usha
asked almost 3 years ago
Is there any other SBI scheme compare to PPF scheme? and what are the advantages of PPF account?
acharya
answered over 2 years ago
Scheme offers an investment avenue with decent returns coupled with income tax benefits. Salient features of the Scheme are as follows: 1. ELIGIBILTY – Individuals in their own name as well as on behalf of a minor can open the account at any Branch. As per extant instructions, opening of PPF accounts in the name of Hindu Undivided Family is not permitted. 2. INVESTMENT LIMITS - With effect from August,2014 a minimum of Rs.500.00 subject to a maximum of Rs.1.50 lac per annum may be deposited. The subscriber should not deposit more than Rs.1.50 lac per annum as the excess amount will neither earn any interest nor will be eligible for rebate under Income Tax Act. The amount can be deposited in lump sum or in a maximum of 12 installments per year. 3. DURATION OF SCHEME - Original duration is 15 years. Thereafter, on application by the subscriber, it can be extended for 1 or more blocks of 5 years each.
