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Public Provident Fund (PPF)

Public Provident Fund (PPF)

Salient Features:

  • Interest rate of 8.7% per annum w.e.f. 01-04-2013.
  • Minimum deposit is 500/- per annum. Maximum deposit is Rs. 1,50,000/- per annum
  • The scheme is for 15 years.
  • Investment up to Rs 1,50,000/- per annum qualifies for Income Tax Rebate under section 80C of IT Act.
  • Interest is completely tax-free.
  • Deposits can be made in lumpsum or in 12 installments.
  • One deposit with a minimum amount of Rs 500/- is mandatory in each financial year.
  • Withdrawal is permissible from 6th financial year.
  • Loan facility available from 3rd financial year upto 5th financial year. The rate of interest charged on loan taken by the subscriber of a PPF account on or after 01.12.2011 shall be 2% p.a. However, the rate of interest of 1% p.a. shall continue to be charged on the loans already taken or taken up to 30.11.2011.
  • Free from court attachment.
  • Non-Resident Indians (NRIs) not eligible.
  • An individual cannot invest on behalf of HUF (Hindu Undivided Family) or Association of persons.
  • Ideal investment option for both salaried as well as self employed classes.

Senior Citizen’s Savings Scheme

Salient Features:

  • Interest @ 9.2% per annum from the date of deposit on quarterly basis w.e.f. 01-04-2013
  • Minimum deposit is Rs 1000 and multiples thereof. Maximum limit of 15 lakhs.
  • Maturity period is 5 years and can be extended for a further period of 3 years.
  • Age should be 60 years or more, and 55 years or more but less than 60 years who has retired under a Voluntary Retirement Scheme or a Special Voluntary Retirement Scheme on the date of opening of the account within three months from the date of retirement.
  • No age limit for the retired personnel of Defence services provided they fulfill other specified conditions.
  • The account may be opened in individual capacity or jointly with spouse.
  • TDS is deducted at source on interest if the interest amount is more than Rs 10,000/- per annum.
  • Investment up to Rs 1,50,000/- per annum qualifies for Income Tax Rebate under section 80C of IT Act.
  • Interest can be automatically credited to savings account provided both the accounts stand in the same post office.
  • Premature closure is allowed after one year on deduction of 1.5% of the deposit and after 2 years on deduction of 1%.
  • No withdrawal permitted before the expiry of a period of 5 years from the date of opening of the account.
  • Non-resident Indians (NRIs) and Hindu Undivided Family (HUF) are not eligible to open an account.

Public Provident Fund (PPF)

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