov.in and other details
The individuals who are looking for investment options must know that Public Provident Fund Account (PPF) scheme at India Post offers 7.1 per cent interest rate per annum.
India Post PPF Scheme: The individuals who are looking for investment options must know that Public Provident Fund Account (PPF) scheme at India Post offers 7.1 per cent interest rate per annum. The interested investors can login to the official India Post website at indiapost.gov.in in case of further details.
See Zee Business Live TV Streaming Below:
Minimum and maximum limit
The interested individuals must note that one can invest from Rs 500 to Rs 1,50,000 in a financial year for this PPF and the deposits can be made in lump sum or investments. Any adult who is an Indian citizen can open this PPF account. In case of a minor or someone who is not of sound mind, the guardian is allowed to open this account.
What can be done after maturity?
The interested individuals must also remember that under Section 80C of the Income Tax Act, one can benefit from a tax exemption on the PPF account. The interest and maturity income earned in this account is tax-free as well.
Upon the maturity of this account, there are certain options that a depositor can resort to. They are as follows:
1) Can take maturity payment by submitting account closure form along with passbook at concerned Post Office
2) Can retain maturity value in his/her account further without deposit, the PPF interest rate will be applicable and payment can be taken any time or can take 1 withdrawal in each FY.
3) Can extend his/her account for further block of 5 years and so on (within one years of maturity) by submitting prescribed extension form at concerned Post Office.
Withdrawal
Now, in case of withdrawals, the interested individuals must know these following points:
1) A subscriber can take 1 withdrawal during a financial after five years excluding year of account opening.
2) Amount of withdrawal can be taken up to 50 per cent of balance at the credit at the end of 4th preceding year or at the end of preceding year, whichever is lower.
In case of further details, the interested individuals can login to the official website of India Post at indiapost.gov.in.
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.